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Profitability

(Years ended March 31)

(Millions of yen)
  2003 2004 2005 2006 2007
Net sales 7,401,714 7,479,744 8,713,636 8,894,329 9,108,170
Operating profit 126,571 195,492 308,494 414,273 459,541
Operating profit /Net sales 1.7% 2.6% 3.5% 4.7% 5.0%
Income before income taxes 68,916 170,822 246,913 371,312 439,144
Income before income taxes/Net sales 0.9% 2.3% 2.8% 4.2% 4.8%
Net income (loss) -19,453 42,145 58,481 154,410 217,185
Net income (loss)/Net sales -0.3% 0.6% 0.7% 1.7% 2.4%
Operating profit (loss) and Operating profit (loss)/Net sales
Income before income taxes and Income before income taxes/Net sales
Net income and Net income/Net sales
  1. Income before income taxes for fiscal 2003 includes restructuring charges of ¥12.5 billion associated with the implementation of early retirement programs and a ¥52.6 billion loss for write-down of investment securities.
  2. Income before income taxes for fiscal 2004 includes restructuring charges of ¥54.1 billion associated with the implementation of early retirement programs and the closure and integration of locations, ¥11.7 billion for impairment losses, a ¥52.5 billion loss for write-down of investment securities and a ¥72.2 billion gain from the transfer of the substitutional portion of Japanese Welfare Pension Insurance.
  3. Income before income taxes for fiscal 2005 includes restructuring charges of ¥110.6 billion associated with the implementation of early retirement programs and the closure and integration of locations, a ¥16.2 billion loss for write-down of investment securities and a ¥31.5 billion gain from the transfer of the substitutional portion of Japanese Welfare Pension Insurance.
  4. Income before income taxes for fiscal 2006 includes restructuring charges of ¥37.0 billion associated with the implementation of early retirement programs and a ¥24.9 billion related to the kerosene fan heater recall.
  5. Income before income taxes for fiscal 2007 includes ¥14.2 billion associated with the implementation of early retirement programs, a ¥27.3 billion gain from the sale of the investments regarding cable broadcasting business and ¥49.2 billion as impairment losses on long-lived assets.
  6. In order to be consistent with financial reporting practices generally accepted in Japan, operating profit is presented as net sales less cost of sales and selling, general and administrative expenses. Under U.S. generally accepted accounting principles, certain additional charges (such as impairment losses and restructuring charges) are included as part of operating profit in the consolidated statements of operations. See Notes1, 2, 3, 4 and 5 above, and the Consolidated Statements of Operations.

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