August 11, 2003

Summary Report of Consolidated Financial Results
For the First Quarter of the Fiscal Year ending March 31, 2004
Company name: NIPRO CORPORATION(URL: http://www.nipro.co.jp/)
Stock exchanges on which the shares
Tokyo Stock Exchange – First Section
are listed:
Code No:
8086
Representative:
Minoru Sano, President and Representative Director
Contact:
Akihiko Yamabe, Director, General Manager
of Accounting Division / Phone: +81 (0)6 6372 2331
1. Matters related to the preparation of quarterly financial summary(1) Difference in the method of accounting recognition from the most recent fiscal year: N/A(2) Changes of reporting entities: N/A
2. Business results and financial position for the First Quarter of the Fiscal Year ending March 31,
2004 (From April 1, 2003 to June 30, 2003)(1) Results of Operations(Millions of yen, unless otherwise stated)
Net (Quarter)
Net Sales
Operating Income
Recurring Income
Income%1st Quarter ended
June 30, 2003
1st Quarter ended
June 30, 2002
Previous fiscal year

%

%

%

46,191

-

3,731

-

3,243

-

1,490

-

-

-

-

-

-

-

-

-

180,369
Basic Earnings
per Share

14,89911,397

5,077

Diluted Earnings
per Share

1st Quarter ended
23.41 yen
June 30, 2003
1st Quarter ended
June 30, 2002
Previous fiscal year
84.25 yen
78.48 yen
(Note) Figures on the previous first quarter and year-on-year rates are not given, as the preparationof the consolidated quarterly financial statements was initiated this year.

[Supplementary information on the consolidated results of operations]
Looking back at the Japanese economy for the first quarter of the fiscal year ending March
2004, while there were some signs of recovery in certain economic aspects, individual consumption
and exports remained sluggish.
Under such conditions, Nipro has focused on Research and Development and made efforts
to develop sales activities.
As a result, net sales for the first quarter was ¥46,191 million, operating income was ¥3,731
million, recurring income was ¥3,243 million and net income was ¥1,490 million.
(2)Financial Position(Millions of yen, unless otherwise stated)
Total Assets

Shareholders’ Equity

Shareholders’ Equity
Ratio

Shareholder’ Equity
per Share

1st Quarter ended
253,469
84,89633.5%
1,334.03 yen
June 30, 2003
1st Quarter ended
June 30, 2002
Previous fiscal year
252,847
83,53233.0%
1,310.72 yen(Note) Figures on the previous first quarter are not given, as the preparation of the consolidated
quarterly financial statements was initiated this year.

-1-Cash Flows(Millions of yen)
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents

1st Quarter ended
2,506(3,120)564
29,467
June 30, 2003
1st Quarter ended
June 30, 2002
Previous Fiscal Year
5,453
(30,107)
11,46929,393(Note) Figures on the previous first quarter are not given, as the preparation of the consolidated
quarterly financial statements was initiated this year.

[Supplementary information on the changes in the financial position](1) Changes in the financial position
Total assets increased by ¥621 million from the end of the previous fiscal year to ¥253,469
million, mainly due to the increase in investment securities. Liabilities decreased by ¥760 million
from the end of the previous fiscal year to ¥166,786 million, primarily due to the decrease in current
portion of bonds. Shareholders’ equity increased by ¥1,363 million from the end of the previous
fiscal year to ¥84,896 million. Shareholders’ equity ratio was 33.5%, compared with 33.0% at theend of the previous fiscal year.
(2) Cash flows
Net cash provided by operating activities was ¥2,506 million, primarily reflecting the income
before income taxes. Net cash used in investing activities was ¥3,120 million, mainly due topurchases of property, plant and equipment. Net cash provided by financing activities was ¥564
million. This was mainly a result of reimbursement of cash deposited for redemption of convertible
bonds.
As a result, cash and cash equivalents increased by ¥74 million from the end of the previous
fiscal year to ¥29,467 million.
3. Consolidated Business Forecasts for the Fiscal Year ending March 31, 2004 (From April 1, 2003 to
March 31, 2004)(Millions of yen, unless otherwise stated)
Net Income per
Sales
Recurring Income
Net Income
Share
Half-year ending
96,0006,900
3,650
57.35 yen
September 30, 2003
Year ending March
197,000
14,0007,500
116.10 yen
31, 2004[Supplementary information on the business forecasts]
Due to the uncertainty about the conditions of Japanese economy such as employment andindividual income, the harsh business environment is anticipated to continue. Under suchcircumstances, Nipro will strive to improve the result of operations by active Research andDevelopment and aggressive sales activities.
There is no amendment to the forecast announced on May 22, 2003.
The above forecasts are based on the information available to the management as of thedate of this report. The actual results may be different from these forecasts due to various factors
occurring hereafter.

-2-

Consolidated Balance Sheets(Millions of yen)
Period

1st Quarter
ended June 30, 2003

Previous Fiscal Year
ended March 31, 2003

Account
Amount%Amount%(ASSETS)
Current assets
Cash and bank deposits
Trade notes and accounts receivable
Inventories
Deferred tax assets
OthersAllowance for doubtful accounts

113,855
33,19743,30732,056
1,941
3,490
(137)

44.9

116,431
32,53942,761
31,213
2,244
7,873
(201)

46.0

Fixed assets
Tangible fixed assets
Buildings and structures
Machinery and equipment
Land
Construction in progress
OthersIntangible fixed assets
Consolidation adjustments
OthersInvestments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Lease deposits
OthersAllowance for doubtful accounts
Total Assets

139,61492,61940,72620,08922,463
6,014
3,324
1,205
169
1,035
45,78929,106
2,636
193
11,867
2,658(672)
253,46955.1
36.5

136,416
91,146
38,841
19,74822,459
6,852
3,245
1,271
213
1,057
43,99827,0182,601
175
12,234
2,660(692)
252,847

54.0
36.1

-3-

0.5

18.1

100.0

0.5

17.4

100.0

Consolidated Balance Sheets(Millions of yen)
Period

1st Quarter
ended June 30, 2003

Previous Fiscal Year
ended March 31, 2003

Account
Amount(LIABILITIES)Current liabilities
Trade notes and accounts payable
Short-term bank loans
Current portion of bonds
Other payables
Income taxes payable
Reserve for employees bonuses
Allowance for price reduction
Notes payable for plant and equipment
Commercial paper
OthersNon-current liabilities
Bonds
Long-term borrowings
Deferred tax liabilities
Accrued pension and severance cost
OthersTotal Liabilities(MINORITY INTERESTS)
Minority interests(SHAREHOLDERS’ EQUITY)
Common stock
Additional paid-in capital
Retained earnings
Net unrealized gains on securities
Foreign currency translation adjustments
Treasury stock
Total Shareholders’ equity
Total Liabilities, minority interests andshareholders’ equity-4-

86,702
28,79535,052
3,630
1,098
864
1,250
5,423
7,000
3,587
80,08336,00037,099
1,410
2,219
3,354
166,786%
34.2

Amount%65.8

88,88827,08536,257
2,000
3,783
2,619
1,587
1,359
3,356
7,000
3,838
78,65736,00036,821
541
1,977
3,317
167,546

66.3

1,786

0.7

1,768

0.7

28,66329,97228,583
4,272(6,130)(463)
84,896

11.3
11.8
11.3
1.7
(2.4)
(0.2)
33.5

28,66329,972
27,9042,850(5,406)(451)
83,532

11.3
11.9
11.0
1.1
(2.1)
(0.2)
33.0

253,469

100.0

252,847

100.0

31.6

35.2

31.1

Consolidated Statements of Income(Millions of yen)

Period

1st Quarter
ended June 30, 2003
(From April 1, 2003 toJune 30, 2003)

Previous Fiscal Year
ended March 31, 2003
(From April 1, 2002 to
March 31, 2003)

Account
Amount46,19133,006
13,185
9,453
3,731

%
100.0
71.5
28.5
20.5
8.0

Amount180,369
128,775
51,59436,695
14,899

%
100.0
71.4
28.6
20.3
8.3

Non-operating Income
Interest income
Dividend income
OthersNon-operating expenses
Interest expenses
Equity in losses of affiliate
Exchange losses
OthersRecurring Income

302
40
92
169
790
407
216
153
12
3,243

0.7

755
207
190
357
4,256
1,671
657
1,749
177
11,3970.4

Extraordinary profits
Reversion of allowance for doubtful accounts
Subsidies received
OthersExtraordinary losses
Losses on sales and disposal of fixed assets

168
105
62
728
189
98
2
437
2,683
988
188
17
1,490

Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating Income

Losses on devaluation of investment securities

Losses on compression of fixed assets
Losses on complaints
Compensation for breach of contract
Others
Net income before adjustment for taxes
Corporate, inhabitant and enterprise taxes
Adjustment for taxes
Minority interests in net income of consolidated
subsidiaries

Net income

-5-

1.7

7.0
0.4

2.4

6.3

5.8
2.1
0.4
0.1

1,334
42
1,129
163
3,951
341
628
1,129
308
1,178
365
8,780
4,957
(1,340)
85

4.8
2.7
(0.7)
0.0

3.2

5,077

2.8

1.6

0.7

2.2

Consolidated Statements of Cash Flows(Millions of yen)
1st Quarter
ended June 30, 2003
(From April 1, 2003 toJune 30, 2003)

Previous Fiscal Year
ended March 31, 2003
(From April 1, 2002 to
March 31, 2003)

AmountAmount

2,683
2,233
43
216

8,780
8,766
222
657

Increase (decrease) in allowance for doubtful accounts

(82)

(15)

Interest and dividend income
Interest expenses
Exchange losses (gains)

(133)
407
(110)

(397)
1,671
1,039

Other non-operating income/expenses and extraordinary
profits/losses

455

2,727

Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Decrease (increase) in other assets
Increase (decrease) in other liabilities
Bonuses to directors and corporate auditors
Sub-total
Proceeds from Interest and dividends
Payment of Interest
Other expenditures
Other revenues
Payment of corporate tax, etc.
Cash flows from operating activities
Cash flows from investing activities
Deposits in time deposits
Proceeds from time deposits
Payments for purchases of securities
Proceeds from sales of securities
Payments for purchases of fixed assets
Proceeds from sales of fixed assets
Payments for lending of loans
Proceeds from collections of loans receivable
Payment for investments in capital
Proceeds from return of investments in capital
Cash flows from investing activities
Cash flows from financing activities

(482)
(752)
1,642
616
(1,131)
(111)
5,495
89
(624)
(235)
312
(2,530)2,506(3,883)(4,517)(1,004)
(675)
436
(168)
13,639362(1,755)(1,702)736(5,826)
5,453

(965)
406
(13)
(2,536)1(1)(3,493)
1,373(4,060)20(23,886)
143
(257)

12

56

(23)
(3,120)(4)
1(30,107)

Net increase (decrease) in short-term bank loans(2,532)
3,164(1,556)(2,000)
(12)
(2)
(637)
4,141

3,718
7,000
23,598(8,181)
5,966(13,122)
105
(396)
(268)
(2,810)(4,141)564
123
74
29,39329,467

11,469(206)(13,391)
42,78429,393

PeriodAccount
Cash flows from operating activities
Net income before adjustment for taxes
Depreciation and amortization
Amortization of consolidation adjustments
Equity in losses of affiliate

Net increase (decrease) in commercial paper
Proceeds from long-term borrowings
Repayment of long-term borrowings
Proceeds from issuance of bonds
Payments for redemption of bonds
Proceeds from issuance of common stock
Payments for purchases of treasury stock
Payments for finance lease obligations
Payments for dividends
Reimbursement (deposit) of funds for redemption of
convertible bonds

Cash flows from financing activities
Effect of exchange rate changes on cash and cash equivalents

Increase (decrease) in cash and cash equivalents
Balance of cash and cash equivalents at the beginning of fiscal year
Balance of cash and cash equivalents at the end of fiscal year

-6-

Segment information
1. Segment information by business category(1) 1st Quarter (From April 1, 2003 to June 30, 2003)(Millions of yen)

MedicalPharmaceutical

Glass &
Materials

Supermarket

19,688

5,716

2,727

17,953

105

116

-

665

-

Total

19,805

5,716

3,393

Costs and expenses

16,292

5,092

Operating income(loss)

3,513

623

Eliminations/Corporate

Consolidated

46,191-

46,191

155

937

(937)

-

17,953260

47,129(937)

46,191

2,985

17,683208

42,263196

42,459

407

269

52

4,865

(1,134)

3,731

Other

Total

Net sales(1) Outside customers(2) Intersegment(2) Previous fiscal year (From April 1, 2002 to March 31, 2003)(Millions of yen)

MedicalPharmaceutical

Glass &
Materials

Supermarket

76,00821,97911,063

534

-

Total

76,542

Costs and expenses
Operating income(loss)

Eliminations/Corporate

Consolidated

180,369-

180,369

667

3,674

(3,674)-69,5592,425

184,044(3,674)

180,369

11,76068,4502,277

164,854615

165,470

1,776

1,109

147

19,189(4,290)14,899

Other

Total

69,559

1,758

2,473

0

21,97913,53662,36819,997

14,174

1,981

Net sales(1) Outside customers(2) Intersegment-7-Note:

1.

Classification of business categories and main products in each business category
Business categories are classified on basis of the market nature of products.
Main products belonging to each business categoris are as follows

Business category

Main products

MedicalDialyzers, blood tubing sets, injection needles, syringes, and infusion sets, etc.

Pharmaceutical

Half-type and full-type kits, double-bag kits, pre-filled syringes, and dialysate solution,
etc.

Glass & Materials

Glass tubes for ampoules and vials, internal glass sections for vacuum flasks, small
light bulbs, and rubber stoppers, etc.

Supermarket

Fresh and daily foods, general groceries, household goods, and medicine, etc.

Other

Machinery for manufacture of medical equipment and real estate rental income, etc.

2.

Costs and expenses of “Eliminations/Corporate” for the first Quarter ended June 30, 2003
and the previous fiscal year ended March 31, 2003 included unallocated corporate costsof ¥1,134 million and ¥4,290 million, respectively. The unallocated corporate costs
consisted primarily of research and development costs and the parent company’s
headquarters administration costs.

-8-

2. Segment information by geographical area
(1) 1st Quarter (From April 1, 2003 to June 30, 2003)
Japan

America(Millions of yen)

Europe

Asia

Total

Eliminations/Corporate

Consolidated

Net sales(1) Outside customers

43,382

1,023

1,350

434

46,191-

46,191(2) Intersegment

2,478

95

-

2,074

4,648

(4,648)-

Total

45,861

1,119

1,350

2,509

50,840(4,648)46,191

Costs and expenses

40,981

1,240

1,374

2,259

45,856(3,396)42,459Operating income(loss)

4,879

(121)

(23)

249

4,983

(1,252)

3,731(2) Previous fiscal year (From April 1, 2002 to March 31, 2003)
Japan

America

Europe(Millions of yen)

Asia

Total

Eliminations/Corporate

Consolidated

Net sales(1) Outside customers

168,847

4,544

5,360

1,617

180,369-

180,369

8,801

419

34

8,234

17,488(17,488)-

Total

177,648

4,963

5,394

9,851

197,858(17,488)

180,369

Costs and expenses

159,549

4,710

5,239

8,966

178,467(12,996)

165,470

Operating income(loss)

18,098

253

154

884

19,391(4,492)

14,899(2) Intersegment

Note:

1.
2.

3.

Classification of countries or areas is based on geographical proximity.
The major countries included in each geographical area are as follows
America …….. The United States of America and Brazil
Europe ……… Belgium
Asia …………. China and Thailand
Costs and expenses of “Eliminations and Corporate” for the first Quarter ended June 30,
2003 and the perevious fiscal year ended March 31, 2003 included unallocated corporate
costs of 1,134 million yen and 4,290 million yen, respectively. The unallocated corporate
costs consisted primarily of research and development costs and the parent company’s
headquarters administration costs.

-9-

3. Overseas sales(1) 1st Quarter (From April 1, 2003 to June 30, 2003)
America1.

Overseas sales

2.

Consolidated net sales

3.

Percentage of overseas sales
against consolidated net
sales (%)

(Millions of yen)
Europe

4,581

Asia

4,495

1,446

9.9%

9.8%

America
Overseas sales

2.

Consolidated net sales

3.

Percentage of overseas sales
against consolidated net
sales (%)

Note:

1.
2.

3.

10,523

46,191

3.1%(2) Previous fiscal year (From April 1, 2002 to March 31, 2003)

1.

Total

Europe19,031(Millions of yen)Asia

17,364

22.8%

Total
5,427

41,822

180,369

10.6%

9.6%

3.0%

23.2%

Classification of countries or areas is based on geographical proximity.
The major countries included in each geographical area are as follows
America …….. The United States of America, Canada and Brazil
Europe ……… Belgium, Denmark and Germany
Asia …………. China, Taiwan and Thailand
Overseas sales represent those of the Company and the consolidated subsidiaries tocountries and areas outside of Japan.

- 10 -

Production, Orders received and Sales
1. Production

Business segment

1st Quarter
From April 1, 2003
to June 30, 2003
Year-on-year
Amount producedchange (%)(Millions of yen)Previous fiscal year
From April 1, 2002
to March 31, 2003
Year-on-year
Amount producedchange (%)

Medical14,656-57,473

1.3

Pharmaceutical

6,099

-

23,126

42.1

Glass & Materials

953

-

3,396

(14.4)

Other

103

-

1,239

94.7

Total

21,812-

85,236

9.8

Note:

1.
2.
3.

Amounts produced are calculated based on average selling prices.
The above amounts are after eliminations of the intersegment transactions.
The above amounts do not include the related consumption taxes etc.

2. Orders received
Since we adopt the production system based on estimated orders, there is nothing applicable
hereto regarding the amount and the balance of orders received.

3. SalesBusiness segment

1st Quarter
From April 1, 2003
to June 30, 2003
Year-on-year
Amount soldchange (%)(Millions of yen)Previous fiscal year
From April 1, 2002
to March 31, 2003
Year-on-year
Amount soldchange (%)

Medical19,688-76,008(2.0)

Pharmaceutical

5,716

-

21,97937.8

Glass & Materials

2,727

-

11,063(1.5)

Supermarket

17,953-69,559

7.4

Other

105

-

1,758

3.4

Total

46,191-

180,369

5.3

Note:

1.
2.

The above amounts are after eliminations of the intersegment transactions.
The above amounts do not include the related consumption taxes etc.

- 11 -