KONICA MINOLTA

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KONICA MINOLTA Financial Results 2004

Financial Results (Consolidated)
for the Fiscal Year Ended March 31, 2004

Konica Minolta Holdings, Inc.
Listed Company Name: Konica Minolta Holdings, Inc.
URL: http://konicaminolta.jp
Representative: Fumio Iwai, President and Representative Executive Officer
Inquiries: Yuki Kobayashi, General Manager, Corporate Communications & Advertising Division
Tel: (81) 3-6250-2100
Stock Exchange Listings: Tokyo, Osaka, Nagoya (First Sections)
Local Securities Code Number: 4902
Board of Directors Meeting for Approval of Consolidated Results: May 20, 2004
U.S. accounting practices have not been adopted in this statement.

1. CONSOLIDATED FINANCIAL RESULTS FOR FISCAL 2004
(APRIL 1, 2003, TO MARCH 31, 2004)

(1)Operating Results (Figures less than ¥1 million have been omitted.)

(Millions of yen)

  Net sales Operating income Recurring profit
Fiscal 2004 860,420 53.9% 57,530 34.2% 43,186 33.1%
Fiscal 2003 559,041 3.6% 42,855 44.7% 32,438 30.7%
  Net income Net income per share

(yen)
Net income per share
(after full dilution)
(yen)
Net income/ Shareholders' equity
(%)
Recurring profit/ Total assets
(%)
Recurring profit/ Sales

(%)
(Million yen) (%)
Fiscal 2004 12,548 (23.4) 26.48 - 4.9 5.8 5.0
Fiscal 2003 16,375 48.1 45.72 - 9.3 6.2 5.8
Notes:
 
1.
Equity in profit (loss) of unconsolidated subsidiaries and affiliates:
Fiscal 2004: ¥61 million
Fiscal 2003: ¥310 million
2.
Average number of shares outstanding during the period (consolidated):
Year ended March 31, 2004: 473,118,848
Year ended March 31, 2003: 357,162,497
3.
Changes in accounting methods: Yes
4.
Percentages in the net sales, operating income, recurring profit, and net income columns indicate changes from the previous fiscal year.
5.
Although the Company (the former Konica Corporation) became a new holding company, Konica Minolta Holdings, Inc., on August 5, 2003, through an exchange of shares with Minolta Co., Ltd., for accounting purposes, this merger is deemed as occurring at the end of the interim term, and figures for Minolta Co., Ltd., have therefore not been included in consolidated earnings for the first half of the fiscal year ended March 31, 2004.

(2) Financial Position

  Total assets

(Millions of yen)
Shareholders' equity

(Millions of yen)
Shareholders' equity ratio
(%)
Shareholders' equity per share
(yen)
Fiscal 2004 969,589 335,427 34.6 631.54
Fiscal 2003 515,956 181,019 35.1 506.82

Notes:

Number of shares outstanding at end of the period (consolidated):
March 31, 2004: 531,095,460
March 31, 2003: 357,074,144

(3) Cash Flows

(Millions of yen)

  Operating activities Investing activities Financing activities Cash and cash equivalents year-end
Fiscal 2004 55,957 (28,784) (33,149) 83,704
Fiscal 2003 66,437 (37,328) (24,685) 51,876

(4) Scope of Consolidation/Equity Method Accounting

Consolidated subsidiaries: 122
Unconsolidated subsidiaries accounted for by the equity method: 14
Affiliates accounted for by the equity method: 2

(5) Changes in Scope of Consolidation/Equity Method

Newly consolidated subsidiaries: 68
Subsidiaries excluded from consolidation: 21
Companies included in equity method accounting: 2
Companies excluded from equity method accounting: 4

2. CONSOLIDATED RESULTS FORECAST FOR FISCAL 2005
(APRIL 1, 2004, TO MARCH 31, 2005)

(Millions of yen)

  Net sales Recurring profit Net income
Interim 550,000 26,000 9,500
Full-year 1,150,000 70,000 30,000

(Estimated net income per share: ¥56.49)

*
The above forecasts and those presented in appended material are based on future-oriented assumptions, projections, and targets, so they contain elements of risk and uncertainty. Actual results may differ from these forecasts due to various important elements. Please reference page 10 for items related to the above forecasts.

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