Sep, 04 The Half Year Financial Summary
28-Oct-04
ListedCompany Name
Code Number

AISIN SEIKI Co., Ltd.

Listed Exchange

7259

Location(URL http://www.aisin.co.jp)
Representative
Reference person in charge

The Tokyo, Osaka and Nagoya
exchanges 1st section.
Aichi, JAPANKanshiro Toyoda, President
Genshiro Mizuno, Directorstock

TEL 81 ‑ 566 ‑ 24 ‑ 8266

１. Achievements of The Half Year ended Sep. 30, 2004（Apr. 1, 2004 through Sep. 30, 2004）(1)Operating Results（The amount less than million yen is rounded down.）
Net Sales
Millions of Yen
Half year ended Sep, 04
Half year ended Sep, 03
Year ended Mar 31, 2004

864,285 （762,203 （1,605,252
Net Income
Millions of Yen

Half year ended Sep, 04
Half year ended Sep, 03
Year ended Mar 31, 2004

Change fromprevious
period％Millions of Yen

Change from

Millions of Yen％

42,091 （32,747 （86,76813.4 ）
13.5 ）

Change fromprevious
period
％18,704 （13,818 （34,719Change fromOperating Income previous period Ordinary Income previous period

Net Income Per Share

44,253 （32,468 （84,654Basic

Net Income Per Share Diluted

65.51yen
52.12yen
126.11yen

35.4 ）(51.1) ）％28.5 ）(4.9) ）

36.3 ）(2.9) ）

65.16yen
49.01yen
118.38yen(Note)１．Investment Profit on Equity Method
Sep, 04 : 2,050 millions of Yen/Sep, 03 : 851 millions of Yen/Mar, 04 : 2,691 millions of Yen
２．Average number of shares(Consolidated)
Sep, 04 : 285,544,581 shares/Sep, 03 : 265,158,912 shares/Mar, 04 : 267,404,370 shares(2)Financial condition
Total Assets

Shareholders' Equity Equity to Assets Ratio Shareholders' Equity Per Share

Millions of Yen
Half year ended Sep, 04
Half year ended Sep, 03
Year ended Mar 31, 2004

1,414,341
1,269,248
1,382,584

Millions of Yen％

528,957
455,897506,260

37.4
35.9
36.6

1,849.57yen
1,719.25yen
1,771.12yen（Note）Number of shares issued（Consolidated）
Sep, 04 : 285,989,943 shares/Sep, 03 : 265,172,888 shares/Mar, 04 : 285,323,648 shares(3)Situation of cash flows
Cash flows from
Cash flows from
Cash flows fromoperating activities investing activities financing activities
Millions of Yen
Half year ended Sep, 04
Half year ended Sep, 03
Year ended Mar 31, 2004

59,03449,964
132,899(((

Millions of Yen

Millions of Yen

Cash and cash
equivalents at end ofyear
Millions of Yen

80,838 )84,764 )160,798 )

17,848
17,94044,223

122,528
94,883
126,214(4)The number of consolidated subsidiaries and affiliates accounted for under the equity
method is as follows.
119
Consolidated Subsidiaries
Affiliates under the Equity Method
Consolidated Subsidiaries Applicated to Equity Method
none

14

(5)Changes of the number of consolidated subsidiaries and affiliates accounted for under the equity
method.
Consolidated（New）
Affiliates（New）
none
6（Exclusion）（Exclusion） none
1
(Merged to another consolidated subsidiary)
２. Operating Results forecast ended Mar. 31, 2005（Apr. 1, 2004 through Mar. 31, 2005）
Net Sales
Operating Income
Ordinary Income
Net Income
Millions of Yen

Millions of Yen

Millions of Yen

96,00096,0001,770,000(Reference） Net Income par share forecast（Year ended Mar. 31, 2005）
143.43yen
Year ended Mar. 31, 2005

Millions of Yen

42,000※ The above forecast are based on informations available to us at the time of publications.

These uncertain factors could cause actual results differ from any forecast.

Net Sales by Item
(Millions of Yen)

Classification

Half year ended

Previous half year
ended

(Sep. 30, 2004)(Sep. 30, 2003)

AmountPercentage

AmountYear ended
Increase Variation(decrease)
ratio

Percent
age%(Mar. 31, 2004)
Amount%Percent
age%%

Engine Related

84,3479.8

72,3449.5

12,003

16.6

153,695

9.6

Drivetrain Related

356,72241.3

324,649

42.6

32,0739.9

673,760

42.0

Brake & Chassis
Related180,749

20.9

155,402

20.4

25,34716.3

343,048

21.4

Body Related

153,04817.7

135,543

17.8

17,50512.9

286,229

17.8

Information Related

49,653

5.7

39,636

5.2

10,01725.3

75,900

4.7

Sub Total

824,52295.4

727,576

95.5

96,94613.3

1,532,634

95.5

Life & Energy Related

23,7942.8

23,352

3.0

442

1.9

48,338

3.0

Others15,968

1.8

11,274

1.5

4,694

41.6

24,279

1.5Grand Total

864,285100.0

762,203

100.0

102,082

13.4

1,605,252

100.0

A
u
t
o
m
o
t
i
v
e
R
e
l
a
t
e
d

（Notes）Sales of "Others" includes "Construction and engineering works business" and "oil sales business",and so on.

− １ −Consolidated Statements of Income(Millions of Yen)
Half year ended

Previous Half year
ended

(Sep. 30, 2004)(Sep. 30, 2003)

Net Sales

864,285

762,203

102,082

1,605,252

Cost of Sales

742,811

663,797

79,014

1,377,161

Gross Profit

121,473

98,40623,067228,091

Selling, General & Administrative
Expenses

79,38165,65813,723

141,322

Operating Income

42,091

32,747

9,344

86,768

Non-Operating Income

8,850

5,882

2,968

13,304

Interest & Dividend Income

1,373

1,282

91

2,387

Investment Profit on Equity Method

2,050

851

1,199

2,691

Other

5,426

3,748

1,678

8,225

Non-Operating Expenses

6,688

6,161

527

15,418Interest Expenses

1,109

1,355

246 )

2,393

Other

5,579

4,806

773

13,024

Ordinary Income

44,25332,468

11,78584,654Extraordinary Losses

2,798

―

2,798

7,319

Determinate Loss on Refunding
Substitution Benefit of Employee
Pension Fund

―

―

―

7,319

Impairment Loss of Fixed Assets

2,798

―

2,798

―

Income Before Income Taxes
and Minority Interests

41,45532,468

8,987

77,335

Income Taxes-current

12,063

10,3491,714

30,441

Income Taxes-deferred

4,851

2,827

2,024

Minority Interest in Net Income ofConsolidated subsidiaries

5,835

5,473

362

13,279Net Income

18,704

13,8184,886

34,71951,251

48,097

3,154

97,563

Subject

Depreciation and amortization− ２ −Year ended

Increase(decrease)(Mar. 31, 2004)((

1,105 )

Consolidated Balance Sheets（Millions Yen）

Subject

Half year ended

Year ended

Increase(decrease)(As of Sep. 30, 2004) (As of Mar. 31, 2004)

Previous half year ended(As of Sep. 30, 2003)〔 Assets 〕
Current Assets

562,296555,063

Cash and Cash Equivalents
Trade Notes & Accounts
Receivable
Marketoble Securities

99,27899,792

261,601

257,028

35,76937,028Inventories

105,271

99,518Deferred Tax Assets

32,49836,554

Other Current Assets
Less: Allowance for
Doubtful Accounts

28,744(

Fixed Assets
Property, Plant & Equipment,
at costBuildings & Structures

866 )

(

7,233
(

490,902514 )

65,5304,573

239,974

1,259 )

24,1705,753

95,171

4,056 )

31,377

26,2492,495

36,184

1,108 )

242

(
(

(

1,506 )

852,044827,521

24,523

778,345593,206

581,552

11,654566,697

173,767

174,301

Machinery & Equipment

276,362

Furniture, Fixtures & Office534 )171,622259,667

16,695

256,410

31,14830,026

1,122

28,234

Land

74,44576,708(2,263 )

76,110Construction in Progress

37,482

40,848(3,366 )

34,319

9,822

9,659

163

9,703

SoftwareExcess of Cost of
Investments Over Equity in
Net Assets Acquird
Other

5,716

5,447

269

4,236

525

632

107 )

1,023

3,580

3,579

1

4,443

Investments & Other Assets

249,015

236,30912,706201,944

Investments in Securities

202,352

188,971

13,381

164,862

Long-term Loasns

4,350

4,439

(

89 )

4,580

Deferred Tax Assets

21,38821,806(418 )

22,495

Other Assets
Less: Allowance for
Doubtful Accounts

21,546

21,694(148 )

10,632

602 )

(

21 )

Intangible Fixed Assets

Total Assets(Note)1. Accoumulated depreciation
2. Guarantee of bank loans
3. Export bills discounted

(

623 )

1,414,341
1,135,965
2,085
―

(

1,382,584
1,101,482
1,814
―

− ３ −

(

(

31,75734,483
271
―

(

627 )

1,269,248
1,084,295
1,370
144

（Millions of Yen）
Subject

Half year ended

Year ended(As of Sep. 30, 2004) (As of Mar. 31, 2004)

Increase anddecrease

Previous half year ended(As of Sep. 30, 2003)〔 Liabilities 〕
Current Liabilities
Trade Notes & Accounts
PayableShort-term Borrowings
Current Portion of Bonds
PayableCurrent Portion ofConvertible Bonds Payable
Amount in Arrears

479,701

493,294(

13,593 )493,246

239,030

24,526(2,496 )

214,363

58,68953,027

5,662

81,745―5,000

5,000 )

5,000

―

―

―

29,11331,90437,758(5,854 )

25,832

Accrued Expenses

101,430

104,146(

2,716 )

89,255

Accrued Income Taxes
Deposits Received from
Employees
Accrued Warranty Cost

11,59919,166(

7,567 )

10,541

16,922

16,691

231

16,748

11,468

11,422

46

11,322Other Current Liabilities

8,655

4,554

4,101

9,324

267,424

249,395

18,029190,484

Bonds Payable

25,65025,650―15,000Long-term Debt

123,789

104,319

19,47065,942

Deferred Tax Liabilities
Liability for Employees'
Retirement Benefits
Long-term Amount in Arrears

27,97523,786

4,189

15,09080,11878,385

1,733

76,604

9,890

17,253

7,363

17,845

Total Liabilities

747,125742,690

4,435

683,730

138,257

133,633

4,624

129,620

Capital45,04945,049―41,140Capital Surplus

63,04062,926

114

59,022Retained Earnings
Net unrealized gain on available-forsale securities
Foreign Curreny Translation
Adjustments
Less:Treasury Stock, at Cost

367,743

352,590

15,153

336,280

66,02260,1405,882

47,388Long-term Liabilities(〔Minority Interests〕
Minority Interests〔 Shareholders' Equity 〕(

9,605 )(

10,091 )

486

(

3)

(

3,293 )(

4,354 )

1,061(

27,931 )Total Shareholders' Equity
528,957
506,260
Total Liabilities, Minority Interests
1,414,341
1,382,584(Note) 4．The number of treasury stocks and stocks owned by affiliated companie
8,684,691
9,350,986(− ４ −22,69731,757455,897
1,269,248

66,295 )24,057,010

Consolidated Statements of Shareholders' Equity（Millions of Yen）

Half year ended

Previous halfyear ended(Sep. 30, 2004)(Sep. 30, 2003)

Balance of additional paid-in
capital at beginning of year

62,92659,022

3,904

59,022

Balance of additional paid-in
capital at Increase

113

―

113

3,904

Issuance of new stock byconversion of CB

―

―

―

3,904

Gain from disposal of trasury
stocks

113

―

113

―

63,04059,022

4,018

62,926

Balance at beginning of year

352,590

325,52127,069325,521

Balance at increase

18,704

13,8184,886

34,719Net income

18,704

13,8184,886

34,719Balance at reduction

3,551

3,059

492

7,649

Cash dividends

2,699

2,244

455

4,338

Bonus to directors andcorporate auditors

851

813

38

967

Loss on reissuance of treasury
stocks

―

0

0)

2,343

367,743

336,280

Subject

Increase anddecrease

Year ended(Mar. 31, 2004)（Capital surplus）

Balance of additional paid-in
capital at end of year
（Retained earnings）

Balance at end of year

− ５ −

(

31,463352,590

Consolidated Statements of Cash Flows（Millions of Yen）

Subject(Sep. 30, 2004)

Previous halfyear ended(Sep. 30, 2003)

Increase anddecrease(Mar. 31, 2004)

41,45551,2512,798
1,731
1,373 )
1,109
1,661
4,391 )
5,626 )
709 )
9,885 )
78,021
1,756
1,116 )
19,627 )59,03432,46848,097―668
1,282 )
1,355
993
1,273
729
2,311 )
11,699 )70,292
1,655
1,228 )
20,755 )49,964

8,987
3,154
2,798
1,063
91 )
246 )
668
5,664 )
6,355 )
1,602
1,814
7,729
101
112
1,128
9,070

77,33597,563―2,448
2,387 )
2,393
3,373
18,415 )5,405 )
26,59818,883 )164,6202,801
2,319 )
32,203 )132,899

Half year ended

ⅠCash flows from operating activities
Income before income taxes and minority interest
Depreciation and amortization
Impairment Loss of Fixed Assets(Decrease)increase in allowance for retirement benefits

Interest and dividend income
Interest expenses(

Loss on dispossal of property, plant and equipment

Increase in trade notes and accounts receivable(Increase)in inventories
Increase in trade notes and accounts payable
Others
Sub toral
Interest and dividend income received
Interest paid
Income taxes paid
Net cash provided by operating activities

(
(
(
(
(
(

(

(
(
(
(

(
(
(
(

Year ended

(
(
(
(
(
(

ⅡCash flows from investing activities(Increase)decrease in time deposit and short-term investments

Payments for purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment

Payments for purchase of investments in securities(((

Payments for acquisition of subsidiaries' stock
resulting in change in scope of consolidation
Proceeds of sales of investments in securities
Proceeds of redemption at maturity of investments in securities

Increase in loans
Decrease in loans
OthersNet cash used in investing activities
ⅢCash flows from financing activities(Decrease)in short-term borowings
Proceeds from long-term debt
Repayments of long-term debt
Proceeds from issuance of bonds payable
Repayments of bonds payable
Contributions from minority shareholders
Cash dividends paid
Cash dividends paid for minority shareholders
Income for disposal of treasury stock
OthersNet cash provided by (used in)finnancing activities

(
(
(

(
(
(
(
(

ⅣTranslation adjustment of cash and cash equivalents

ⅤNet increase in cash and cash equivalents
ⅥCash and cash equivalents at beginning of year
ⅦCash and cash equivalents at end of year(

5,483 )
76,778 )4,899
2,046 )
―
1,054
1,097
275 )
384
3,689 )
80,838 )5,216
21,391
1,438 )―
5,000 )
792
2,699 )
1,587 )
1,187
13 )
17,848270
3,685 )
126,214
122,528

(
(
(

(
(
(

(
(
(
(
(

(

2,861
80,274 )2,873
5,330 )
6,949 )
732
2,375
716 )
984
1,321 )
84,764 )4,544
23,2392,094 )―
5,000 )
574
2,244 )
1,076 )―
1)
17,94010
16,849 )111,732
94,883

(

(
(
(

(

(
(
(
(

8,344 )
3,496
2,026
3,284
6,949
322
1,278 )
441
600 )
2,368 )
3,926
672
1,848 )
656
―
―
218
455 )
511 )
1,187
12 )
92 )
260
13,164
14,482
27,645(Note) Reconcilliation between cash-cash equivalents and accounts on the consolidated balance sheet
Cash and Cash Equivalents
99,27865,53033,748Marketable Securities
35,76924,17011,599Other Current Assets
28,74436,184(7,440 )Sub total
163,792
125,885
37,907
Saving accounts over three months(
3,095 ) (1,408 )(
1,687 )
Short term investments of over three months until due date(
14,023 ) (4,708 )(
9,315 )
Other current assets beside cash-cash equivalents(
24,144 ) (24,885 )741
Cash and cash equivalents
122,528
94,88327,645
− ６ −

(
(
(
(

(
(
(
(
(
(
(
(
(
(

(
(
(

3,253 )
147,586 )
4,415
9,056 )
6,949 )
2,445
3,762
685 )
1,544
5,434 )
160,798 )11,072 )62,078
7,398 )
10,6505,037 )
1,014
4,338 )
1,651 )―
18 )
44,223
1,843 )
14,481
111,732
126,214
99,79237,02826,249163,070
2,540 )
10,165 )24,150 )126,214

Segment Information
１．Industry Segments
The company's main business is manufacturing and sales of automotive parts.Sales, operating
income occupy over 90% in all segments. Therefore information of industry segments is omitted.

２．Geographical Segments
Half year ended（Sep. 30, 2004）（Millions of Yen）
Eliminatio Consolid
ns
ated

Japan

North
America

EuropeOthers

Sales
Customers(1)

658,243

120,235

57,15228,652864,285(2) Intersegment

105,639

4,214

2,104

2,328

114,287 ( 114,287 )

―

Total
Operating Costs & Expenses
Operating Income

763,883
727,364
36,518124,450
123,262
1,187

59,25758,460796

30,981
27,1493,831

978,572 ( 114,287 )
936,238 ( 114,044 )
42,334 (242 )864,285
822,193
42,091

Total

Previous half year（Sep. 30, 2003）
Japan

North
America

EuropeOthersTotal―

864,285（Millions of Yen）
Eliminatio Consolid
ns
ated

Sales
(1) Customers

608,377

94,25837,48022,087762,203(2) Intersegment

66,926

2,799

2,258

1,721

73,705 ( 73,705 )

―

Total
Operating Costs & Expenses
Operating Income

675,304
646,343
28,96097,057
96,787269

39,73939,72118

23,80820,252
3,556

835,909 ( 73,705 )
803,105 ( 73,649 )
32,803 (56 )762,203729,456
32,747

Year ended（Mar. 31, 2004）―

762,203（Millions of Yen）
Eliminatio Consolid
ns
ated

Japan

North
America

EuropeSales
Customers(1)

1,295,625

188,743

77,00743,874 1,605,252(2) Intersegment

154,115

6,451

4,401

4,986

1,449,740
Total
Operating Costs & Expenses 1,368,876
Operating Income
80,864

195,195
194,954240

81,40981,487( 77)

48,861 1,775,207 ( 169,955 ) 1,605,252
42,304 1,687,623 ( 169,139 ) 1,518,483
6,556
87,584 (815 )86,768Others(Notes)1. Geographical segment is realized by geographical closeness.
2. Main countries or regions are① North America･･･U.S.A., Mexico② Europe･･･Belgium, UK③ Others･･･Taiwan, Thailand, China

− ７ −

Total

―

169,955 ( 169,955 )

1,605,252―

３．Sales by Customer Location
Half year ended（Sep. 30, 2004）（Millions of Yen）

North America

EuropeOthers

Total

Overseas Sales

121,977

71,64558,807

252,430

Net Sales―――

864,285

Overseas Sales
Ratio to Net Sales

14.1

％

％

8.3

6.8

％

Previous half year ended（Sep. 30, 2003）

29.2

％

（Millions of Yen）

North America

EuropeOthers

Total

Overseas Sales

96,14852,58050,718

199,447

Net Sales―――

762,203

Overseas Sales
Ratio to Net Sales

12.6

％

％

6.9

6.7

％

Year ended（Mar. 31, 2004）

26.2

％

（Millions of Yen）

North America

EuropeOthers

Total

Overseas Sales

192,520

108,941

95,478396,940

Net Sales―――

1,605,252

Overseas Sales
Ratio to Net Sales

12.0

％

6.8

％

5.9

％

24.7

(Notes) 1.Geographical segment is realized by geographical closeness.
2.Main countries or regions are① North America･･･

U.S.A., Canada② Europe･･･

Sweden, Germany③ Others･･･

Korea, Taiwan, Thailand, China

− ８ −

％

＜Reference＞
１．Achievements of The Half Year ended Sep 30, 2004
（Apr. 1, 2004 through Sep. 30, 2004）◇（Non-Consolidated）Statements of Income
Subject
Net Sales
Operating Income
Ordinary Income
Extraordinary Income(Loss)Net Income

Half year ended Previous half year ended（Millions of Yen）

(Sep. 30, 2004)(Sep. 30, 2003)

Increase(decrease)

312,961
14,014
16,334(1,375)
10,083282,211
9,308
10,533―6,664

30,7504,706
5,801(1,375)
3,419

Year ended

Increase(decrease)◇（Non-Consolidated）Balance Sheets
Subject〔 Assets 〕
Current Assets
Fixed Assets
Property, Plant &Equipment, at cost
Intangible Fixed Assets
Investments & Other Assets
Total
Subject〔 Liabilities 〕
Current Liabilities
Long-term Liabilities
Total Liabilities〔 Shareholders' Equity 〕
CapitalCapital Surplus
Retained Earnings
Net unrealized gain on
available-for-sale securities

Half year ended

Year ended(Mar. 31, 2004)

601,872
25,042
26,425(4,032)
15,250（Millions of Yen）

(As of Sep. 30, 2004) (As of Mar. 31, 2004)

Previous half year ended(As of Sep. 30, 2003)

225,571448,456

218,061433,840

7,510
14,616180,255
391,681130,372

134,733(4,361)

128,427

2,767
315,316674,0272,290
296,817651,902477
18,49922,125

1,912
261,341
571,936

Half year ended

Year ended

Increase(decrease)(As of Sep. 30, 2004) (As of Mar. 31, 2004)

Previous half year ended(As of Sep. 30, 2003)

134,882
180,697
315,580

148,082
159,267
307,349(13,200)
21,4308,231

155,664
119,702275,366

45,04963,040187,959

45,04962,926
181,026

―
114
6,933

41,14059,022
176,963

64,65658,8705,786

46,357

Less:Treasury Stock, at Cost

(2,258)(3,320)1,062(26,913)

Shareholders' Equity Total
Total

358,446
674,027

344,552
651,902

13,894
22,125296,570
571,936

2．Operating Results Forecast ended Mar. 31, 2005
（Apr. 1, 2004 through Mar. 31, 2005）
Net SalesYear ended Mar. 31, 2005

Operating Income Ordinary Income

Net Income

Millions of Yen

Millions of Yen

Millions of Yen

Millions of Yen

630,000

29,00031,00020,300− ９ −