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October 22, 2002
Kawasaki Kisen Kaisha, Ltd.

Announcement on Revised Prospect of Interim Financial Position for Fiscal 2002

In consideration of various recent trends related to the Company's financial achievement, Kawasaki Kisen Kaisha, Ltd. (hereunder referred to as "K" LINE), has revised the prospect of interim financial position for Fiscal 2002 that was publicized on May 16, 2002. This review is highlighted as follows:

1. Revised Prospect of Financial Position for Fiscal 20002 (Consolidated)

1) Revised Prospect for Interim Financial Position for Fiscal 2002 (Consolidated) (from April 1, 2002 through September 30, 2002)

(Unit: Millions of Yen)

Operating Revenues Ordinary Income Net Income
Previously-announced prospect (A) 300,000 6,500 4,000
Revised prospect (B) 309,000 7,500 4,500
Increased/decreased amount (B-A) 9,000 1,000 500
Ratio of Increase/decrease (%) 3.0% 15.4% 12.5%
Interim financial position for Fiscal 2001
as of September 30, 2001
297,733 11,867 7,531

2)Revised Prospect of Financial Position for Fiscal 2002 on a Full-Year Basis (Consolidated)(from April 1, 2002 through March 31, 2003)

(Unit: Millions of Yen)

Operating Revenues Ordinary Income Net Income
Previously-announced prospect (A) 600,000 14,500 9,000
Revised prospect (B) 610,000 15,500 9,500
Increased/decreased amount (B-A) 10,000 1,000 500
Ratio of Increase/decrease (%) 1.7% 6.9% 5.6%
Interim financial position for Fiscal 2001
as of March 31, 2002
571,013 11,968 4,767

2. Revised Prospect of Financial Position (Non-consolidated)

1) Revised Prospect of Interim Financial Position for Fiscal 2002 (Non-Consolidated) (from April 1, 2002 through September 30, 2002)

(Unit: Millions of Yen)

Operating Revenues Ordinary Income Net Income
Previously-announced prospect (A) 230,000 3,500 2,000
Revised prospect (B) 244,000 5,200 2,800
Increased/decreased amount (B-A) 14,000 1,700 800
Ratio of Increase/decrease (%) 6.1% 48.6% 40.0%
Interim financial position for Fiscal 2001
as of September 30, 2001
229,937 8,591 4,866

2) Revised Prospect of Financial Position for Fiscal 2002 on a Full-Year Basis (Non-Consolidated) ) (from April 1, 2001 through March 31, 2002)

(Unit: Millions of Yen)

Operating Revenues Ordinary Income Net Income
Previously-announced prospect (A) 460,000 8,000 4,500
Revised prospect (B) 480,000 10,000 5,500
Increased/decreased amount (B-A) 20,000 2,000 1,000
Ratio of Increase/decrease (%) 4.3% 25.0% 22.2%
Full-year financial position for Fiscal 2001
as of March 31, 2002
449,153 7,115 2,786

3. Reasons for the revisions

During the first-half period of Fiscal 2002 on a consolidated basis, operating revenues, ordinary profit and net profit are presently prospected to improve as compared with those previously announced, despite exchange loss being expected due to the hike in Yen against the U.S. Dollar. The consolidated financial improvement is being mainly influenced and driven by the following favorable non-consolidated financial achievements:

Worsening factors have been consecutively hitting our activities in a row such as higher-than-prospected Yen and bunker oil price, low-key markets of bulk carriers/tankers and the drop in container freight rates. We have been overcoming those disadvantageous factors, however, with a big increase in container loadings by launching a new series of larger-sized containerships that has been synchronized with increasing cargo movement mainly from China to North America/Europe, and also with a more-than-expected increase in loadings transported in car-carrier business, taking advantage of the prevailing brisk cargo movements to the U.S. and the oil-producing countries. The non-consolidated operating revenues are prospected to achieve a 6% increase as compared with that anticipated at the beginning of Fiscal 2002.

In addition, under the "K" LINE Group-based campaign dubbed "Cost Slash-300," our firmly-determined efforts have been steadily bearing fruit; deployment of newbuildings contributing to curtailment in ship expenses and operational expenses, etc.

In the end, both interim ordinary and net profit are expected to improve a great deal as compared as previously prospected figures.

In our present prospect for the full-year financial position, despite bunker oil price being likely to stay high and the Iraq issue being opaque, we expect an improvement as compared with the beginning of Fiscal 2002 on both consolidated and non-consolidated basis with a view to movements of container cargo and vehicles staying as steady as during the first half, and likelihood of recovery in container freight rates on the container trunk service routes.

The content on this website is provided as a convenience for our investors for informational purpose only. This is not intended to solicit investors to buy our company's stock. This information may include forecasts, projections and strategies that are based on the assumptions. Number of risks and uncertainties may cause actual results to differ from the description in this website. The final decision and responsibility for investments rests solely with the user of this site.

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