Financial Highlights

JFE Holdings, Inc., and consolidated subsidiaries
     
   
Millions of yen
    Year ended March 31, 2003
For the year: Net sales
¥2,426,886
  Operating income
146,879
  Ordinary income
104,670
  Net income
15,951
At year-end: Total assets
3,831,643
  Total shareholders' equity
594,563
  Debt outstanding
2,057,105
Ratios: Return on sales (1)
4.3%
  Return on assets (2)
3.7%
  Return on equity (3)
2.7%
Debt-to-equity (4)
346.0%
(1) Return on sales = ordinary income/net sales x 100
  (2) Return on assets = (ordinary income + interest and discount expenses)/total assets x 100
  (3) Return on equity = net income/total shareholders' equity x 100
  (4) Debt-to-equity = debt outstanding/total shareholders' equity