| Company name: |
Iino Kaiun Kaisha, Ltd. |
| Stock exchange(s): |
Tokyo, Osaka, Nagoya, Fukuoka and Sapporo Stock Exchanges |
| Company code: |
9119
URL: http://www.iino.co.jp |
| Representative: |
Takeo Ohta, President |
| Contact: |
Kazuo Kawahara, Head of Finance and Accounting Group |
| Tel |
+81-3-3506-3180 | |
1. Information related to the preparation of the quarterly results
| (1) |
Change in accounting treatment compared to the recent consolidated fiscal year :
Simplified tax effect accounting is used for income and other taxes. |
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| (2) |
Change in the scope of consolidation and application of equity method :
Number of newly consolidated subsidiaries: 5
Number of newly excluded subsidiaries: None
Number of subsidiaries/affiliates to which equity method became applicable: None
Number of subsidiaries/affiliates to which equity method became inapplicable: |
| |
| (3) |
The quarterly results are not audited by an auditing company. |
2. Consolidated Operating Results for the Third Quarter of Fiscal Year 2003
(April 1, 2003 to December 31, 2003) |
| (1) Consolidated Operating Results |
(Amounts rounded off to the nearest million yen)
| |
Net sales
|
Operating income |
Ordinary income |
| |
| |
| 3rd Quarter |
| FY2003 |
| Fiscal Year 2002 | |
| million yen |
% |
| |
|
| 43,393 |
- |
| |
|
| 55,961 |
(10.6) | |
| million yen |
% |
| |
|
| 4,166 |
- |
| |
|
| 5,165 |
(15.5) | |
| million yen |
% |
| |
|
| 2,537 |
- |
| |
|
| 3,113 |
(11.6) | | |
| |
Net income
|
Net income per share |
Diluted Net income per share |
| |
| |
| 3rd Quarter |
| FY2003 |
| Fiscal Year 2002 | |
| million yen |
% |
| |
|
| 1,904 |
- |
| |
|
| 2,515 |
89.2 | |
|
| |
Notes:
|
(1) |
The percentage figures shown in net sales, operating income , ordinary income and net income columns represent year-on-year changes. |
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(2) |
Since this is the first year for the company to announce its quarterly results, no year-on-year comparisons are available in this report. | |
| [Qualitative information concerning the operating results (consolidated)] |
In the current 3rd quarter, the American economic climate is showing signs of a steady recovery, with annualised GDP growth rate of 4% over the same period last year due to greater consumption and exports. However, with hiring showing little improvement, and worsening of the so-called twin deficits of budget and current accounts, causes for future concern cannot be overlooked. The Asian economy continues to pick up with the expansion of exports and increases in production driven by recovery of the US economy. Especially the Chinese economy is maintaining high growth of around 9%. In Japan, the employment situation still remains weak, while the impact of deflationary pressures and a high yen is a cause for concern. However, with strong exports thanks to the recovery of economies overseas and a boost from capital investment, Japanese economy is beginning to show an upward trend.
In this economic climate, in the shipping industry the market conditions for bulk carriers and oil tankers are at high levels due to increases in sea cargo movement to China. Since sea cargo movement of chemical tankers from the US and Europe to Asia is also strong, market conditions are improving. Because the main business of Iino Lines is based on long term contracts that are little affected by fluctuations in market conditions, there have been no significant variation in our performance, which remains favourable overall. Real estate market is beginning to settle down after the rising vacancy rates and falling rents that were conspicuous in the first half due to the oversupply of big buildings in Tokyo. While we saw some movement among our tenants, operations overall are showing a positive tendency.
As a result of above, the consolidated results for the current third quarter remain strong, with total sales of 43.393 billion yen, operating profit of 4.166 billion yen, ordinary profit of 2.537 billion yen, and net profit for the quarter of 1.904 billion yen.
|
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| (2) Consolidated Financial Position |
| |
Total assets
|
Shareholders' equity |
Shareholders'
equity ratio |
Shareholder's equity per share |
| |
| 3rd Quarter |
| FY2003 |
| Fiscal Year 2002 | |
| million yen |
| 129,714 |
| |
| 143,520 | |
| million yen |
| 29,105 |
| |
| 27,652 | |
|
| | |
[Reference]
Summary of Non-consolidated Operating Results and Financial Position |
(Amounts rounded down to million yen)
| |
Net sales |
Operating income |
Ordinary income |
| |
| 3rd Quarter |
| FY2003 |
| Fiscal Year 2002 | |
| million yen |
| 38,215 |
| |
| 44,575 | |
|
| |
| |
Net income
|
Net income per share |
Total assets |
| |
| 3rd Quarter |
| FY2003 |
| Fiscal Year 2002 | |
|
|
| million yen |
| 81,345 |
| |
| 84,715 | | |
| |
Shareholder's equity
|
Shareholder's equity ratio |
Shareholder's equity per share |
| |
| 3rd Quarter |
| FY2003 |
| Fiscal Year 2002 | |
| million yen |
| 22,253 |
| |
| 21,916 | |
|
| | |
| |
| (3) Outlook for Fiscal Year 2003 (April 1, 2003 to March 31, 2004) |
Consolidated basis
| |
Sales
|
Operating income |
Ordinary income |
Net income |
Net income per share |
| |
Full year | |
|
|
|
|
| | |
Non-consolidated basis
| |
Sales
|
Operating income |
Ordinary income |
Net income |
Net income per share |
| |
| Fullyear | |
|
|
|
|
| | |
| [Qualitative information related to the outlook for the Year Ending March 2004]
While stronger than anticipated appreciation of the yen was a negative factor during the third quarter, we saw satisfactory improvement in earnings supported by the stronger maritime market.
We expect that our full-year projections are attainable in terms of net sales, operating income, and net income. Net income for the year is expected to reach 2 billion yen, 300 million yen higher than the original projection of 1.7 billion yen as the loss on sale of idle assets was smaller than anticipated.
* The above projections are based on information that is currently available at the time of this announcement. Actual results may differ from the above projections depending on various conditions.
|
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Attachments
1. Condensed Consolidated Balance Sheets |
(in million yen)
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Third Quarter FY2003 |
Fiscal Year 2002 |
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(as of December 31, 2003) |
(as of March 31, 2003) |
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| [ Assets ] |
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| Current assets |
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| Cash and cash equivalents |
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| Notes and accounts receivable |
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| Inventories |
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| Other |
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| Allowance for doubtful accounts |
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| Fixed Assets |
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| Tangible fixed assets |
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| Vessels |
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| Buildings and structures |
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| Land |
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| Construction in progress |
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| Other |
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| Intangible fixed assets |
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| Telephone subscription rights |
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| Investments and other assets |
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| Investment securities |
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| Other |
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| Allowance for doubtful accounts |
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| [ Liabilities ] |
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| Current liabilities |
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| Accounts payable |
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| Bonds due within one year |
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| Short-term borrowings |
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| Income taxes payable |
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| Reserve for bonuses |
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| Other |
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| Fixed liabilities |
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| Bonds |
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| Long-term debt |
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| Reserve for retirement benefits |
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| Reserve for retirement benefits for officers |
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| Other |
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| [Minority interests] |
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| Minority interests |
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| [Shareholders' equity] |
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| Common stock |
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| Additional paid-in capital |
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| Retained earnings |
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| Net unrealized gains/losses on other securities |
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| Treasury stock |
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| Total shareholders' equity |
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| Total liabilities, minority interests and shareholders' equity |
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| 2. Condensed Consolidated Statements of Income |
(in million yen)
| |
Third Quarter FY2003 |
Fiscal Year 2002 |
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(From April 1, 2003 to December 31, 2003) |
(From April 1, 2002 to
March 31, 2003) |
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| Selling, general and administrative expense |
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| Non-operating income |
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Non-operating expenses
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| Extraordinary gains |
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Extraordinary losses
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| Income before income taxes |
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| Income tax, inhabitants tax & enterprise taxes |
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| Minority interests in income (loss) of consolidated subsidiaries |
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| 3. Condensed Non-consolidated Balance Sheets |
(in million yen)
| |
Third Quarter FY2003 |
Fiscal Year 2002 |
| |
(as of December 31, 2003) |
(as of March 31, 2003) |
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| [ Assets ] |
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| Current assets |
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| Cash and cash equivalents |
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| Accounts receivable |
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| Inventories |
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| Other |
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| Allowance for doubtful accounts |
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| Fixed Assets |
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| Tangible fixed assets |
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| Vessels |
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| Buildings and structures |
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| Land |
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| Construction in progress |
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| Other |
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| Intangible fixed assets |
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| Telephone subscription rights |
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| Investments and other assets |
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| Investment securities |
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| Other |
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| Allowance for doubtful accounts |
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| [ Liabilities ] |
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| Current liabilities |
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| Accounts payable |
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| Bonds due within one year |
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| Short-term borrowings |
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| Income taxes payable |
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| Reserve for bonuses |
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| Other |
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| Fixed liabilities |
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| Bonds |
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| Long-term debt |
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| Reserve for retirement benefits |
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| Reserve for retirement benefits for officers |
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| Other |
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| [Shareholders' equity] |
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| Common stock |
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| Additional paid-in capital |
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| Retained earnings |
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| Net unrealized gain/losses on other securities |
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| Treasury stock |
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| Total shareholders' equity |
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| Total liabilities and Shareholders' equity |
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| 4. Condensed Non-consolidated Statements of Income |
(in million yen)
| |
Third Quarter FY2003 |
Fiscal Year 2002 |
| |
(From April 1, 2003 to December 31, 2003) |
(From April 1, 2002 to
March 31, 2003) |
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| Selling, general and administrative expense |
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| Non-operating income |
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Non-operating expenses
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| Extraordinary gains |
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Extraordinary losses
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| Income before income taxes |
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| Income tax, inhabitants tax & enterprise taxes |
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