May 11, 2004
Asahi Kasei Corporation
|
| Financial Results for Fiscal 2003 |
Asahi Kasei today announced consolidated results for fiscal 2003, the year ended March 31, 2004. Increased sales in housing operations, with growing home orders during the previous term, in chemicals operations, with strong overseas demand, and in electronics operations, with strong demand in digital electronics applications, outweighed the sales decreases resulting from the withdrawal of acrylic fiber operations and divestments of liquors-related operations. As a result, net sales increased by ¥59.9 billion to ¥1,253.5 billion, a 5.0% increase.
Overall profitability of operations rose substantially, but operating profit decreased slightly due to a change in the period of amortization of unrecognized actuarial differences arising in retirement benefit accounts. The full amount of these actuarial differences is now amortized in the year following their occurrence. For fiscal 2003, a ¥19.4 billion shortfall was amortized, resulting in an operating profit decrease of ¥0.6 billion to ¥60.9 billion, a 1.0% decrease.
Ordinary profit increased by ¥3.3 billion to ¥53.6 billion, a 6.5% increase. Net income was ¥27.7 billion, a ¥94.5 billion improvement from the net loss of the previous year which largely resulted from a special loss to eliminate all accumulated unrecognized actuarial differences related to retirement benefits.
Forecast for fiscal 2004
Net sales are forecast to grow with newly expanded plant enabling higher sales volumes in chemicals, continuing strong demand in electronics, and increased sales in housing following growth in orders. In addition to rising profitability of operations, operating profit will include amortization of an approximately ¥20.0 billion surplus from actuarial differences arising in retirement benefit accounts during fiscal 2003. Net sales, operating profit, ordinary profit, and net income are all forecast to reach new highs. Based on the forecast results, dividends for fiscal 2004 of ¥8 per share are planned, an increase of ¥2 per share.
| (¥ billions) |
| |
FY 2003 |
FY 2004 forecast |
cf. FY 2002 |
| Net sales |
1,253.5 |
1,325.0 |
1,193.6 |
| Operating profit |
60.9 |
110.0 |
61.6 |
| Ordinary profit |
53.6 |
104.0 |
50.4 |
| Net income (loss) |
27.7 |
51.0 |
(66.8) |
|
|
|
