RNS Number:7668O
Autobacs Seven Co.Ld
18 August 2003
August 18, 2003
Summary of Quick Financial Announcement of Consolidated Financial Information
for the First Quarter Ended June 30, 2003
Company name: AUTOBACS SEVEN CO., LTD.
Code Number: 9832
(URL http://www.autobacs-seven.com/)
Company Representative: Koichi Sumino, Representative Director
Contact for further information: Takashi Matsuo, Director
Telephone: +81-3-3454-0062
Stock Exchange Listings: First Section, both of Tokyo, Osaka and London
1. Notes concerning the preparation of the consolidated financial statements
for the three months ended:
(1) Standards applied in preparing the financial statement: The standards
applied in preparing the interim consolidated financial statements
(2) Change in accounting policies: None
Accounting policies that differ from the interim settlement of accounts:
None
(3) Change in the scope of application of consolidation or the equity method:
Number of consolidated companies:
New: 2 Excluded: 3
Number of companies to which the equity method is applied: New:
3 Excluded: 1
(4) Participation of a certified public accountant or audit corporation: None
2. Results for the three months ended (from April 1, 2003 to June 30, 2003):
(Note: Amounts less than 1 million Yen have been rounded down)
(1) Results of operations:
(Unit: Millions of Yen except for per share information)
Net sales Operating income Ordinary income
Three months ended June 30,
2003 57,200 1,217 1,958
Three months ended June 30,
2002
- - -
(Reference) Fiscal year
ended March 31, 2003 230,478 7,652 10,273
Net income Basic net income Basic net income per share
- Diluted (Yen)
per share (Yen)
Three months ended June 30,
2003 452 12.21 -
Three months ended June 30,
2002 - - -
(Reference) Fiscal year
ended March 31, 2003 4,003 106.76 -
Note: Financial figures for the three months ended June 30, 2002 are not
provided because the Companies adopted the quarterly disclosure system on
consolidated financial information for the first time in fiscal year 2004.
(2) Financial position:
(Unit: Millions of Yen except for per share information)
Total assets Shareholders' Shareholders' equity Shareholders' equity
equity ratio per share (Yen)
Three months ended June 76.0% 4,024.82
30, 2003
189,512 143,935
Three months ended June
30, 2002
- - - -
(Reference) Fiscal year 77.9% 3,979.02
ended March 31, 2003
187,138 145,817
Note: Financial figures for the three months ended June 30, 2002 are not
provided because the Companies adopted the quarterly disclosure system on
consolidated financial information for the first time in fiscal year 2004.
(3) Statements of cash flows:
(Unit: Millions of Yen)
Operating Investing activities Financing Ending balances of
activities activities cash and cash
equivalents
Three months ended June 238 (2,041) (3,622) 18,005
30, 2003
Three months ended June - - - -
30, 2002
(Reference) Fiscal year 7,925 (8,002) (9,098) 23,437
ended March 31, 2003
Note: Financial figures for the three months ended June 30, 2002 are not
provided because the Companies adopted the quarterly disclosure system on
consolidated financial information for the first time in fiscal year 2004.
3. Forecast for the fiscal year 2004 (from April 1, 2003 to March 31, 2004)
(Unit: Millions of Yen)
Net sales Ordinary income Net income Basic net income per
share (Yen)
Six months ending
September 30, 2003 110,000 4,900 2,300 64.01
Fiscal year ending March
31, 2004 234,000 10,700 5,000 139.52
Note: At present, no revision was made on the interim and final results'
forecast announced on May 21, 2003.This forecast is based on the assumptions,
estimates, recognition of facts and projections, which are currently available
to the management of the Company. The actual results may differ materially from
the projected figures in this release due to differences in actual experience or
changes in assumptions.
Consolidated Balance Sheets
(Unit: Millions of Yen)
Assets June 30, 2003 June 30, 2002 March31, 2003
Amount Ratio Amount Ratio Amount Ratio
% % %
Current assets
Cash and deposits 18,271 - 23,681
Trade notes and accounts receivable 16,839 - 12,272
Marketable securities 8,707 - 5,721
Inventories 19,582 - 17,549
Deferred tax assets 2,682 - 2,240
Accounts receivable-other 12,415 - 13,302
Other current assets 4,644 - 3,159
Allowance for doubtful receivables (2,057) - (2,100)
Total current assets 81,085 42.8 - - 75,828 40.5
Fixed assets
Tangible fixed assets
Buildings and structures 26,077 - 26,370
Land 24,996 - 25,014
Other fixed assets 8,529 - 8,079
Total tangible fixed assets 59,603 - 59,463
Intangible fixed assets
Software 2,145 - 2,327
Other intangible fixed assets 432 - 468
Total intangible fixed assets 2,578 - 2,795
Investments
Investment securities 13,991 - 16,128
Long-term loans 3,834 - 3,614
Deferred tax assets 2,636 - 3,182
Rental deposits 25,204 - 25,375
Other investments 2,018 - 2,069
Allowance for doubtful receivables (1,440) - (1,319)
Total investments 46,245 - 49,051
Total fixed assets 108,427 57.2 - - 111,310 59.5
Total assets 189,512 100.0 - - 187,138 100.0
(Unit: Millions of Yen)
Liabilities and Shareholders' equity June 30, 2003 June 30, 2002 March31, 2003
Amount Ratio Amount Ratio Amount Ratio
% % %
Current liabilities
Trade notes and accounts payable-trade 18,432 - 13,109
Short-term borrowings 1,928 - 3,111
Income taxes payable 1,590 - 2,342
Other current liabilities 11,806 - 11,397
Total current liabilities 33,757 17.8 - - 29,961 16.0
Long-term liabilities
Long-term debt 2,513 - 2,019
Liability for retirement benefits 1,297 - 1,299
Accrued retirement benefits for directors 233 - 233
and corporate auditors
Goodwill 21 - 42
Other long-term liabilities 7,261 - 7,239
Total long-term liabilities 11,327 6.0 - - 10,834 5.8
Total liabilities 45,084 23.8 - - 40,796 21.8
Minority interests 493 0.2 - - 524 0.3
Shareholders' equity
Common stock 31,958 16.9 - - 31,958 17.1
Capital Surplus 32,241 17.0 - - 32,241 17.2
Retained earnings 84,320 44.5 - - 84,523 45.2
Net unrealized loss on investment 29 0.0 - - (126) (0.1)
securities
Foreign currency translation adjustments (228) (0.1) - - (179) (0.1)
Treasury stock, at cost (4,387) (2.3) - - (2,601) (1.4)
Total shareholders' equity 143,935 76.0 - - 145,817 77.9
Total liabilities, minority interests and 189,512 100.0 - - 187,138 100.0
shareholders' equity
Consolidated Statements of Income
(Unit: Millions of Yen)
Three months ended Three months ended Year ended
June 30, 2003 June 30, 2002 March31, 2003
Amount Ratio Amount Ratio Amount Ratio
% % %
Net sales 57,200 100.0 - - 230,478 100.0
Cost of goods sold 41,394 72.4 - - 163,457 70.9
Gross profit 15,805 27.6 - - 67,021 29.1
Selling, general and administrative - -
expenses
14,587 25.5 59,369 25.8
Operating income 1,217 2.1 - - 7,652 3.3
Non-operating income
Interest income 68 - 378
Rental income 538 - 1,778
Lease revenue - system equipment 199 - 805
Other income 693 - 3,247
Total non-operating income 1,500 2.6 - - 6,210 2.7
Non-operating expenses
Interest expenses 36 - 152
Loss on disposal of fixed assets 36 - 421
Equity in net losses of affiliated 172 - -
company
Other expenses 514 - 3,016
Total non-operating expenses 759 1.3 - - 3,589 1.5
Ordinary income 1,958 3.4 - - 10,273 4.5
Extraordinary gains
Reversal of allowance for doubtful - -
receivables
470
Others - - 9
Total extraordinary gains - - - - 480 0.2
Extraordinary losses
Loss on store arrangement - - 184
Write down of land - - 189
Loss on sale of investment securities - - 45
Write down of investment securities - - 330
Extraordinary retirement benefits - - 377
Others - - 9
Total extraordinary losses - - - - 1,137 0.5
Income before income taxes and minority - -
interests
1,958 3.4 9,616 4.2
Income taxes - current 1,541 2.7 - - 5,392 2.4
Income taxes - deferred (21) (0.1) - - 300 0.1
Loss of minority interests 14 0.0 - - 80 0.0
Net income 452 0.8 - - 4,003 1.7
Consolidated Statements of Cash Flows
(Unit: Millions of Yen)
Three months ended Three months ended Year ended
June 30, 2003 June 30, 2002 March 31, 2003
Amount Amount Amount
Operating Activities:
Net income before income taxes and 1,958 - 9,616
minority interests
Depreciation and amortization 1,369 - 5,394
Lease revenue (599) - (1,818)
Increase in trade notes and accounts (3,591) - (130)
receivable
Increase in inventories (1,835) - (842)
Increase (Decrease) in trade notes and 4,894 - (1,480)
accounts payable
Others 180 - 1,979
Subtotal 2,376 - 12,718
Interest and dividend received 196 - 806
Interest paid (39) - (154)
Taxes paid (2,294) - (5,445)
Net cash provided by operating activities 238 - 7,925
Investing Activities:
Proceeds from sales of marketable - - 1,599
securities
Payment for tangible and intangible fixed (1,750) - (9,728)
assets other than software
Payment for investment securities (1,796) - (10,235)
Proceeds from sale of investment 990 - 7,182
securities
Collection of loans 882 - 1,996
Payment for rental deposits (245) - (1,408)
Lease revenue 489 - 1,459
Others (612) - 1,131
Net cash used in investing activities (2,041) - (8,002)
Financing Activities:
Net decrease in short-term borrowings (1,219) - (2,562)
Repayments of long-term debt (104) - (3,467)
Purchase of common stock (1,791) - (2,575)
Dividends paid (659) - (1,349)
Others 152 - 856
Net cash used in financing activities (3,622) - (9,098)
Effect of exchange rate changes on cash 6 - (25)
and cash equivalents
Net decrease in cash and cash equivalents (5,419) - (9,200)
Cash and cash equivalents, beginning of 23,437 - 32,835
the period
Decrease in cash and cash equivalents (12) - (197)
exclusion of consolidated subsidiaries
Cash and cash equivalents, end of the 18,005 - 23,437
period
Consolidated Sales Component and Percentage by Division
(Unit: Millions of Yen)
Three months ended Three months ended Year ended
June 30, 2003 June 30, 2002 March 31, 2003
Divisions Amount Ratio Amount Ratio Amount Ratio
% % %
Wholesale 36,343 63.5 - - 137,267 59.6
Retail 20,856 36.5 - - 93,211 40.4
Total 57,200 100.0 - - 230,478 100.0
Consolidated Sales Component and Percentage by Product Category
(Unit: Millions of Yen)
Three months ended Three months ended Year ended
June 30, 2003 June 30, 2002 March 31, 2003
Products Amount Ratio Amount Ratio Amount Ratio
% % %
Tires and wheels 9,979 17.5 - - 47,243 20.5
Car electronics 19,087 33.4 - - 68,672 29.8
Oil and batteries 4,201 7.3 - - 19,253 8.3
Car exterior items 5,623 9.8 - - 25,969 11.3
Car interior items 5,887 10.3 - - 20,776 9.0
Motor sports goods
and others 12,420 21.7 - - 48,564 21.1
Total 57,200 100.0 - - 230,478 100.0
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFEAEPPFDSDEFE
