Annual Report 2012


>> P.42

FINANCIALANALYSISCASHFLOWSCASHANDCASHEQUIVALENTSWERE¥92,756MILLIONATTHEENDOFfiS-CALYEAR2011,ADECREASEOF¥1,674MILLIONFROMTHEPREVIOUSYEAR.THEDETAILSOFCASHflOWSAREASFOLLOWS.NETCASHUSEDINOPERATINGACTIVITIESWAS¥2,909MILLION,ADECREASEOF¥87,811MILLIONINCASHUSEDFROMTHEPREVIOUSYEAR.THEINCREASEISMAINLYDUETOLOSSBEFOREINCOMETAXESANDMINOR-ITYINTERESTSOF¥49,138MILLION.NETCASHUSEDININVESTINGACTIVITIESWAS¥83,233MILLION,ANINCREASEOF¥29,117MILLIONFROMTHEPREVIOUSYEAR.THEINCREASEISMAINLYDUETOPURCHASESOFVESSELS,PROPERTYANDEQUIPMENTOF¥237,282MILLIONANDPROCEEDSFROMSALESOFVESSELS,PROPERTYANDEQUIPMENTOF¥162,898MILLION.NETCASHPROVIDEDBYfiNANCINGACTIVITIESWAS¥86,307MILLION,ANINCREASEOF¥111,103MILLIONFROMTHEPREVIOUSYEAR.THEIN-CREASEISMAINLYDUETOANETINCREASEINLONG-TERMLOANSOFANALYSISOFSOURCESOFCAPITALANDLIQUIDITYOPERATINGREVENUESCONSOLIDATEDOPERATINGREVENUESFORfiSCALYEAR2011(FROMAPRIL1,2011TOMARCH31,2012)WERE¥972,311MILLION,ADECREASEOF1.3%YEARONYEAR.BYBUSINESSSEGMENT,OPERATINGREVENUESFROMCONTAINERSHIPSERVICESFELLBY11.1%YEARONYEARTO¥395,460MILLION,ADECREASEMAINLYATTRIBUTABLETOADECLINEINFREIGHTRATESDUETOWORSENINGOFMARKETCONDITIONS.OPERATINGREVENUESFROMBULKSHIPPINGSERVICESROSEBY3.7%YEARONYEARTO¥463,507MILLION,DESPITESLUGGISHMARKETCONDITIONSFORDRYBULKSERVICES,ASARESULTOFflEETEXPANSION,STEADYRECOVERYINCARCARRIERSER-VICESFOLLOWINGTHEIMPACTONIMPORTSFROMJAPANFROMTHEEARTH-QUAKEDISASTER,ANDROBUSTCARGOMOVEMENTSONINWARDVOYAGESANDROUTESBETWEENFOREIGNCOUNTRIES.OPERATINGREVENUESFROMOTHERSERVICESROSEBY21.9%TO¥113,344MILLION.COSTOFSALES,SELLING,GENERALANDADMINISTRATIVEEXPENSESCOSTOFSALESROSEBY¥84,866MILLION(9.8%)FROM¥861,997MIL-LIONFORTHEPREVIOUSYEARTO¥946,863MILLION,MAINLYASARESULTOFSOARINGFUELOILPRICESANDYENAPPRECIATION.THECOSTOFSALESRATIOROSEBY9.9POINTSTO97.4%.SELLING,GENERALANDADMINISTRATIVEEXPENSESROSEBY¥1,533MILLION(2.4%)YEARONYEARTO¥66,011MILLION,PARTLYDUETOANINCREASEINTHENUMBEROFCONSOLIDATEDSUBSIDIARIES.OPERATINGINCOMECONSOLIDATEDOPERATINGLOSSWAS¥40,563MILLION,COMPAREDTOOPERATINGINCOMEOF¥58,610MILLIONFORTHEPREVIOUSYEAR,ASARESULTOFADECREASEINGROSSPROfiT.OTHER(NON-OPERATING)INCOME(EXPENSES)THENETBALANCEOFfiNANCIALINCOMEANDEXPENSESWASNEGATIVE¥5,183MILLION(NEGATIVE¥5,815MILLIONFORTHEPREVIOUSYEAR)ASARESULTOFANINCREASEININTERESTRECEIVED.THECOMPANYRECORDEDANEXCHANGELOSSOF¥5,229MILLION(ALOSSOF¥7,224MILLION)ANDEQUITYINEARNINGSOFAFfiLIATESOF¥547MILLION(EQUITYINEARNINGSOFAFfiLIATESOF¥102MILLION).ASARESULTOFTHESEANDOTHERFACTORS,OTHER(NON-OPERATING)INCOME(EXPENSES)CAMETOALOSSOF¥8,393MILLION(ALOSSOF¥11,259MILLION).INCOMEBEFOREINCOMETAXESANDMINORITYINTERESTSGAINSONSALESOFfiXEDASSETS,SHAREEXCHANGE,ANDOTHEREXTRAOR-DINARYGAINSAMOUNTEDTO¥15,584MILLION.IMPAIRMENTLOSS,LOSSONSALESOFINVESTMENTSINSECURITIES,ANDOTHEREXTRAORDINARYLOSS-ESAMOUNTEDTO¥15,767MILLION.ASARESULTOFTHESEGAINSANDLOSSESANDTHEOPERATINGLOSS,LOSSBEFOREINCOMETAXESANDMI-NORITYINTERESTSWAS¥49,138MILLION(AGAINOF¥50,210MILLIONFORTHEPREVIOUSYEAR).INCOMETAXESINCOMETAXESDECREASEDBY¥27,663MILLIONTONEGATIVE¥9,362MILLIONFROM¥18,300MILLIONFORTHEPREVIOUSYEAR,MAINLYASARE-SULTOFTHEAPPLICATIONOFTAX-EFFECTACCOUNTINGATTENDANTONTHERECORDINGOFALOSSBEFOREINCOMETAXESANDMINORITYINTERESTSATTHEfiLINGCOMPANY.MINORITYINTERESTSMINORITYINTERESTSWERE¥1,575MILLION(¥1,307MILLIONFORTHEPREVI-OUSYEAR).THEINCREASEISMAINLYATTRIBUTABLETOANINCREASEINTHEMINORITYINTERESTININCOMEOFKAWASAKIKINKAIKISENKAISHA,LTD.NETINCOMECONSOLIDATEDNETLOSSWAS¥41,351MILLION,COMPAREDTONETIN-COMEOF¥30,603MILLIONFORTHEPREVIOUSYEAR.NETLOSSPERSHAREWAS¥54.14,COMPAREDTONETINCOMEPERSHAREOF¥40.08FORTHEPREVIOUSYEAR.RESULTSOFOPERATIONSFINANCIALSECTIONCONTENTSFINANCIALANALYSIS42BUSINESSRISKS44CONSOLIDATEDBALANCESHEETS46CONSOLIDATEDSTATEMENTSOFOPERATIONS48CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVELOSS49CONSOLIDATEDSTATEMENTSOFCHANGESINNETASSETS50CONSOLIDATEDSTATEMENTSOFCASHFLOWS51NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS53INDEPENDENTAUDITOR’SREPORT7442ANNUALREPORT2012


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