Annual Report>2005>Financial Section


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Five-year Financial Summary
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

JFE Holdings, Inc. and Consolidated Subsidiaries

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 flows = Cash flows from operating activities + cash flows from investing activities
  (4) The amounts of crude steel output by former Kawasaki Steel were on a non-consolidated basis
  (5) Return on sales (ROS) = Ordinary income/Net sales x 100
  (6) Return on assets (ROA) = (Ordinary income+interest and discount expenses) /total assets* x 100
*(Total assets at beginning of term + total assets at end of term)/2
  (7) Return on equity (ROE) = Net income/total shareholders' equity** x 100
**(Total shareholders' equity at beginning of term+total shareholders' equity at end of term)/2
  (8) Debt-to-equity ratio = debt outstanding/total shareholders' equity x 100