The text starts here.

Non-Consolidated Semiannual Financial Report for fiscal 1997

NON-CONSOLIDATED SEMIANNUAL FINANCIAL RESULTS

All figures in excess of 1,000,000 have been rounded down to the nearest million yen.

(1) SEMIANNUAL RESULTS OF OPERATIONS

Period Net Sales Percentage
Increase
Operating
Income
Percentage
Increase
Apr.1,1997-
Sep. 30, 1997
¥128,646 mil. 0.2%percent ¥21,916 mil. 3.4%percent
Apr.1,1996-
Sep. 30, 1996
¥128,402 mil. 2.1%percent ¥21,191 mil. 9.2%percent
Apr.1,1996-
Mar. 31, 1997
¥257,906 mil.   ¥45,605 mil.  
Period Ordinary
Income
Percentage
Increase
Net
Income
Percentage
Increase
Earnings per
Share
Apr. 1, 1997-
Sep. 30, 1997
¥21,152 mil. 0.0%percent ¥10,484 mil. 9.4%percent ¥37.53
Apr. 1, 1996-
Sep. 30, 1996
¥21,142 mil. 9.3%percent ¥9,584 mil. 7.9%percent ¥35.52
Apr. 1, 1996-
Mar. 31, 1997
¥45,038 mil.   ¥21,114 mil.   ¥77.07

Accounting Standard: Generally Accepted Accounting Principles for Semiannual Financial Statements

Note 1: Average number of shares outstanding:
* First half of fiscal year ended September 30, 1997: 279,392 thousand
* First half of fiscal year ended September 30, 1996: 269,852 thousand
* Fiscal year ended March 31, 1997: 273,955 thousand
Note 2: There has been no accounting method change.

(2) DIVIDENDS

Period Dividends per Share
Interim Annual
Apr.1,1997 - Sep. 30, 1997 ¥10.00
Apr.1,1996 - Sep. 30, 1996 ¥9.00
Apr.1,1996 - Mar. 31, 1997 ¥18.00

(3) FINANCIAL POSITION

Date Total Assets Shareholders'
Equity
Equity Ratio Shareholders'
Equity per Share
As of
Sep.30, 1997
¥404,574 mil. ¥262,027mil. 64.8%percent ¥936.77
As of
Sep.30, 1996
¥416,224 mil. ¥233,316 mil. 56.1%percent ¥856.60
As of
Mar.31, 1997
¥414,191 mil. ¥251,004 mil. 60.6%percent ¥903.47
Note 1: Number of shares issued and outstanding
* As of September 30, 1997: 279,714 thousand
* As of September 30, 1996: 272,375 thousand
* As of March 31, 1997: 277,823 thousand
Note 2: Excess in fair value of marketable securities over book value
* As of September 30, 1997: yen10,078 million
Note 3: Difference between contract value of derivatives and transaction prices: none

2. FORECASTS FOR THE FISCAL YEAR ENDING MARCH 31, 1998

Period Net Sales Ordinary
Income
Net Income Dividends per Share
Interim Annual
Apr.1,1997-
Mar.31,1998
¥260,000 mil. ¥46,000 mil. ¥22,500 mil. ¥10.00 ¥20.00

Note:Forecast annual earnings per share: ¥80.44