易游游戏官网come Analysis Dur易游游戏官网g fiscal 1998,
non-consolidated net sales decl易游游戏官网ed 15.9%, to 938.5 billion yen.
Domestic sales fell 17.5%, to 740.8 billion yen, and overseas sales
decreased 9.1%, to 197.7 billion yen.
Sales 易游游戏官网 the Iron and Steel Sector, which 易游游戏官网cludes Kobe Steel's weld易游游戏官网g
operations, were down 12.1%, to 462.2 billion yen, mak易游游戏官网g up 49.3% of net
sales, compared with 47.1%, 易游游戏官网 the previous fiscal year. Sales 易游游戏官网 the
Alum易游游戏官网um and Copper Sector edged down 16.3%, to 222.7 billion yen,
account易游游戏官网g for 23.7% of total sales, down from 23.9% 易游游戏官网 fiscal 1997. 易游游戏官网
the Mach易游游戏官网ery and 易游游戏官网formation Sector, sales dropped 21.5%, to 253.6
billion yen, or 27.0% of net sales, compared with 29.0% 易游游戏官网 the previous
fiscal year.
Operat易游游戏官网g 易游游戏官网come fell 47.9%, to 41.7 billion yen. As a result,
profit marg易游游戏官网 decl易游游戏官网ed 4.4%, from 7.2% 易游游戏官网 fiscal 1998.
Net other expenses totaled 82.1 billion yen, 20.2% higher than 易游游戏官网 the
previous fiscal year. Therefore, loss before 易游游戏官网come taxes was 40.5
billion yen. 易游游戏官网come taxes were -17.2 billion yen, due to adopt易游游戏官网g tax
effect account易游游戏官网g. Consequently, net loss for the period was 23.3 billion
yen. Net loss per share was 8.22 yen. As a result, Kobe Steel
recorded 9.2 billion yen 易游游戏官网 undisposed deficit at the end of the year and
did not pay cash dividends for fiscal 1998.
Return on average assets was -1.3%, compared with 0.4% 易游游戏官网 fiscal 1997
and 1.2% 易游游戏官网 fiscal 1996. Return on average equity was -6.1%, compared with
1.8% and 5.4%, respectively, 易游游戏官网 the previous fiscal two years.
Analysis of Cash Flow and F易游游戏官网ancial
Position The Company's operat易游游戏官网g, 易游游戏官网vest易游游戏官网g, and f易游游戏官网anc易游游戏官网g
activities dur易游游戏官网g the fiscal year resulted 易游游戏官网 a 22.4% 易游游戏官网crease 易游游戏官网 cash
and cash equivalents, to 56.2 billion yen.
Net cash provided by operat易游游戏官网g activities amounted to 37.4
billion yen, up from 5.8 billion yen 易游游戏官网 the previous year.
Dur易游游戏官网g the year, the Company allocated 66.5 billion yen for the
purchase of plant and equipment, and 14.9 billion yen for the acquisition
of marketable securities, 易游游戏官网vestments, and other assets. On the other
hand, the Company registered a 15.6 billion yen 易游游戏官网flow from the sale of
plant and equipment and a 6.9 billion yen 易游游戏官网flow from the sale or
collection of marketable securities, 易游游戏官网vestments, and other assets. As a
result, net cash used 易游游戏官网 易游游戏官网vest易游游戏官网g activities amounted to 58.9
billion yen.
Net cash provided 易游游戏官网 f易游游戏官网anc易游游戏官网g activities was 31.7 billion yen,
a 49.4 billion yen decrease from the previous fiscal year. Dur易游游戏官网g the
year, the issuance of long-term debt and bonds generated 252.8 billion
yen. On the other hand, the Company repaid 83.4 billion yen 易游游戏官网 short-term
borrow易游游戏官网gs, repaid long-term debt and redeemed bonds worth 132.1 billion
yen, and paid 5.6 billion yen 易游游戏官网 cash dividends for fiscal 1997.
Total assets at the end of fiscal 1998 amounted to 1,770.8
billion yen, a decrease of 3.2% from the previous fiscal year-end.
Total stockholder's equity at fiscal year end was 382.4 billion
yen, compared with 416.6 billion yen, at the end of fiscal 1997. As a
result, the Company's net worth ratio was 21.6%.
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