Consolidated Financial Report

1.CONSOLIDATED FINANCIAL RESULTS (APRIL 1, 1998 - MARCH 31, 1999)
(1) OPERATING RESULTS
Note: All figures less than one million yen have been rounded down in this report.
Revenue From Operations
(Percent Change)
Operating Income
(Percent Change)
Ordinary Income
(Percent Change)
Year Ended March 31, 1999 37,538 million yen
( 3.7%)
7,329 million yen
( 28.8%)
5,503 million yen
( 7.3%)
Year Ended March 31, 1998 36,183 million yen
(- 8.4%)
5,689 million yen
(- 28.7%)
5,129 million yen
(- 13.8%)
Net Income
(Percent Change)
Earningsper Share(EPS) FullyDilutedEPS Return onEquity OrdinaryIncome/Total Assets Ordinary Income/Revenue From Operations
Year Ended March 31, 1999 4,515 million yen
( 58.1%)
162.30 yen - 24.3% 4.3% 14.7%
Year Ended March 31, 1998 2,856 million yen
( 0.9%)
114.25 yen - 21.0% 3.9% 14.2%
Note: Equity in earnings of investees: The fiscal year ended March 31, 1999: None
The fiscal year ended March 31, 1998: None
(2) FINANCIAL POSITION
Total Assets Shareholders' Equity Shareholders' Equityto Total Assets Shareholders' Equityper Share
Year Ended March 31, 1999 122,526 million yen 22,608 million yen 18.5% 790.52 yen
Year Ended March 31, 1998 134,377 million yen 14,553 million yen 10.8%
582.14 yen

(3) SCOPE OF CONSOLIDATION AND APPLICATION OF THE EQUITY METHOD
Number of consolidated subsidiaries: 5
Number of non-consolidated subsidiaries: None
Number of affiliated companies: 1 (There are no equity-method affiliates.)


(4) CHANGES IN ACCOUNTING METHODS
1) Changes in scope of consolidation and application of the equity method
One company was excluded from consolidation.
There were no changes in the application of the equity method.
: Yes
2) Changes in accounting methods : Yes


2.FORECASTS FOR THE FISCAL YEAR ENDING MARCH 31, 2000
Revenue From Operations Ordinary Income Net Income
April 1, 1999-
March 31, 2000
40,000 million yen 6,900 million yen 3,800 million yen

[Reference] Estimated earnings per share (consolidated) : 132.87 yen
Estimated earnings per share (non-consolidated) : 129.37 yen


[Reference] Non-consolidated financial results for the fiscal year ended March 31, 1999
Revenue From Operations
(Percent Change)
Operating Income
(Percent Change)
Ordinary Income
(Percent Change)
34,076 million yen
( 2.2%)
7,254 million yen
( 30.3%)
5,874 million yen
( 28.2%)

Net Income
(Percent Change)
Earnings per Share
(EPS)
Fully Diluted EPS Total Assets Shareholders' Equity
3,668 million yen
( 53.9%)
131.86 yen - 130,554 million yen 22,887 million yen