Annual Report 2000 (For year ended March 31,2000)

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

Consolidated

Millions of yen
2000 1999 1998 1997 1996 1995
Operating revenues ¥485,693 ¥513,100 ¥517,755 ¥482,621 ¥450,095 ¥448,969
Operating income 26,817 21,508   26,922 23,599 24,067    11,173
   As a % of operating revenues 5.5% 4.2% 5.2% 4.9% 5.3%    2.5%
Net income 6,843 1,596 1,668 6,303 2,835 3,713
 
Total assets 514,802   522,499 576,109 557,892   522,836 429,477
Shareholders' equity 74,132 68,607 68,436 66,773 60,235 57,163
   As a % of total assets 14.4% 13.1% 11.9% 12.0% 11.5% 13.3%
Liabilities bearing interest 348,602 367,352 404,633 394,619 373,559 272,775
   As a % of total assets 67.72% 70.31% 70.24% 70.73% 71.45% 63.51%
 
Debt to equity ratio 4.70 5.35 5.91 5.91 6.20 4.77
Return on equity 9.6% 2.3% 2.5% 9.9% 4.8% 6.7%
Interest coverage ratio 2.49 1.56 1.84 1.62 1.45 1.00
 
Balance of financial income and expense (9,492) (12,971) (13,810) (13,855) (16,019) (11,179)
Depreciation and amortization 31,085 30,859 36,260 35,997 32,645 23,778

Notes:
(1)
Finance leases on vessels which transfer ownership to the lessee after the lease term have been capitalized, and the related obligation has been recorded in the consolidated balance sheets since 1996 pursuant to the adoption of a revised standard of accounting for lease transactions. In this connection, depreciation of vessels and the related interest expense have been accounted for in the statements of income since 1996, replacing lease expenses on vessels 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 revision to the Securities and Exchange Law of Japan.
 
(3) Effective the year ended March 31, 2000, the Company and its consolidated subsidiaries have fully adopted tax-effect accounting in accordance with a recent revision to the regulations governing reporting for consolidated financial statements. The effect of this change on deferred income tax assets amounted to ¥5,003 million (US$47,130 thousand;¥579 million as current assets and ¥4,424 million as non-current assets) and the effect on deferred income tax liabilities amounted to ¥6,051 million (US$57,004 thousand;¥278 million as current liabilities and ¥5,773 million as non-current liabilities) as of March 31, 2000. In addition, the effect of this change was to increase net income by ¥1,222 million (US$11,514 thousand) and consolidated retained earnings by ¥361 million (US$3,397 thousand) from the amounts which would have been recorded under the method followed in the previous year.
  
(4) Effective the year ended March 31, 2000, the computation of ROE has been changed based on a percentage of net income divided by an average of the net assets at beginning and at end of the fiscal year while it was computed based on only the net assets at end of each year in previous years. ROEs for the years before fiscal 2000 were restated retroactively to conform to the computation method applied in fiscal 2000.

 


Non-Consolidated		 Millions of yen
2000 1999 1998 1997 1996 1995
Operating revenues ¥362,030 ¥385,482 ¥379,602 ¥348,613 ¥328,123 ¥334,859
Operating income 16,810 12,767 17,171 12,281 12,788 7,319
   As a % of operating revenues 4.6% 3.3% 4.5% 3.5% 3.9% 2.2%
Net income 4,043 3,016 2,245 1,812 1,594 54
  
Total assets 242,278 241,433 258,367 255,032 245,897 253,503
Shareholders' equity 58,975 57,757 56,498 54,253 52,170 50,576
   As a % of total assets 24.3% 23.9% 21.9% 21.3% 21.2% 20.0%
Liabilities bearing interest 135,304 143,216 144,055 150,212 146,811 156,393
   As a % of total assets 55.85% 59.32% 55.76% 58.90% 59.70% 61.69%
  
Debt to equity ratio 2.29 2.48 2.55 2.77 2.81 3.09
Return on equity 6.9% 5.3% 4.1% 3.4% 3.1% 0.1%
Interest coverage ratio 4.46 3.27 3.64 2.50 2.10 0.97
  
Balance of financial income and expense (1,632) (1,602) (3,737) (4,304) (5,570) (7,535)
Depreciation and amortization 7,477 7,310 9,258 10,569 10,650 12,982

Notes:
(1)
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.
(2) Effective the year ended March 31, 2000, the Company has fully adopted tax-effect accounting in accordance with a recent revision to the regulations governing reporting for financial statement. The effect of this change on deferred income tax liabilities amounted to ¥1,815 million (US$17,095 thousand; ¥92 million as current liabilities and ¥1,723 million as non-current liabilities) as of March 31, 2000. In addition, the effect of this change was to increase net income by ¥409 million (US$3,857 thousand) and consolidated retained earnings by ¥1,520 million (US$14,323 thousand) from the amounts which would have been recorded under the method followed in the previous year.
(3) Effective the year ended March 31, 2000, the computation of ROE has been changed based on a percentage of net income divided by an average of the net assets at beginning and at end of the fiscal year while it was computed based on only the net assets at end of each year in previous years. ROEs for the years before fiscal 2000 were restated retroactively to conform to the computation method applied in fiscal 2000.

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