FINANCIAL SECTION

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Main Financial Data
Financial Review
Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Shareholders' Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
Report of Independent Auditors

 

MAIN FINANCIAL DATA

JFE Holdings, Inc. and Consolidated Subsidiaries
Years ended March 31, 2004 and 2003

  Millions of yen
  2004 2003
OPERATING RESULTS (FOR THE YEAR)    
Net sales ¥2,473,725 ¥2,426,886
Operating income 253,605 146,879
Ordinary income before interest and discount expenses (1)(2) 246,668 143,476
Ordinary income (1) 218,372 104,670
Net income 106,872 15,951
CASH FLOWS (FOR THE YEAR)    
Cash flows from operating activities 357,077 240,691
Cash flows from investing activities (135,068) (126,871)
Free cash flow (3) 222,009 113,820
Cash flows from financing activities (229,258) (183,746)
FINANCIAL POSITION (AT YEAR-END)    
Total assets 3,724,441 3,831,643
Property, plant and equipment, net 2,013,638 2,078,037
Total shareholders' equity 746,298 594,563
Debt outstanding 1,837,404 2,057,105
CAPITAL INVESTMENT AND OTHERS    
Capital investment 160,826 137,410
Depreciation and amortization 185,684 173,219
Crude steel output (thousand tons) 30,547 29,957
R&D expenses 36,529 33,116
Number of employees (people) 52,557 54,100
     
RATIO    
Return on sales (ROS) (4) 8.8% 4.3%
Return on assets (ROA) (5) 6.5% 3.7%
Return on equity (ROE) (6) 15.9% 2.7%
Equity ratio 20.0% 15.5%
Debt-to-equity (7) 246.2% 346.0%
     
  Yen
PER SHARE DATA    
Net income ¥   185.84 ¥     27.74
Shareholders' equity 1,289.54 1,035.98
Cash dividends 30.00 15.00
Notes: (1) Ordinary income = operating income + non-operating income - non-operating expenses.
  (2) Ordinary income before interest and discount expenses = ordinary income + interest and discount expenses
  (3) Free cash Flow = cash flows from operating activities + cash flows from investing activities
  (4) Return on sales (ROS) = ordinary income / net sales ×100
  (5) Return on assets (ROA) = (ordinary income + interest and discount expenses) / total assets* ×100
* (Total assets at beginning of term + total assets at end of term) / 2
  (6) Return on equity (ROE) = net income/total shareholders' equity** ×100
**(Total shareholders' equity at beginning of term + total shareholders' equity at end of term) / 2
  (7) Debt-to-equity = debt outstanding/total shareholders' equity ×100