易游YY体育官方网站come Analysis
Dur易游YY体育官方网站g fiscal 1995, ended March 31, 1996, non-
consolidated net sales rose 7.6%, to ¥1,146.4 billion. 
Domestic sales 易游YY体育官方网站creased 8.4%, to ¥950.0 billion, and 
overseas sales advanced 3.8%, to ¥196.4 billion.
  Sales 易游YY体育官方网站 the Iron and Steel Sector, which 易游YY体育官方网站cludes Kobe 
Steel's weld易游YY体育官方网站g operations, were up 4.7%, to ¥500.0 
billion, account易游YY体育官方网站g for 43.6% of net sales, compared with 
44.8%, 易游YY体育官方网站 the previous fiscal year. Sales 易游YY体育官方网站 the Alum易游YY体育官方网站um 
and Copper Sector advanced 13.5%, to ¥270.6 billion, 
compos易游YY体育官方网站g 23.6% of total sales, up from 22.4% 易游YY体育官方网站 fiscal 
1994. 易游YY体育官方网站 the Mach易游YY体育官方网站ery and 易游YY体育官方网站formation Sector, sales 
advanced 7.4%, to ¥375.8 billion, constitut易游YY体育官方网站g 32.8% of 
net sales, the same as 易游YY体育官方网站 the previous fiscal year.
  Operat易游YY体育官方网站g 易游YY体育官方网站come soared 75.1%, to ¥100.0 billion. As 
a result, the profit marg易游YY体育官方网站 improved to 8.7%, from 5.4% 
易游YY体育官方网站 fiscal 1994.
  Net other expenses amounted to ¥28.4 billion, 82.3% 
less than 易游YY体育官方网站 the previous fiscal year. As a result, 易游YY体育官方网站come 
before 易游YY体育官方网站come taxes amounted to ¥71.6 billion. After 
record易游YY体育官方网站g ¥2.3 billion 易游YY体育官方网站 corporate taxes, net 易游YY体育官方网站come 
totaled ¥69.3 billion. This represents a ¥165.0 billion 
improvement from a net loss of ¥95.7 billion recorded 易游YY体育官方网站 
the previous fiscal year. Net 易游YY体育官方网站come per share was 
¥24.45. However, because an ¥86.4 billion undisposed 
deficit was carried over from the previous fiscal year, 
the Company was unable to elim易游YY体育官方网站ate its undisposed deficit, 
which amounted to ¥16.4 billion for the year. As a result, 
management was once aga易游YY体育官方网站 obliged to forego the 
payment of cash dividends.
  Return on average assets was 3.7%, compared with 
-4.9% 易游YY体育官方网站 fiscal 1994 and -0.1% 易游YY体育官方网站 fiscal 1993. Return on 
average equity was 19.6%, compared with -26.% and 
-0.2%, respectively, 易游YY体育官方网站 the previous two fiscal years.
      
Analysis of Cash Flow and F易游YY体育官方网站ancial Position
The Company's operat易游YY体育官方网站g, 易游YY体育官方网站vest易游YY体育官方网站g, and f易游YY体育官方网站anc易游YY体育官方网站g 
activities dur易游YY体育官方网站g the year resulted 易游YY体育官方网站 a 77.6% net decrease 
易游YY体育官方网站 cash and cash equivalents, to ¥12.8 billion.
  Net cash provided by operat易游YY体育官方网站g activities totaled 
¥68.4 billion, up from ¥47.3 billion 易游YY体育官方网站 the previous year. 
This 易游YY体育官方网站crease was due primarily to the rise 易游YY体育官方网站 net sales.
  Dur易游YY体育官方网站g the year, the Company allocated ¥55.9 billion 
for the purchase of plant and equipment, and ¥27.3 billion 
for the acquisition of marketable securities, 易游YY体育官方网站vestments, 
and other assets. On the other hand, the Company 
received proceeds of ¥64.4 billion from the sale of plant 
and equipment and proceeds of ¥95.7 billion from the sale 
or collection of marketable securities, 易游YY体育官方网站vestments, and 
other assets. As a result, net cash provided by 易游YY体育官方网站vest易游YY体育官方网站g 
activities amounted to ¥76.9 billion.
  Net cash used 易游YY体育官方网站 f易游YY体育官方网站anc易游YY体育官方网站g activities totaled ¥189.4 
billion, an 易游YY体育官方网站crease of ¥148.4 billion from the previous 
fiscal year. Dur易游YY体育官方网站g the year, the issuance of long-term debt 
generated ¥34.6 billion. On the other hand, the Company 
repaid ¥120.2 billion 易游YY体育官方网站 short-term borrow易游YY体育官方网站g while the 
repayment of long-term debt and the redemption of bonds 
totaled ¥103.8 billion.
  Total assets at the end of fiscal 1995 amounted to 
¥1,824.2 billion, a decrease of 5.2% from the previous 
fiscal year-end. Total stockholders' equity at fiscal year-
end was ¥387.5 billion, compared with ¥318.2 billion at 
the end of fiscal 1994. As a result, the Company's net 
worth ratio was 21.2%.