ACCOUNTS FOR THE 46TH FISCAL TERM

ACCOUNTS FOR THE 46TH FISCAL TERM

NITTO KOHKI CO.,LTD.

BALANCE SHEET
AS AT 31 MARCH 2002

(In Millions Japanese yen)

ASSETS		LIABILITIES and SHAREHOLDERS' EQUITY
account title	amount	account title	amount
CURRENT ASSETS	18,483	CURRENT LIABILITIES	2,291
Cash & Deposits	5,595	Notes Payable, Trade	156
Notes Receivable, Trade	3,593	Accounts Payable, Trade	1,067
Accounts Receivable, Trade	3,298	Accounts Payable, Other	193
Marketable Securities	599	Income Taxes Payable
Finished Goods	1,948	Accrued Expenses	369
Raw Material	229	Deposits Received	68
Work in Progress	104	Accrued Bonuses	418
Advance Payments	1	Other Current Liabilities	19
Prepaid Expenses	50
Deferred Tax Assets	126
Short-term Loans	720
Trust Beneficiary Rights	1,867
Other Current Assets	360
Allowance for Doubtful Accounts	▲ 13

FIXED ASSETS	13,241	LONG-TERM LIABILITIES	714
Tangible Fixed Assets	4,772	Allowance for Retirement Benefits	428
Buildings	1,357	Allowance for Board of Directors' Retirement Benefits	189
Structures	81	Allowance for Board of Directors' Retirement Benefits	189
Machinery & Equipment	23	Other Long-term Liabilities	96
Vehiceles and Delivary Equipment	15
Tools, Furniture, Fixtures and Other	496
Land	2,798	TOTAL LIABILITIES	3,006
Construction in Progress	－
Intangible Fixed Assets	34	SHAREHOLDERS' EQUITY	28,718
Computer Software	19	Common Stock	1,850
Other Intangible Fixed Assets	14	Statutory Reserve	2,388
Investments and Other Assets	8,434	Additional Paid-in Capital	1,925
Investments in Securities	513	Earnings Surplus Reserve	462
Investments in Affiliates	4,335	Retained Earnings	24,791
Long-term Loans	2,743	Reserve for Equalization of Dividents	220
Long-term prepaid expenses	12	Reserve for Advanced Depreciation on Tangible Fixed Assets	24
Deferred Tax Assets	386	Reserve for Advanced Depreciation on Tangible Fixed Assets	24
Guaranty Deposits	110	General Reserve	24,800
Accumulated Funds of Insurance	203	Reserve for Interim Divident	1
Other Assets	173	Undisposed Deficit	▲ 254
Allowance for Doubtful Accounts	▲ 44	(net income)	(1,107)
		Unrealized Holding Gains on Securities	▲ 100
		Treasury Stock	▲ 209

TOTAL ASSETS	31,725	TOTAL LIABILITIES AND 　SHAREHOLDERS' EQUITY	31,725

INCOME　ＳＴＡＴＥＭＥＮＴ
FROM : 1 APRIL 2001
TO : 31 MARCH 2002

(In Millions Japanese yen)

account title	amount
ORDINARY INCOME AND EXPENSES
Operating Income and Expenses
Operating Income
Net Sales		20,224
Operating Expenses
Cost of Sales	11,923
Selling, General and Admin. expenses	6,454	18,377
Operating income		1,846

Non-operating income and expenses
Non-operating Income
Interest and Dividends Received	182
Other Non-operating Income	102	285
Non-operating Expenses
Cash Discounts	109
Other Non-operating Expenses	202	311

Ordinary Income		1,820

EXTRAORDINARY INCOME AND EXPENSES
Extraordinary Income
Gain on Sales of Investment Securities	1
Reversal of Allowance for Doubtful Accounts	18
Gain on Sales of Investment in Affiliate	276	295

Extraordinary Losses
Loss on Disposal of Fixed Assets	26
Devaluation Loss on Investment Securities	30
Allowance for Doubtful Accounts	0
Devaluation Loss on Other Investments	13
Loss on Sales of Other Investments	－
Ｌｉｑｕｉｄａｔｉｏｎ Loss of Affiliated Company	76
Other Extraordinary Loss	6	154

Income before Income Taxes		1,961

Income Taxes		856
Adjustment of Income Taxes		▲ 1

Net Income		1,107

Unappropriated Retained Earnings Brought Forward		98
Redemption of Treasury Stock		▲ 1,460
Reversal of Reserve for Interim Dividend		358
Interim Dividend		▲ 358

Undisposed Deficit		▲ 254

ＳＴＡＴＥＭＥＮＴ　ＯＦ　ＡＰＰＲＯＰＲＩＡＴＩＯＮＳ

(In Japanese yen)

account title	amount
Undisposed Deficit		254,680,522

Reversal of Reserve for Advanced Depriciation　on Tangile Fixed Assets	1,443,899
Reversal of Reserve for Interim Dividend	1,614,855
Reversal of General Reserve	24,800,000,000	24,803,058,754

Appropriation of Retained Earnings		24,548,378,232

Dividends	343,994,865
Ordinary Dividend of \ 15.0 per Share

Bonus to Directors	11,500,000

Reserve for Interim Dividend	350,000,000

General Reserve	23,700,000,000	24,405,494,865

Retained Earnings Carried Forward to the Next Year		142,883,367

BALANCE SHEET (Consolidated)

Fiscal Year Ended 2002/3

(In Millions Japanese yen)

ASSETS		LIABILITIES
Current Assets:		Current Liabilities :
Cash & Deposits	8,894	Notes Payable and Accounts Payable, Trade	1,655
Notes Receivable and Accounts Receivable, Trade	6,982	Accrued Income Taxes	71
Marketable Securities	599	Accrued Bonuses	598
Inventories	4,202	Other Current Liabilities	1,361
Deferred Tax Assets	478	Total Current Liabilities	3,687
Trust Beneficiary Rights	1,867
Other Current Assets	640	Long-term Liabilities :
Allowance for Doubtful Accounts	-26	Long-term Borrowings	－
Total Current Assets	23,639	Deferred Income Taxes	9
		Allowance for Retirement Benefits	799
Fixed Assets:		Allowance for Board of Directors' Retirement Benefits	192
Tangible Fixed Assets	8,813	Other Long-term Liabilities	137
Buildings and Structures	3,094	Total Long-term Liabilities	1,138
Machinery and Automotive Equipment	1,163
Tools, Furniture, Fixtures and Others	598	TOTAL LIABILITIES	4,825
Land	3,910
Construction in Progress	46	MINORITY INTERESTS	166
Intangible Fixed Assets	834
Investments and Other Assets	2,295	SHAREHOLDES' EQUITY
Investments in Securities	514	Common Stock	1,850
Long-term Loans	786	Additional Paide-in Capital	1,925
Deferred Tax Assets	480	Consolidated Retained Earnings	27,209
Other Assets	560	Unrealized Holding Gains on Securities	-100
Allowance for Doubtful Accounts	-46	Translation Adjustment	-83
Total Fixed Assets	11,943	Treasury Stock	-209
		TOTAL SHAREHOLDERS' EQUITY	30,590

		TOTAL LIABILITIES, MINORITY INTERESTS
TOTAL ASSETS	35,582	AND SHAREHOLDERS' EQUITY	35,582

STATEMENT OF INCOME (Consolidated)

(In Millions Japanese yen)

Fiscal Year Ended 2002/3

Net Sales	22,206
Cost of Sales	11,845
Gross Profit	10,361
Selling, General and Administrative Expenses	8,023
Operating Income	2,337
Non-operating Income	183
Interest Income	49
Other Non-operating Income	133
Non-operating Expenses	352
Interest Expenses	4
Cash Discounts	110
Other Non-operating Expnses	237
Ordinary Income	2,168
Extraordinary Income	16
Extraordinary Losses	371
Income before Income Taxes Adjustments	1,813
Income Taxes	1,118
Adjustment of Income Taxes	-31
Minority Interest in Consolidated Subsidiaries	0
Net Income	725

STATEMENT OF RETAINED EARNINGS (Consolidated)

(In Millions Japanese yen)

Fiscal Year Ended 2002/3

Consolidate Retained Earnings at the Beginning of the Year	28,734
Decrease in Consolidated Retained Earnings :	2,251
Dividends	777
Bonus to Directors	12
Treasury Stock Redemption	1,460
Net Income	725
Translation Adjustment	－
Consolidated Retained Earnings at the End of the Year	27,209

STATEMENT OF CASH FLOWS (Consolidated)

(In Millions Japanese yen)

Fiscal Year Ended 2002/3

Cash Flows from Operating Activities:
Net Income	1,813
Depreciation and Amortization	779
Net Increase in Provisions	170
Loss on Sales of Investment in Affiliate	234
Net Increase in Assets	2,756
Increase in Liabilities	-910
Others	136
Sub Total	4,979
Interest Received and Dividends	57
Interest Paid	-4
Income Taxes Paid	-2,553
Net Cash provided by Operating Activities	2,478
Cash flows from Investing Activities:
Increase in Time Deposits	-130
Decrease in Time Deposits	76
Payments for Purchases of Fixed Assets	-572
Net Increase in Loans	-6
Acquisition of Consolidated Subsidiaries	-1,150
Others	-112
Net Cash Used in Investing Activities	-1,895
Cash flows from Financing Activities:
Treasury Stock Redemption	-1,460
Dividends Paid	-777
Others	-127
Net Cash Used in Financing Activities	-2,365
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-21
Net Increase (Decrease) in Cash and Cash Equivalents	-1,803
Cash and Cash Equivalents at the Beginning of the Year	12,607
Cash and Cash Equivalents at the End of the Year	10,804

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