Annual Report 1999 (For year ended March 31,1999)

Financial Review

Kawasaki Kisen Kaisha, Ltd. and Consolidated Subsidiaries
Selected Financial Data
Years ended March 31

       

  Millions of yen
Consolidated 1999 1998 1997 1996 1995 1994
Operating revenues ¥513,100 ¥517,755 ¥482,621 ¥450,095 ¥448,969 ¥444,093
Operating income 21,508 26,922 23,599 24,067 11,173   6,202
as a % of Operating revenues 4.2% 5.2% 4.9% 5.3% 2.5% 1.4%
Net income 1,596 1,668 6,303 2,835 3,713   2,788
  
Total assets 522,499 576,109 557,892 522,836 429,477 467,294
Shareholders' equity 68,607 68,436 66,773 60,235 57,163 53,895
as a % of Total assets 13.1% 11.9% 12.0% 11.5% 13.3% 11.5%
Liabilities bearing interest 367,352 404,633 394,619 373,559 272,775 318,820
as a % of Total assets 70.31% 70.24% 70.73% 71.45% 63.51% 68.23%
  
Debt to equity ratio 5.35 5.91 5.91 6.20 4.77 5.92
Return on equity 2.3% 2.4% 9.4% 4.7% 6.5% 5.2%
Interest coverage ratio 1.56 1.84 1.62 1.45 1.00 0.60
  
Balance of financial income and expense (12,971) (13,810) (13,855) (16,019)   (11,179) (11,700)
Depreciation and amortization 30,859 36,260 35,997 32,645 23,778 25,412

Notes:
(1)
Finance leases of vessels with ownership transfer to the lessees after the lease term have been capitalized and the related obligation has been recorded in the consolidated balance sheet since 1996 pursuant to the adoption of a new standard of accounting for lease transactions. In this connection, depreciation of vessels and interest expense have been accounted for in the statements of income since 1996, replacing lease expense for vessels which was paid to the lessors in previous years.
(2) Operating income for the year ended March 31, 1999, increased by ¥523 million over that recorded in previous years because enterprise tax, which was formerly included in general and administrative expenses, has been reclassified to income taxes as a result of a recent revision to the Securities and Exchange Law of Japan.

  

  

        

  Millions of yen
Non-Consolidated 1999 1998 1997 1996 1995 1994
Operating revenues ¥385,482 ¥379,602 ¥348,613 ¥328,123 ¥334,859 ¥335,758
Operating income 12,767 17,171 12,281 12,788 7,319 2,363
as a % of Operating revenues 3.3% 4.5%   3.5% 3.9%   2.2% 0.7%
Net income (loss) 3,016 2,245 1,812 1,594 54 (2,458)
  
Total assets 241,433 258,367   255,032 245,897 253,503 279,380
Shareholders' equity 57,757 56,498 54,253 52,170 50,576 50,522
as a % of Total assets 23.9% 21.9% 21.3% 21.2% 20.0% 18.1%
Liabilities bearing interest 143,216 144,055   150,212 146,811 156,393 178,803
as a % of Total assets 59.32% 55.76% 58.90% 59.70% 61.69% 64.00%
  
Debt to equity ratio 2.48 2.55 2.77 2.81 3.09 3.54
Return on equity 5.2% 4.0% 3.3% 3.1% 0.1% (4.9%)
Interest coverage ratio 3.27 3.64 2.50 2.10 0.97 0.40
  
Balance of financial income and expense (1,602) (3,737) (4,304) (5,570) (7,535) (7,984)
Depreciation and amortization 7,310 9,258 10,569 10,650 12,982 12,829

Note:
Operating income for the year ended March 31, 1999, increased by ¥192 million over that recorded in previous years because enterprise tax, which was formerly included in general and administrative expenses, has been reclassified to income taxes as a result of a revision to the Securities and Exchange Law of Japan.