RNS Number:3723L
Autobacs Seven Co.Ld
21 May 2003
May 21, 2003
Summary of Quick Financial Announcement of Consolidated Financial Information
For the Year Ended March 31,2003
Company name: AUTOBACS SEVEN CO., LTD.
Code Number : 9832
(URL http://www.autobacs-seven.com/)
Headquarters : Tokyo, Japan
Company Representative: Koichi Sumino, Representative Director
Contact for further information: Takashi Matsuo, Director
Telephone:+81-3-3454-0062
Date of the Board of Directors' meeting for approval of annual accounts: May 21,
2003
Stock Exchange Listings: First Section, both of Tokyo and Osaka. London.
Adoption of accounting principles generally accepted in the U.S.A.: None
1. Results for the fiscal term (From April 1, 2002 to March 31, 2003)
(Note: Amounts less than Yen1 million have been rounded down)
(1) Results of operations:
(Unit: Millions of Yen except for per share information)
Net sales Operating income Ordinary income
% of increase or
decrease( - )
Year ended
March 31,2003 230,478 1.2% 7,652 -20.0% 10,273 -16.3%
Year ended
March 31,2002 227,737 1.0% 9,569 -22.7% 12,271 -17.5%
Net income Net income per Net income per
% of increase or share-Basic share-Diluted
decrease( - )
Year ended
March 31,2003 4,003 -27.5% Yen 106.76 -
Year ended
March 31,2002 5,520 -28.9% Yen 147.28 -
Net income to Ordinary income Ordinary income
Shareholders' equity to total assets to net sales
Year ended
March 31,2003 2.7% 5.4% 4.5%
Year ended
March 31,2002 3.9% 6.4% 5.4%
Notes:
1) Equity income on affiliates: Yen 58 million
(For the year ended March 31, 2002: Yen 32 million)
2) The weighted average number of shares used in computing net income per
share: 37,395,147
(For the year ended March 31, 2002: 37,481,289)
3) Changes in Accounting policies: None.
4) Regarding net sales, operating income, ordinary income and net income,
percentages show changes from the previous year.
(2) Financial position:
(Unit: Millions of Yen except for per share information)
Total Shareholders' Equity ratio Equity per
assets equity share
Year ended
March 31,2003 187,138 145,817 77.9% Yen 3,979.02
Year ended
March 31,2002 190,815 145,391 76.2% Yen 3,879.09
Note: Number of shares outstanding: 36,632,540
(For the year ended March 31, 2002: 37,480,850)
(3) Statements of cash flows:
(Unit: Millions of Yen)
Ending
Operating Investing Financing balances of cash and
activities activities activities cash equivalents
Year ended
March 31,2003 7,925 (8,002) (9,098) 23,437
Year ended
March 31,2002 11,795 (8,856) (5,296) 32,835
(4) Scope of consolidation and application of equity method:
Number of consolidated subsidiaries 67
Number of non-consolidated subsidiaries None
Number of affiliated companies to which
equity method was applied 8
(5) Change in scope of consolidation and application of equity method:
Consolidation Addition 14
Exclusion 10
Equity method Addition 1
Exclusion None
2. Forecast for the next year (April 1,2003 to March 31,2004)
(Unit: Millions of Yen)
Net sales Ordinary income Net income
Semiannual 110,000 4,900 2,300
Annual 234,000 10,700 5,000
Note: The estimated net income per share for the year ending March 31,2004 will
be Yen 136.49
This forecasts are made based on the assumptions, estimates, recognition of
facts, 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 (March31, 2003) (March31, 2002)
Amount Ratio Amount Ratio
% %
Current assets
Cash and deposits 23,681 33,198
Trade notes and accounts receivable 12,272 12,859
Marketable securities 5,721 3,760
Inventories 17,549 15,918
Deferred tax assets 2,240 2,832
Short-term loans 1,333 860
Accounts receivable-other 13,302 12,824
Other current assets 1,826 1,965
Allowance for doubtful receivables (2,100) (2,177)
Total current assets 75,828 40.5 82,042 43.0
Fixed assets
Tangible fixed assets
Buildings and structures 26,370 22,646
Machinery, equipment and vehicle 1,598 1,638
Tools, furniture and fixtures 5,906 5,614
Land 25,014 23,762
Construction in progress 574 285
Total tangible fixed assets 59,463 31.8 53,948 28.3
Intangible fixed assets
Goodwill - 28
Software 2,327 2,878
Other intangible fixed assets 468 523
Total intangible fixed assets 2,795 1.5 3,430 1.8
Investments
Investment securities 16,128 16,779
Long-term loans 3,614 5,841
Deferred tax assets 3,182 2,886
Rental deposits 25,375 25,851
Other investments 2,069 2,192
Allowance for doubtful receivables (1,319) (2,156)
Total investments 49,051 26.2 51,395 26.9
Total fixed assets 111,310 59.5 108,773 57.0
Total assets 187,138 100.0 190,815 100.0
(Unit: Millions of Yen)
Liabilities and Shareholders' equity (March31, 2003) (March31, 2002)
Amount Ratio Amount Ratio
% %
Current liabilities
Trade notes and accounts payable-trade 13,109 14,170
Short-term borrowings 3,111 4,917
Income taxes payable 2,342 2,394
Other current liabilities 11,397 11,985
Total current liabilities 29,961 16.0 33,468 17.5
Long-term liabilities
Long-term debt 2,019 2,316
Liability for retirement benefits 1,299 1,385
Accrued retirement benefits for directors and 233 261
corporate auditors
Goodwill 42 -
Other long-term liabilities 7,239 6,735
Total Long-term liabilities 10,834 5.8 10,697 5.6
Total liabilities 40,796 21.8 44,166 23.1
Minority interests
Minority interests 524 0.3 1,257 0.7
Shareholders' equity
Common stock 31,958 17.1 - -
Capital Surplus 32,241 17.2 - -
Retained earnings 84,523 45.2 - -
Net unrealized loss on investment securities (126) (0.1) - -
Foreign currency translation adjustments (179) (0.1) - -
Treasury stock, at cost (2,601) (1.4) - -
Total shareholders' equity 145,817 77.9 - -
Common stock - - 31,958 16.8
Additional paid-in capital - - 31,719 16.6
Consolidated Retained earnings - - 81,901 42.9
Net unrealized loss on investment securities - - (169) (0.1)
Foreign currency translation adjustments - - (16) (0.0)
Treasury stock, at cost - - (1) (0.0)
Total shareholders' equity - - 145,391 76.2
Total liabilities, minority interests and 187,138 100.0 190,815 100.0
shareholders' equity
Consolidated Statements of Income
(Unit: Millions of Yen)
Year ended Year ended
March 31,2003 March 31,2002
Amount Ratio Amount Ratio
% %
Net sales 230,478 100.0 227,737 100.0
Cost of good sold 163,457 70.9 163,056 71.6
Gross profit 67,021 29.1 64,680 28.4
Selling, general and administrative
expenses 59,369 25.8 55,111 24.2
Operating income 7,652 3.3 9,569 4.2
Non-operating income
Interest income 378 454
Dividend income 43 39
Equity income on affiliates 58 32
Rental income 1,778 1,538
Lease revenue - system equipment 805 -
Other income 3,145 3,016
Total non-operating income 6,210 2.7 5,081 2.2
Non-operating expenses
Interest expenses 152 198
Loss on disposal of fixed assets 421 253
Other expenses 3,016 1,928
Total non-operating expenses 3,589 1.5 2,379 1.0
Ordinary income 10,273 4.5 12,271 5.4
Extraordinary gains
Gain on sale of investment securities 9 -
Reversal of allowance for doubtful
receivables 470 891
Others - 8
Total extraordinary gains 480 0.2 900 0.4
Extraordinary losses
Loss on sale of fixed assets - 0
Loss on disposal of fixed assets - 3
Write down of land 189 -
Loss on sale of investment securities 45 1,697
Write down of investment securities 330 1,083
Extraordinary retirement benefits 377 -
Loss on store arrangement 184 -
Write down of golf membership - 127
Termination losses of pension and
severance payment plan of subsidiaries 9 92
Others - 17
Total extraordinary losses 1,137 0.5 3,021 1.3
Income before income taxes and
minority interests 9,616 4.2 10,149 4.5
Income taxes - current 5,392 2.4 6,058 2.7
Income taxes - deferred 300 0.1 (1,181) (0.5)
Loss of minority interests 80 0.0 247 0.1
Net income 4,003 1.7 5,520 2.4
Consolidated Statements of Capital Surplus and Retained Earnings
(Unit: Millions of Yen)
Year ended Year ended
March 31,2003 March 31,2002
Capital surplus
Balance at beginning of year 31,719 -
Increase in capital surplus
Issuance of common stock 522 -
Disposal of treasury stock 0 -
Balance at end of year 32,241 -
Retained earnings
Balance at beginning of year 81,901 -
Increase in retained earnings
Net income 4,003 -
Decrease in retained earnings
Cash dividends (1,349) -
Bonuses to directors and corporate auditors (31) -
Balance at end of year 84,523 -
Consolidated retained earnings
Retained earnings, beginning of year - 77,751
Increase in retained earnings
New application of equity method for affiliated
companies
- 32
Decrease in retained earnings
Cash dividends - (1,349)
Bonuses to directors and corporate auditors - (53)
Net income - 5,520
Retained earnings, end of year - 81,901
Consolidated Statements of Cash Flows
(Unit: Millions of Yen)
Year ended Year ended
March31, 2003 March31, 2002
Amount Amount
Operating Activities:
Net income before income taxes and minority interests 9,616 10,149
Depreciation and amortization 5,394 5,409
Amortization of goodwill 114 238
Increase (Decrease) in allowance for doubtful receivables (507) 440
Increase (Decrease) in retirement benefits (116) 39
Increase (Decrease) in retirement benefits for directors and corporate auditors (27) 27
Interest and dividend income (422) (494)
Interest expenses 152 198
Gain on foreign currency translation (69) (15)
Equity income on affiliates (58) (32)
Lease revenue (1,818) (1,943)
(Gain) Loss on sale of marketable securities 0 99
Loss on sale or disposal of fixed assets 513 256
Loss on sale of investment securities 45 1,697
Write-down of investment securities 329 1,083
Write-down of golf membership - 127
Increase in trade notes and accounts receivable (130) (71)
Increase in inventories (842) (1,087)
Increase (Decrease) in trade notes and accounts payable (1,480) 925
Payment for bonuses for directors and corporate auditors (31) (53)
Others 2,056 2,519
Subtotal 12,718 19,514
Interest and dividend received 806 858
Interest paid (154) (196)
Taxes paid (5,445) (8,380)
Net cash provided by operating activities 7,925 11,795
Investing Activities:
Decrease in time deposit 325 67
Payment for purchase of marketable securities (99) (5,187)
Proceeds from sales of marketable securities 1,599 6,153
Payment for tangible and intangible fixed assets other than software (9,728) (7,927)
Proceeds from sale of tangible and intangible fixed assets other than software 202 182
Payment for software (603) (842)
Payment for investment securities (10,235) (9,760)
Proceeds from sale of investment securities 7,182 6,295
Cash of subsidiaries acquired 316 441
Proceeds from loans (549) (947)
Collection of loans 1,996 2,411
Payment for rental deposits (1,408) (1,840)
Collection of rental deposits 888 481
Lease revenue 1,459 1,549
Others 652 66
Net cash used in investing activities (8,002) (8,856)
Financing Activities:
Net decrease in short-term borrowings (2,562) (2,286)
Proceeds from long-term debt 773 1,153
Repayments of long-term debt (3,467) (2,951)
Repurchase of common stock (2,575) (1)
Proceeds from issuance of subsidiary stock 83 145
Dividends paid (1,349) (1,349)
Others 0 (6)
Net cash provided by (used in) financing activities (9,098) (5,296)
Effect of exchange rate changes on cash and cash equivalents (25) 73
Net decrease in cash and cash equivalents (9,200) (2,284)
Cash and cash equivalents, beginning of year 32,835 35,575
Net increase in cash and cash equivalents from merger - 8
Decrease in cash and cash equivalents exclusion of consolidated subsidiaries (197) (464)
Cash and cash equivalents, end of year 23,437 32,835
Consolidated Sales Component and Percentage by Division
(Unit: Millions of Yen)
Year ended Year ended Increase
March31, 2003 March31, 2002 or
(Decrease)
Divisions Amount Ratio Amount Ratio Ratio
% % %
Wholesale 137,267 59.6 138,366 60.8 (0.8)
Retail 93,211 40.4 89,370 39.2 4.3
Total 230,478 100.0 227,737 100.0 1.2
Consolidated Sales Component and Percentage by Product Category
(Unit: Millions of Yen)
Year ended Year ended Increase
March 31, 2003 March31, 2002 or
(Decrease)
Products Amount Ratio Amount Ratio Ratio
% % %
Tires and wheels 47,243 20.5 48,340 21.3 (2.3)
Car electronics 68,672 29.8 67,880 29.8 1.2
Oil and batteries 19,253 8.3 20,295 8.9 (5.1)
Car exterior items 25,969 11.3 27,364 12.0 (5.1)
Car interior items 20,776 9.0 19,853 8.7 4.6
Motor sports goods
and others 48,564 21.1 44,002 19.3 10.4
Total 230,478 100.0 227,737 100.0 1.2
New Executive Appointments
(1) New Candidate for Board of Director: (as of June 26, 2003)
Setsuo Wakuda (current Executive Officer, In charge of Franchise Business Strategy)
Hidehiro Ide (current Executive Officer, In charge of Supporting Franchisee Corporations)
Yasuhiro Tsunemori (current Executive Officer, In charge of Merchandising Strategy)
Hideaki Yokoi (current Executive Officer, In charge of Business Development)
(2) Resigning from Board of Directors: (as of June 26, 2003)
Tomikazu Nishihara (current Director, to be appointed Advisor of the Board)
Hiroshi Yamamoto (current Director, to be appointed Advisor of the Board)
New Management (as of June 26, 2003)
< Board of Directors >
Koichi Sumino Representative Director and Chief Executive Officer
Akira Nogami Director and Chief Operating Officer
Hiroshi Sumino Director
Kozo Sumino Director
Takashi Matsuo Director
Setsuo Wakuda Director
Hidehiro Ide Director
Yasuhiro Tsunemori Director
Hideaki Yokoi Director
< Auditors >
Kotaro Morino Senior Corporate Auditor (Full-time)
Katsushi Koyama Senior Corporate Auditor (Full-time)
Harukuni Yoshida Senior Corporate Auditor (Full-time)
Kenji Ogawa Corporate Auditor
(Note)
The above New Management is subject to the approval of the shareholders at the
Annual General Meeting scheduled to be held on June 26, 2003.
< Corporate Officers >
Satoshi Kohira In charge of AUTOBACS Business Development and General Manager of Store Support
Planning Office
Kazuyoshi Sawada In charge of Car Inspection Business Promotion and Maintenance Service Skill
Deveropment
Shuichi Shino In charge of Store Development Strategy
Masachika Sumikura In charge of SUPER AUTOBACS Business Development and Project Manager of SA
Planning & Development Project
Kenichi Takeda In charge of Sales Promotion
Yuzuru Toide In charge of Northern Japan Store Support Division
Naohumi Kamata In charge of South Kanto Store Support Division
Yoshihiro Emoto In charge of North Kanto Store Support Division
Hironori Morimoto In charge of Chubu Store Support Division
Kosuke Kaya In charge of Kansai Store Support Division
Teruyuki Matsumura In charge of Southern Japan Store Support Division
Kiomi Kobayashi In charge of Overseas Store Support Division
Yoshirou Miyama In charge of AUTOBACS C@RS (cars) Division
Masahiro Morimoto In charge of Used Parts Sales Division
This information is provided by RNS
The company news service from the London Stock Exchange
END
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