Summary of Consolidated Interim Business Results
for the Year Ended March 31, 2003

November 19, 2002

Company Name:
Nagase & Co., Ltd.
Stock Exchanges Listed: Tokyo, Osaka
Listing Code:8012
Location of Head Office: Osaka Prefecture(URL http://www.nagase.co.jp)
Representative
Position
President
Hiroshi Nagase
Contact Details
Position
Chief Financial Officer
Makoto Tsuruoka
Telephone: (03) 3665-3100
Date of Board of Directors' Meeting for Interim Settlement of Accounts
November 19, 2002
Adoption of U.S.GAAP: No
１. September 30, 2002 Consolidated Interim Results (April 1, 2002 - September 30, 2002)(1) Consolidated Operating Results
Sales¥millionsInterim period ended
249,565
September 30, 2002
Interim period ended
257,602
September 30, 2001
Year ended March 31,
490,583
2002(Note: Amounts have been rounded down to the nearest million yen.)
Operating income
Ordinary income%¥millions%¥millions
%
(3.1)

4,577

472.4

6,115

153.7

(10.0)

799(81.0)

2,410(54.4)

1,673

Interim Net Income

Interim period ended
September 30, 2002
Interim period ended
September 30, 2001
Year ended March 31,
2002
Notes:

Interim EPS

Fully Diluted Interim EPS¥¥millions

%

4,432

161.9

33.57

−

−

1,692

(43.3)

12.19

−

−

(15.39)−−(2,097)¥

1. Gain (loss) on equity method investment
Interim period ended September 30, 2002: ¥303 million Interim period ended September 30, 2001: ¥172 million Year ended March 31, 2002: ¥276 million
2. Average number of shares during the consolidated accounting period.
Interim period ended September 30, 2002: 132,039,678 Interim period ended September 30, 2001: 138,861,193 Year ended March 31, 2002: 136,264,739
3. Changes to accounting policies: none.
4. The percentage figures for sales, operating income, ordinary income and interim net income represent
increases (decreases) relative to the previous year's interim results.

(2) Consolidated Financial Position
Total assets¥millionsInterim period ended
288,643
September 30, 2002
Interim period ended
319,304
September 30, 2001
Year ended March 31,
300,073
2002
Notes:

4,739

Shareholders’ equity¥millionsShareholders’ equity ratio Shareholders’ equity per share¥%

144,93950.2

1,122.06

148,486

46.5

1,072.82

144,17648.0

1,082.16

1. Shares issued and outstanding at end of the consolidated accounting period
Interim period ended September 30, 2002: 129,173,205 Interim period ended September 30, 2001: 138,407,323 Year ended March 31, 2002: 133,230,914(3) Consolidated Cash FlowsNet cash from operating Net cash used for financial
activities
activities¥millions¥millionsInterim period ended
2,967
2,179
September 30, 2002
Interim period ended
5,397
(505)
September 30, 2001
Year ended March 31,
12,351(1,300)2002

Net cash used forBalance of cash and cash
investment activities
equivalents at term end¥millions¥millions(7,131)

19,358(4,741)

19,371(8,615)21,960(4) Scope of Consolidation and Application of Equity Method
Consolidated subsidiaries: 29 Non-consolidated affiliated companies covered by equity method accounting: 0
Affiliated companies covered by equity method accounting: 9(5) Changes to Scope of Consolidation and Application of Equity Method
Consolidated Subsidiaries: New: 3 Excluded: 0
Equity method: New: 2 Excluded: 1

2. Consolidated Forecasts for the Year Ended March 31, 2003 (April 1, 2002 - March 31, 2003)
Sales

Ordinary Income¥millions¥millions
500,000
9,500
Whole Year
Reference: Annual net income per share is projected to reach ¥45.68

Net Income¥millions
5,900* The above forecasts were prepared on the basis of information available on the date of release. Actual results may differ from these
forecasts due to various factors.

NAGASE＆CO.,LTD.
Management Policy

1. Basic Policy
Philosophy
The Nagase Group is a member of society and, as such, it is our duty to behave in a manner in keepingwith this role by maintaining good and fair business practices and providing society with the goods
and services it needs. Through continued growth and development, Nagase can improve the welfare of
its employees, while making a contribution to society.
Our vision is to remain faithful to this philosophy as a technology and information oriented company
that turns wisdom into business. We interpret this vision as meaning a total commitment to thecustomer based on a fundamental belief that all answers can be found in the market, and adetermination to develop our business activities through the combination of information withexperience to create wisdom that goes beyond the narrow definition of the trading company.

•

The needs of our customer vary widely, and we cannot hope to build stable business relationships
based solely on an intermediation role. We recognize that the time when we could function
effectively through intermediation alone has passed. We are also aware that it is no longer feasible
for a single company to perform all functions itself. We are strengthening our capabilities so that
customers will feel confident to choose us as a reliable business partner that can help them to create
new value.

2. Basic Policy on Profit Distribution
Our fundamental policy is to enhance our corporate fundamentals and earning power so that we cancontinue to generate stable dividends for our shareholders. We are also working to improve our shareprice by taking advantage of the treasury stock system to acquire and cancel our own shares.

3. Thinking and Policies on Reduction of Investment Unit
We recognize that the reduction of minimum investment units is a way to encourage individual
investors to participate in the stock market, thereby increasing share liquidity. We intend to proceedwith caution, taking into account our business performance, the state of the market, and the balance
between costs and benefits. However, we have not yet made decisions concerning a specific policy ortime for the reduction of investment units.
4. Medium- to Long-Term Management Strategy

2

NAGASE＆CO.,LTD.

We are implementing a medium-term management plan covering the period from April 2000 to March
2003. This plan, which stipulates key business strategies and targets, is called the “WIT2000” plan (W:Wisdom, I: Intelligence, T: Technology). Our aim under this plan is to achieve earnings in excess ofcapital costs and continued income growth, and to achieve this we established a new business indicator
called “Nagase Return on Equity” (Note), or NROE. Our target was to raise our consolidated NROE to
7% by the end of fiscal 2002. Unfortunately, an extremely harsh business environment has forced us toreduce our targets for the final year of the medium-term plan to an NROE of 5%. Our approach is basedon the following management policies.

1) We will continue to target earnings in excess of capital costs by achieving profit growth throughaggressive investment in the priority areas of electronics and healthcare. In principle, thatinvestment will not exceed Nagase profit.
2) We will work to maximize efficiency and productivity by focusing on consolidated management
priorities for the Nagase Group, including the reinforcement and development of manufacturinggroup companies, and improvement of the sales systems and business fundamentals of sales andservice companies.
3) We will concentrate our resources by dividing our business operations into chemicals, plastics,
electronics and healthcare segments, and by identifying core and challenge activities in each ofthese four segments.
Note:

NROE = Nagase profit/equity capital at the beginning of the period
Nagase profit=Profit after tax＋(depreciation ±appraisal profit/loss)×(1-effective tax rate)
Nagase profit is equivalent to operating cash flows.

5. Policies Concerning the Management Organization
In the previous fiscal year, the Company introduced an executive director system and defined its Boardof Directors as the organization responsible for decisions concerning management policy and strategy,
and for supervision of the performance of business operations. Separating management policy andbusiness operations, we have worked to speed decision-making and strengthen business operations.
Additionally, in the 87th regular general meeting of the shareholders (June 27, 2002), the term of officefor directors was reduced from two years to one and terms of office for executive directors were set at
one year. Furthermore, last year we established our Compliance Committee for added assurance that
we are in compliance with laws and regulations and that we are observing proper business ethics.
This year, we formulated basic compliance policies in an effort to enhance our compliance systems.

6. Priority Goals

3

NAGASE＆CO.,LTD.
At the end of the last fiscal year, we revised our NROE goal from 7% to 5%. Keeping the futurein mind, we intend to address the following critical issues and further strengthen our company
and expand profits over the medium-to-long term.
(1) Investment and New Business Development Based on Business Strategies
To strengthen our business base and competitiveness, we will make strategic investments andconcentrate our management resources on businesses with high potential for growth and profitability.
In the field of electronics, we are aggressively pushing forward with business expansion investments,
examples of which include the construction of a new plant for Nagase FineChem Singapore (Pte)
Limited, which was completed this year, and investments to expand the production capacity of a parts
assembly business in China.
In the field of healthcare, Nagase ChemteX Corp. is working to expand its facilities for producing
pharmaceutical intermediates and Nagase Medicals Co., Ltd. has completed expansion of its facilities inorder to strengthen contract production operations.
Nagase Colors & Chemicals, Ltd., which is pushing forward with efforts to expand its dyestuff businessin China, has established NCC Shanghai Techno Center Co., Ltd. to provide dyestuff technology supportand is strengthening its sales capabilities in China. Furthermore, it has installed chemical analysis
equipment in its Techno Center and has started a pre-export quality check to meet the heavy demand
for Chinese chemical products.
Kotobuki Industries Co., Ltd. is considering expanding its production capacity again in this fiscal year
to meet growing demand for food wrapping materials.
In the future, we will continue making investments consistent with our business strategies, doing
everything possible to meet customer needs and develop new businesses.
(2) Streamlining Operations and Strengthening Corporate Culture1) Reduction of Selling, General and Administrative Expenses
Pushing forward with reductions in selling, general and administrative expenses, we
succeeded in achieving savings of approximately ¥800 million for the parent company(compared with the previous year’s figure) and approximately ¥400 million for the
consolidated subsidiaries (excluding companies that became consolidated subsidiaries in
the current fiscal year.) Additionally, the number of employees at the parent company fellby 80 compared to the same period in the previous fiscal year due to the effects of an early
retirement program and natural attrition.

4

NAGASE＆CO.,LTD.
−2) Strengthening Locally Oriented Sales Capability
We are proceeding with the restructuring of our domestic local sales network to strengthen
both our local sales capabilities and Group companies. In the current fiscal year, we haverestructured and strengthened sales networks for chemicals and plastics in Shikoku andKyushu, as well as the Chugoku region of Japan.
3) Selection and Concentration of Businesses
Through measures such as withdrawal from sales of livestock equipment, for whichsynergies with other businesses could not be expected, we are continuing to select thosebusinesses on which we should concentrate our management resources.

Moving into the future, we will concentrate our management resources in fields with highgrowth potential and profitability and continue our efforts to strengthen our operating
revenues.

(3) Strengthening Group Manufacturing Companies and R&D
To be more than a trading company and create and develop new “businesses that apply wisdom,” webelieve it is necessary to take full advantage of our manufacturing and R&D functions.
In our R&D Center, we are pursuing product development based on user needs. R&D themes we are
pursuing include the application of fermentation technology (combining chiral synthesis technology andenzymes) in the production of pharmaceutical intermediates and the development of natural extracts foruse in cosmetics and health foods, and our R&D capabilities have won strong approval from ourcustomers. We are using our marketing network, which has a firm grasp of customer needs, andorganic synthesis and compounding technologies accumulated in Group companies to develop, andexpand the sales of, products such as resin additives and coatings. Through such activities, we havebeen able to apply for numerous patents and are increasing our income.
To strengthen our manufacturing function, we established Nagase ChemteX (Wuxi) Co. Ltd. in China to
manufacture epoxy adhesives and other products. And, through Nagase ChemteX Corp., we havepurchased sales rights from Nihon Polymer Co. Ltd., a subsidiary of Asahi Chemical Industry Co., Ltd.,
which manufactures formulated epoxy resins for the construction industry.
In the future, we will continue to consider M&A activities and other ways to strengthen our operations
with businesses that promise much in the way of synergistic benefits.
(4) Reinforcement of Overseas Business Activities

5

NAGASE＆CO.,LTD.
To create business globally, we are aggressively enhancing our overseas sales bases. We haveestablished a new sales base in Hungary, where the automobile industry continues to make inroads,
and in Hanoi, Vietnam as well, where expectations for growth are high. And, in our efforts to build anorganization capable of responding to a wide variety of customer demands, we are currently operatingnine sales bases in China, a choice location for an increasing number of Japanese companies. At our
Dubai sales base, which we established last year, we are expanding business, primarily for chemical
products.
We believe that for the medium-to-long term, it is necessary to strengthen overseas sales bases and willcontinue our efforts to do so.

(5) Strengthening Human Resources
Globalization continues and Japan’s industrial structure has entered a period of major change. To
build a management organization capable of rapidly responding to such environmental changes, wehave changed the term of office for directors to one year. Furthermore, we believe the strength of acompany over the medium-to-long term is determined by human resources, so we have positioned ourtraining system as a strategic area for business expansion and have enhanced training with coverage of
topics such as business strategy planning methods and business operation from a global perspective.
(6) Environmental Initiatives
Nagase contributes to environmental protection through the creation and expansion of
eco-business activities.

Nagase’s environmental policy emphasizes consideration for the environment in all business activities.
Specific initiatives that reflect Nagase’s capabilities as a technology- and information-oriented
enterprise include the dissemination of information about the safety of chemical products. Nagase also
supplies information about the achievement of zero emissions and proposes eco-materials, equipment
and systems that will help to reduce environmental impact

Business Results and Financial Position
I. Business Results

1．Overview of the Current Interim Period
Overall Company Performance

6

NAGASE＆CO.,LTD.
During the interim period under review, the Japanese economy, driven by increased exports looked for awhile as if it had hit bottom and was beginning to recover. However, exports dulled with the slowdown
in the US economy beginning in the summer and uncertainty about the future has intensified withgrowing bad loan problems and falling stock prices.
Amid such conditions, domestic sales for the first half fell 7.6%, compared to the first half of last year, to¥166,618 million yen, while overseas sales increased 7.3% to ¥82,946 million and consolidated sales
declined 3.1% to end the first half at ¥249,565 million.
Income was helped by both an improved gross profit margin and lower selling, general andadministrative expenses. Operating income increased 472.4%, compared to the first half of last year,
reaching ¥4,577 million. Similarly ordinary income rose 153.7%, coming in at ¥6,115 million, andinterim net income was up 161.9%, ending the first half at ¥4,432 million.
Segment Summaries
Chemicals
Sales: Increase of 0.9% YoY to ¥114,412 million
With the negative impacts of both the weak domestic economy and restructurings on the part ofcustomers, sales of dyestuffs and other chemical products were generally lackluster. However, plastic
additives, recording materials, raw materials for paints, agrochemical intermediates and other products
continued to sell strongly overseas, so overall results approximated those of the first half of last year.
・ In the area of raw materials for plastics, domestic sales came in below the level of a year ago,
but with solid results from exports of plastic additives to Asia and from a urethane-related
business, and the establishment of a new functional pigments business and printing-related
business, overall performance was slightly better than for the first half of last year.
・ Results for recording materials vastly exceeded results for a year ago.

This was due toincreased sales of inkjet and display products, which have been a focus of management
attention for the past several years, and strong sales of materials used in pressure- andthermal-sensitive papers. Better results were also realized for paint-related products, as wenot only responded to customer demands by pushing forward with proposal-based sales, butalso initiated support for customers setting up operations in China.
・ In pharmaceuticals and agrochemicals, domestic sales came in below the level for the first halfof last year, but improved results for sales in Europe and the US, as well as sales ofintermediates produced in China and India, kept overall performance on a par with last years
figures.
・ Dyestuffs benefited from steady expansion of overseas operations, but the slumping domestic
textiles industry held overall results below performance for the first half of last year.

7

NAGASE＆CO.,LTD.

Plastics
Sales: Decline of 12.3% YoY to ¥82.636 million
Although last year’s transfer of domestic sales rights for GE products caused overall sales of plastics tocome in below results for the first half of last year, sales to automobile-related manufacturers andoverseas manufacturers of electrical and data equipment, all of which are the focus for enhanced
strategic initiatives, were strong. It should also be noted that both Totaku Industries, Inc. and
Setsunan Kasei Co., Ltd. both achieved profitability following operational streamlining.
・ In the area of automobile-related products, business with important customers increased with
the implementation of supply chain management, and sales of both plastics and molds toNorth America and Thailand saw steady expansion, while domestic automobile manufacturers
produced vehicles at a favorable level. Overall sales, therefore, topped results for the firsthalf of last year.
・ In the field of electrical and data equipment, exports to China and Hong Kong, to which many
companies are shifting production, were helped by the use of overseas offices, and exports toAsia, which has emerged from the IT slump, were good. Domestic sales, however, failed toreach the level of a year ago.
・ Sales of construction materials declined compared to a year ago due to drop in residential
housing construction and moves to withdraw from low-profit businesses. Meanwhile, in thearea of packaging materials, sales of Group products continued at healthy levels, but withlower sales of raw materials for general purpose wrapping materials, overall sales fell below
the level of a year ago. Of special note is that Kotobuki Industries, Inc.’s enhancement of its
HACCP facilities has led to a steady expansion of that company’s business lines.
・ Nagase Singapore (Pte) Ltd., as well as Nagase Wahlee Plastics Corporation, Nagase (HongKong) Ltd. and other companies all recorded sales to overseas electrical and data equipment
manufactures significantly higher than levels for a year ago.

Electronics
Sales: Increase of 3.3% YoY to ¥45,417 million

Sales of parts and materials for LCDs, communications equipment, and fine abrasives, as well as salesof functional materials, Group products and other materials for electronic and electrical equipment all
exceeded results for the first half of last year.
・ Sales of LCD-related products surpassed results for a year ago on strong sales of relatedmaterials and steady sales of chemicals for the manufacture of LCDs.
・ In the area of functional materials, sales of Nagase ChemteX Corp.’s epoxy resins for electricalequipment proceeded at a healthy level, while sales of optical adhesives and other8

NAGASE＆CO.,LTD.
high-performance adhesives rose.
・ Sales of communications equipment parts were strong, as module sales benefited fromincreased demand for wireless communications in China
・ Sales of fine abrasives greatly exceeded results for the first of last year due to strong exportsof materials for crystal oscillators and hard disk drives.

Healthcare and Other Activities
Sales: Increase of 17.3% YoY to ¥7,098 million

In the area of door-to-door sales of cosmetics and health foods, sales of whitening cosmetics and othernew products were strong, but the impact of new products introduced with last year’s restructuring of
the health foods business faded, so overall results came in below those of a year ago. Special efforts
have been made to develop a new sales channel in the form of department stores, but its capacity tocontribute to overall sales is currently limited. As for medical information systems, efforts to expand
sales of infectious disease prevention systems, radiological equipment, and other products resulted instrong sales of these products. Sales of reagents were also strong and helped, along with other factors
discussed above, to boost healthcare sales above the level of a year ago.
Sales of businesses other than those discussed above significantly outdistanced results for the first halfof last year as the number of consolidated subsidiaries increased with the additions of Nagase General
Service Co., Ltd. and Nagase Information Development, Ltd.

2. Forecasts for the Full YearThe outlook for the economy features worries about the future of the US economy on the overseas front
and weak employment and personal consumption on the domestic front. Compounded with theimpacts of both the bad loan problem and weakness in the stock market, conditions will continue towarrant close attention.
With this as the backdrop, forecasts for consolidated and individual segment results are as described
below.
A dividend of ¥8 per share is being planned for the end of the current fiscal year.
Year Ended
Sales (¥millions)
Ordinary income (¥millions)
Net income (¥millions)

March 31, 2002

March 31, 2003

490,583
4,739(2,097)500,000
9,500
5,900

9

Year-on-Year
Increase (Decrease)(%)
101.9%
200.4%

NAGASE＆CO.,LTD.

Chemicals
Sales: Increase of 5.3% YoY to ¥230,000 million

In the second half, it is anticipated that conditions will remain harsh for sales of recording materials,
plastics raw materials, and other chemical products to domestic customers. However, sales of plastics
additives to Asian countries, domestic and overseas urethane-related business, and sales of raw
materials for paints, pigments, etc. – sectors that showed solid performance during the first half – areexpected to remain strong in the second half. And with rising sales of new products, including ones forplasma displays, the outlook is for both higher sales and income for the year. In the future, even more
attention will be focused on the development of overseas markets, primarily in China and other parts ofAsia, and the pharmaceutical business anchored by Nagase ChemteX Corp., as well as other businesses
that apply the strengths of the Nagase Group will be targeted for strengthening in an effort to expand
operations and profitability.
Plastics
Sales: Decline of 5.8% YoY to ¥165,000 million

It is expected that as companies continue to shift manufacturing overseas, domestic demand for plastics
will further weaken, dragging sales below last year’s level. Conditions in overseas markets for plastics
used in office automation equipment and electrical appliances, primarily markets in China and otherparts of Asia, are expected to worsen, but with the profitability of Group companies rising as theiroperations are strengthened, the outlook is for higher income on lower sales. In the future, businesswill be expanded by strengthening proposal-based business tailored to customer needs, as efforts are
made to expand sales of highly profitable proprietary products, further increase profitability, andstrengthen strategic initiatives, such as those for overseas business, especially in China, andautomobile-related businesses.
Electronics
Sales: Increase of 7.6% YoY to ¥90,000 million

Markets for PC-related parts, LCD panels and other such products are unfavorable. However, it isexpected that sales of semiconductor and LCD materials will end the year up. With efforts to increase
sales of parts for communications equipment and expand overseas assembly operations, the outlook is
for higher sales and income. Priorities for the second half will be the expansion of income at Nagase
FineChem Singapore (Pte) Ltd., which began operating this year; the swift start-up of Nagase ChemteX

10

NAGASE＆CO.,LTD.
(Wuxi) Co. Ltd., the communications and electronic equipment parts business; and overseas device
production.
Healthcare and Other Activities
Sales: Increase of 14.1% YoY to ¥15,000 million

In the area of cosmetics and health foods, efforts are being made to expand business through retail
outlets, which are both a market for new products and a new sales channel for this segment, and sales
are expected to come in around last year’s level. In medical information equipment, efforts to increase
sales of infectious disease prevention systems are proceeding well and orders for radiological equipment
have been strong, so both higher sales and income are expected for the healthcare segment. Efforts toincrease sales of highly profitable proprietary products will continue.

II. Financial Position
1. Overview of the Current Interim Period(1) Consolidated Balance Sheet
Compared to the end of the previous fiscal year, consolidated total assets declined ¥11,430 million yen
to ¥288,643 million. The causes for this decline include accounts receivable and accounts payablebalances at the end of the previous fiscal year being higher than they otherwise would have been
because the last day of the previous fiscal year fell on a holiday, and the sale of investment securities
during the current interim period.
Shareholders’ equity increased by ¥762 million, compared to the level at the previous year-end,reaching ¥144,939 million. Treasury stock in the amount of ¥2,240 million was purchased during theinterim period, but interim net income was sufficient to produce the increase in shareholders’ equity.
As a result of the above, the ratio of shareholders’ equity rose by 2.2 percentage points to 50.2%.

(2) Consolidated Cash FlowsThough ¥7,252 million in net income before taxes was recorded, the fact that the end of the previous
fiscal year fell on a holiday led to an increase in working capital and other uses of cash. As a result,cash flow from operating activities came to ¥2,967 million.

11

NAGASE＆CO.,LTD.
Cash flow from investing activities amounted to ¥2,179 million, as sales of investment securities
outweighed cash used for ongoing capital investment initiatives.
Net cash used for financing activities amounted to ¥7,131 million due to the repayment of bank loans
and purchases of treasury stock.
Cash and cash equivalents as of the end of the interim period, therefore, declined by ¥2,602 million,
compared to the level at the end of the previous fiscal year, to ¥19,358 million.
2. Outlook for the Full Year
Though the fact that the previous fiscal year ended on a holiday will cause working capital to increase,
the expectation is that higher net income before taxes will result in net cash flow from operating
activities.
Investing activities are expected to provide cash because of the effects of investment security sales
outweighing ongoing capital investments.
Net cash used for financial activities is expected to decline, due to the continuing acquisition of treasury
stock and reduction of interest-bearing debt.
In total, the balance of cash and cash equivalents for the current fiscal year is expected to be lower thanthe balance for the previous fiscal year.
* The above forecasts of business performance and the financial position in the year to March 31, 2003
are based on reasonable conclusions and assumptions from information available at this time. It should
be noted that actual results may vary from these statements due to future changes in the situation.

12

Summary of Non-Consolidated Interim Financial Statements
for the Year Ended March 31, 2003

Stock Exchanges Listed:Tokyo, Osaka
Location of Head Office:Osaka Prefecture

Company Name:
Nagase & Co., Ltd.
Listing Code:8012(URL http://www.nagase.co.jp)
Representative
Contact Details

Position
Position

November 19, 2002

President

Hiroshi Nagase

Chief Financial Officer Makoto Tsuruoka
Telephone: (03) 3665-3100
Date of Board of Directors' Meeting for Interim Settlement of Accounts
November 19, 2002
Date of Commencement of Interim Dividend Payment:Interim Dividend System: No
Unit Stock System: Yes (1 unit=1,000 shares)
１. September 30, 2002 Interim Results (April 1, 2002 - September 30, 2002)(1) Business Results(Note: Amounts have been rounded down to the nearest million yen.)Sales¥millionsInterim period ended
September 30, 2002
Interim period ended
September 30, 2001
Year ended March 31,
2002%

Ordinary income¥millions

%

(3.1)

1,415

−

3,854

292.0

213,924(13.9)

(926)

−

983

(69.5)

407,950(905)¥millions

Notes:%

207,278

Interim Net Income

Interim period ended
September 30, 2002
Interim period ended
September 30, 2001
Year ended March 31,
2002

Operating income¥millions

2,761Interim EPS
¥

%

2,838

138.2

21.49

1,191

(55.8)

8.58(17.33)(2,361)

1. Average number of shares during accounting period.
Interim period ended September 30, 2002: 132,082,515 Interim period ended September 30, 2001: 138,861,193
2. Changes to accounting policies: none.
3. The percentage figures for sales, operating income, ordinary income and interim net income represent
increases (decreases) relative to the previous year's interim results.

Year ended March 31, 2002: 136,264,739(2) Dividends

Interim period ended
September 30, 2002
Interim period ended
September 30, 2001
Year ended March 31,
2002

Interim
Dividend
Dividend per per share¥¥ (Note) The dividend for the interim period ended September 30, 2002 consists of the following:
Commemorative−−¥
dividend

−

−

−

8.00

¥

Special dividend(3) Financial Position
Total assets¥millionsInterim period ended
September 30, 2002
Interim period ended
September 30, 2001
Year ended March 31,
2002
Notes:

Shareholders’ equity¥millionsShareholders’ equity ratio Shareholders’ equity per share%¥

231,616

110,35447.6

854.03

254,597

116,01345.6

838.20244,916

111,35045.5

835.77

1. Shares issued and outstanding at end of accounting period
Interim period ended September 30, 2002: 129,216,042 Interim period ended September 30, 2001: 138,407,323 Year ended March 31, 2002: 133,230,914
2. Treasury stock at the end of accounting period
Interim period ended September 30, 2002: 9,192,243 Interim period ended September 30, 2001: 962 Year ended March 31, 2002: 5,177,371

2. Forecasts for the Year Ended March 31, 2003 (April 1, 2002 - March 31, 2003)
Sales

Ordinary
income¥millions¥millions

Net income

Annual dividend
per share

Final¥millions¥¥

Whole Year
404,000
5,700
3,400
Reference: Annual net income per share is projected to reach ¥26.31

8.00

8.00

* The above forecasts were prepared on the basis of information available on the date of release. Actual results may differ from these forecasts due to various
factors. For further information about the forecast items, please refer to Page 8 of the attached notes.