2007
I N V E S T O R ’ S G U I D E
1...
Business Model
2...
Population by Labour Force Status
3...
The Number of Regular and Non-Regular Staff
4...
Unemployment Rate and Active Opening Ratio
5...
Human Resource Service Market
6...
Worker Dispatch Law
7...
Key Indicators (Consolidated)
9...
Consolidated Balance Sheets
11...
Consolidated Statements of Income
12...
Consolidated Statements of Cash Flows
14....
Segment Results
15....
Temporary Staffing/Contracting Market Data
16....
Quarterly Results
17....
Non-Consolidated Balance Sheets
19....
Non-Consolidated Statements of Income
20.... History
22.... Network
23....
Major Group Companies
25....
Temporary Staffing / Contracting
Operating within the scope of the Worker Dispatch Law, licensed by the Ministry of Health, Labour and Welfare, Pasona Inc. engages in temporary staffing activities. Business includes the recruiting, registration and dispatch of temporary staff to client companies. Temporary staffing payments are collected from client firms calculated on either an hourly or a monthly basis and recorded by the Company as sales. Salaries paid by Pasona to temporary staff including social insurance, paid leave and welfare expenses are reported as cost of sales.
Principal Group companies Pasona Inc., Pasona Tech, Inc., Pasona Sparkle Inc., Pasona Sourcing Inc. Pasona Youth Inc. Placement / Recruiting
Regulated by the Employment Security Law, Pasona is engaged in the recruitment and registration of personnel seeking a career change. In addition, the Company collects information relating to the personnel needs of companies and provides a fee-based service that endeavors to match employer and employee demands. Pasona also formulates optimal career counseling free of charge for those seeking new employment. In the event a client firm employs personnel through Pasona’s placement and recruiting services, a placement fee is charged and recorded as sales.
Principal Group companies Pasona Career Inc., Pasona Global Inc., Pasona Temptoperm, Inc., overseas group companies Outplacement
Pasona provides support to retirees, as well as those considering retirement of both the early retirement and second career support systems, across a wide variety of areas. In its outplacement business, the Company cultivates client firms and provides career counseling, education and training to assist job seekers. Pasona receives a consulting fee from the client firm for its service. The introduction of personnel to client firms is free of charge.
Principal Group company Pasona Career Inc. Outsourcing
Through its outsourcing business, Pasona provides a variety of welfare benefit programs. At the same time, the Company undertakes salary calculation and examination management on an agency basis. In the outsourcing of welfare benefit programs, Pasona receives an enrollment fee from client firms and a monthly fee. A fixed subsidy is also paid for services used by individual members. In addition, the Company collects a commission in connection with the publication of a guidebook outlining fees paid to service providers and facility service menus. These publication commissions are recorded as sales.
Principal Group companies Benefit One Inc., Pasona ADP Payroll, Inc., National Examination Center Inc. Other
In addition to the aforementioned businesses, Pasona is engaged in childcare, nursing care, language education and training and other activities.
Principal Group companies Pasona Foster Inc., Pasona Youth Inc. NARP Inc.
Temporary Staffing Earnings Model
Sales
Temporary staffing contract
Temporary staffing
company
Pasona
Client firms
Client Firms
Temporary Staff
Employment relationship
Supervision and instruction
Provision of work and services
Request for work and services
Contracting company
Pasona
Client firms
Client Firms
Staff
Employment relationship
Supervision and instruction
Provision of completed work
and services
Fee
Cost of sales
Staff payroll
Social insurance expenses
Gross profit Temporary Staffing Business Structure
Interview and employment test
Recruitment, Enter company
Client firms
Worker seeking a career change
Pasona
Registered job seeker placement
Commission
Job seeker registration
Corporate placement
Request for placement / recruiting
Pasona registration
Contracting Business Structure
Outsourcing Business (Welfare Benefits) Earnings Model
Outsourcing Business (Welfare Benefit) Structure
Business outsourcing agreement
Enrollment fee,
Monthly membership fee
Application
Information provision
Business
partner Contract fee
Utilization subsidy
and other
Commission and
Advertising fee Reservation Arrangement
Menu usage Benefit One
Corporate service provider
(Accommodation, sports club,
other)
Client firm (Corporate member)
Employees
Interview
and screening with client firm
Note: Maximum temporary staffing term: six months
Commencement
of temporary staffing
Confirmation of client firm
and staff intentions
Entry into client firm
Temp to Perm Business Structure
Sales
Revenues from directly operated facilities / Commission and Advertising fee
Welfare benefit membership fee, other
Cost of sales Guidebook Newsletter / magazine Operator personnel expenses Operating expenses fo directly operated facilitie Unilization subsidy
Gross profit
Service
user
Career counseling, Outplacement
Client firms
Client firm
Candidate introduction (free service)
Business outsourcing agreement
Consulting compensation
Outplacement Business Structure
Pasona
Business Model
Placement / Recruiting Business Structure
2
Population by Labour Force Status
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
9,974 10,089 10,199
10,283 10,370 10,444 10,510
10,571 10,661 10,728 10,783
10,836 10,886 10,927 10,962
10,990 11,007 11,020
6,270 6,384 6,505
6,578 6,615 6,645 6,666
6,711 6,787 6,793 6,779
6,766 6,752 6,689 6,666
6,642 6,650 6,657
6,128 6,249 6,369
6,436 6,450 6,453 6,457
6,486 6,557 6,514 6,462
6,446 6,412 6,330 6,316
6,329 6,356 6,382
4,679 4,835 5,002
5,119 5,202 5,236 5,263
5,322 5,391 5,368 5,331
5,356 5,369 5,331 5,335
5,355 5,393 5,472
142 134 136
142 166 192 210
225 230 279 317
320 340 359 350
313 294 275
3,655 3,657 3,649
3,679 3,740 3,791 3,836
3,852 3,863 3,924 3,989
4,057 4,125 4,229 4,285
4,336 4,346 4,355
62.9 63.3 63.8
64.0 63.8 63.6 63.4
63.5 63.7 63.3 62.9
62.4 62.0 61.2 60.8
60.4 60.4 60.4
4,854 4,911 4,965
5,002 5,044 5,078 5,108
5,136 5,180 5,209 5,232
5,253 5,273 5,294 5,308
5,318 5,323 5,327
3,737 3,791 3,854
3,899 3,935 3,951 3,966
3,992 4,027 4,026 4,024
4,014 3,992 3,956 3,934
3,905 3,901 3,898
3,654 3,713 3,776
3,817 3,840 3,839 3,843
3,858 3,892 3,858 3,831
3,817 3,783 3,736 3,719
3,713 3,723 3,730
2,929 3,001 3,084
3,145 3,193 3,202 3,215
3,238 3,264 3,243 3,215
3,216 3,201 3,170 3,158
3,152 3,164 3,671
83 77 78
82 95 112 123
134 135 168 194
196 209 219 215
192 178 168
1,091 1,095 1,088
1,090 1,101 1,122 1,139
1,140 1,147 1,177 1,199
1,233 1,277 1,333 1,369
1,406 1,416 1,425
77.0 77.2 77.6
77.9 78.0 77.8 77.6
77.7 77.7 77.3 76.9
76.4 75.7 74.7 74.1
73.4 73.3 73.2
5,120 5,178 5,233 5,281
5,326 5,366 5,402
5,435 5,481 5,519 5,552
5,583 5,613 5,632 5,654
5,672 5,684 5,693
2,533 2,593 2,651 2,679
2,681 2,694 2,701
2,719 2,760 2,767 2,755
2,753 2,760 2,733 2,732
2,737 2,750 2,759
2,474 2,536 2,592 2,619
2,610 2,614 2,614
2,627 2,665 2,656 2,632
2,629 2,629 2,594 2,597
2,616 2,633 2,652
1,749 1,834 1,918 1,974
2,009 2,034 2,048
2,084 2,127 2,124 2,116
2,140 2,168 2,161 2,177
2,203 2,229 2,603
59 57 59 60
71 80 87
91 95 111 123
123 131 140 135
121 116 107
2,564 2,562 2,561 2,590
2,639 2,669 2,698
2,712 2,716 2,747 2,790
2,824 2,848 2,895 2,916
2,930 2,929 2,930
49.5 50.1 50.7 50.7
50.3 50.2 50.0
50.0 50.4 50.1 49.6
49.3 49.2 48.5 48.3
48.3 48.4 48.5
Total
Population
of over fifteens
Population
of over fifteens
Total
Total
Labour force employed
Employees
Labour
force unemployed
Population
not in the labour force
Population of the labour force Population of the labour force
Labour force participation
rate
Labour
force employed
Employees
Labour
force unemployed
Population
not in the labour force
Labour force participation
rate
Population
of over fifteens
Total
Population of the labour force
Labour force employed
Employees
Labour
force unemployed
Population
not in the labour force
Labour force participation
rate
3
The Number of Regular and Non-Regular Staff
Feb. 1990 Feb. 1995 Feb. 2000 Feb. 2001 2002 Average 2003 Average 2004 Average 2005 Average 2006 Average Feb. 1990 Feb. 1995 Feb. 2000 Feb. 2001 2002 Average 2003 Average 2004 Average 2005 Average 2006 Average Feb. 1990 Feb. 1995 Feb. 2000 Feb. 2001 2002 Average 2003 Average 2004 Average 2005 Average 2006 Average 4,690 5,169 5,267 5,342 5,337 5,343 5,372 5,407 5,481 2,925 3,176 3,180 3,192 3,165 3,152 3,152 3,164 3,191 1,765 1,994 2,087 2,150 2,172 2,191 2,220 2,243 2,290 4,369 4,780 4,903 4,999 4,940 4,948 4,975 5,007 5,088 2,674 2,876 2,892 2,923 2,867 2,853 2,851 2,864 2,894 1,695 1,904 2,011 2,076 2,073 2,095 2,124 2,143 2,194 3,488 3,779 3,630 3,640 3,489 3,444 3,410 3,374 3,411 2,438 2,620 2,553 2,557 2,437 2,410 2,385 2,357 2,375 1,050 1,159 1,077 1,083 1,052 1,034 1,025 1,018 1,036 881 1,001 1,273 1,360 1,451 1,504 1,564 1,633 1,677 235 256 338 366 431 444 466 507 517 646 745 934 994 1,021 1,061 1,098 1,125 1,159 All industries Employees Employees other than executive of company or corparation Regular staffs Non-regular staffs Regular staffs Non-regular staffs Part-time workers and temporary workers Part-time workers Temporary workers Dispatched workers and contract employees Dispatched workers
Contract employees or entrusted employees
Other
Number of persons (10 thousand persons)
Males T otal Females 79.8 79.1 74.0 72.8 70.6 69.6 68.6 67.4 67.0 91.2 91.1 88.3 87.5 85.0 84.5 83.7 82.3 82.1 61.9 60.9 53.6 52.1 50.7 49.4 48.3 47.5 47.2 20.2 20.9 26.0 27.2 29.4 30.4 31.4 32.6 33.0 8.8 8.9 11.7 12.5 15.0 15.6 16.3 17.7 17.9 38.1 39.1 46.4 47.9 49.3 50.6 51.7 52.5 52.8 20.4 21.8 22.0 23.0 21.3 22.0 22.0 22.4 22.1 5.2 5.7 8.0 8.9 8.0 8.2 8.3 8.6 8.5 55.6 58.2 42.1 42.9 39.8 40.8 40.5 40.7 40.0 14.5 14.9 14.7 15.4 14.5 15.1 15.3 15.6 15.6 1.1 1.1 1.9 2.2 2.2 2.2 2.5 2.7 2.7 45.7 46.2 33.0 34.0 31.6 32.7 32.6 32.8 32.5 5.8 6.9 7.3 7.6 6.8 6.9 6.7 6.8 6.5 4.1 4.7 6.1 6.8 5.8 6.0 5.8 6.0 5.8 9.9 12.1 9.1 8.9 8.2 8.1 7.8 7.9 7.5 3.9 3.7 4.0 4.2 8.1 8.4 9.4 10.2 10.8 4.1 3.7 3.7 3.6 7.0 7.3 8.1 9.1 9.3 3.7 3.7 4.4 5.0 9.5 9.8 11.2 11.8 12.8 0.7 0.9 0.9 1.0 1.7 2.1 2.5 0.3 0.4 0.3 0.5 1.0 1.5 1.7 1.2 1.6 1.6 1.8 2.7 2.9 3.6 3.3 3.3 4.7 4.8 5.1 5.6 5.6 3.4 3.2 4.3 4.4 4.8 5.2 5.2 3.2 3.3 5.2 5.3 5.6 6.1 6.1 710 825 1,078 1,152 1,053 1,089 1,096 1,120 1,125 126 150 232 261 229 235 236 247 247 584 675 846 891 825 855 860 872 878 506 563 719 769 718 748 763 780 792 26 28 56 63 63 63 70 77 79 480 535 663 706 655 685 693 703 713 204 262 359 382 336 342 333 340 333 100 122 176 198 166 171 166 171 168 104 140 183 185 170 170 166 169 165 171 176 195 208 398 415 468 513 552 109 106 106 105 202 209 230 260 270 62 70 88 103 196 206 238 253 281 33 45 43 50 85 106 128 9 11 10 13 28 42 49 25 34 33 37 57 63 78 161 163 230 236 255 278 283 98 94 122 125 136 149 150 64 69 108 111 119 130 133 125 129 128 129 141 70 71 66 69 71 55 58 62 60 70 Part-time workers and temporary workers Part-time workers Temporary workers Dispatched workers and contract employees Dispatched workers
Contract employees or entrusted employees
4
Unemployment Rate and Active Opening Ratio
By Region
Unemployment rate
Active opening ratio
Unemployment rate
Active opening ratio
Unemployment rate
Active opening ratio
Unemployment rate
Active opening ratio
Unemployment rate
Active opening ratio
Unemployment rate
Active opening ratio
Unemployment rate
Active opening ratio
Unemployment rate
Active opening ratio
Unemployment rate
Active opening ratio
Unemployment rate
Active opening ratio
Unemployment rate
Active opening ratio
3.4
0.72
3.8
0.54
2.9
0.80
3.8
0.58
2.5
1.02
2.6
1.08
2.7
0.96
4.0
0.60
2.7
1.02
3.2
0.88
3.8
0.57 3.4
0.70
3.8
0.58
3.0
0.76
3.7
0.56
2.4
0.96
2.3
1.09
2.8
0.87
4.1
0.60
2.9
0.99
3.2
0.87
3.7
0.58
4.1
0.53
4.9
0.44
3.9
0.54
4.5
0.45
3.0
0.75
2.9
0.68
3.3
0.70
4.9
0.42
3.4
0.75
3.7
0.68
4.6
0.43 4.7
0.48
4.9
0.44
4.2
0.48
5.1
0.41
3.6
0.68
3.5
0.59
3.9
0.61
5.6
0.38
3.9
0.64
4.1
0.62
5.0
0.40 4.7
0.59
5.5
0.46
4.4
0.59
4.8
0.55
3.8
0.86
3.6
0.70
3.7
0.77
5.9
0.48
3.9
0.72
4.1
0.66
5.4
0.46 5.0
0.59
5.9
0.48
5.0
0.49
4.9
0.63
4.1
0.79
3.9
0.64
4.1
0.80
6.3
0.49
4.2
0.70
5.1
0.65
5.6
0.45 5.4
0.54
6.0
0.47
5.9
0.44
5.4
0.56
4.4
0.64
4.0
0.58
4.1
0.74
6.7
0.45
4.3
0.66
5.2
0.61
6.1
0.41 5.3
0.64
6.7
0.49
5.6
0.54
5.1
0.67
4.6
0.78
4.0
0.69
4.0
0.90
6.6
0.57
4.3
0.78
4.8
0.66
5.9
0.49 4.7
0.83
5.7
0.54
5.4
0.64
4.6
0.91
4.1
1.02
3.7
0.87
3.5
1.22
5.6
0.78
4.3
0.96
4.9
0.78
5.5
0.59 4.4
0.95
5.3
0.57
5.0
0.68
4.3
1.11
3.7
1.09
3.3
1.06
3.2
1.41
5.2
0.92
3.8
1.10
4.3
0.84
5.3
0.67 4.1
1.06
5.4
0.59
4.8
0.77
4.0
1.25
3.5
1.19
3.4
1.22
3.0
1.56
5.0
1.08
3.5
1.19
3.9
0.89
5.0
0.73
Nationwide
Hokkaido
Tohoku
Minamikanto
Kitakanto Kosin
Hokuriku
Tokai
Kinki
Chugoku
Sikoku
Kyushu Unemployment Rate/Active Opening Ratio
90
85 86 87 88 89 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07
0 1.0 2.0 3.0 4.0 5.0 6.0
0 0.25 0.50 0.75 1.00 1.25 1.50
2.6
0.68 2.8
0.62 2.8
0.70 2.5
1.01 2.3
1.25 2.1
1.40 2.1
1.40 2.2
1.08 2.5
0.76 2.9
0.64 3.2
0.63
Unemployment Rate Active Opening Ratio
3.4
0.70 3.4
0.72 4.1
0.53 4.7
0.48 4.7
0.59 5.0
0.59 5.4
0.54 5.3
0.64 4.7
0.83 4.4
0.95 4.1
1.06
Unemployment Rate Active Opening Ratio
42.9%
32.9%
41.0%
5.5%
39.2%
7.1% 21.7%
19.1%
21.2%
1.9%
19.7%
5.4% 5.7%
2.4%
5.1%
12.4%
7.2%
-7.9% 16.0%
13.4%
15.5%
23.2%
13.3%
6.8% 21.5%
-0.4%
16.4%
28.5%
14.0%
4.2% 18.7%
2.3%
14.5%
24.5%
36.1%
115.5% 1.1%
-24.4%
-7.0%
22.2%
28.5%
-13.6% 14.3%
26.1%
17.8%
4.2%
-9.7%
9.7% 20.9%
-2.7%
12.8%
20.4%
13.9%
-3.8% 23.6%
4.4%
16.3%
20.8%
17.1%
-1.0% 15.0%
0.9%
9.2%
7.2%
7.0%
-0.5% 0.3%
-4.6%
-1.8%
0.2%
1.0%
0.1% -11.0%
-13.8%
-12.2%
-11.9%
-10.1%
-13.6% 3.3%
-5.7%
-0.8%
6.8%
-7.3%
-7.7% 35.2%
10.9%
22.9%
24.9%
19.3%
8.7% Staffing Industry Data
5
10,704
5,002
15,706
822,520
306,914
72,754 9,368
3,967
13,335
789,002
340,059
66,328 7,751
4,076
11,827
655,307
298,530
68,941 6,269
3,903
10,172
542,425
254,957
69,630 5,449
3,870
9,319
505,883
238,300
69,996 5,433
4,055
9,488
504,752
235,980
69,934 6,105
4,703
10,808
573,158
262,562
80,909 5,910
4,989
10,899
536,587
283,143
87,613 4,371
4,498
8,869
429,702
237,365
80,565
10,821
3,784
14,605
1,005,000
394,502
62,859
12,847
3,870
16,717
1,250,913
537,063
135,451
15,606
3,856
19,462
1,606,802
612,096
141,111
18,101
4,371
22,472
1,978,873
693,418
150,781
19,136
4,478
23,614
2,223,493
743,640
138,887
23,280
5,335
28,615
2,266,040
890,234
146,387
33,263
7,088
40,351
2,389,764
1,238,832
156,850 —
—
—
—
—
—
(74.1%)
(13.3%)
(20.9%)
(15.1%)
(8.2%)
(6.9%)
(5.1%)
(1.2%)
(3.3%) Clerical
Manufacturing IT
Medical Account and finance
Engineering Legal
Other
Human Resource Service Market
781
166
72
13
1,033
741
127
82
14
964
733
117
74
13
937
818
144
80
11
1,053
894
181
87
10
1,171
953
228
94
10
1,286
Temporary staffing Placement and recruiting PEO Employees lease Outplacement Total
Net sales: General (100 millions of yen)
Net sales: Specific (100 millions of yen)
Net sales (100 millions of yen)
Total number of workers:General (Persons)
Total number of workers regular calculation basis(General+Specific) (Persons)
Number of workers:Specific (Persons)
YOY
YOY
YOY
YOY
YOY
YOY
1998 1997
1996 1995
1994 1993
1992 1991
1990 1999 2000 2001 2002 2003 2004 2005
Staffing Industry Data (Graph) Placement and Recruiting Industry Data
United States : Human Resource Serivce Market United States : Temporary Staffing Market
417 385 524 570 837
Net sales (100 millions of yen)
Net sales (100 millions of yen)
2000 2001 2002 2003 2004
1,221 2005 (Fiscal Year)
0
(76.3%)
(14.3%)
(22.2%)
(14.9%)
(8.5%)
(6.9%)
(5.0%)
(1.1%)
(3.3%)
Share Share 1,060
177
264
242
123
108
79
19
48
1,002
174
264
219
114
98
72
17
45
953
171
269
194
106
89
65
15
42
894
168
260
174
100
81
59
13
39
818
156
243
158
98
66
51
11
35
733
150
198
143
102
54
46
10
32
741
188
153
148
111
53
47
9
32
781
198
153
187
89
80
50
8
16
848
214
178
220
72
91
50
8
15
T
emporary staffing
Outplacement Industry Data
220 320 370 300 214
2001
160 2000
146 1999
73 1998
38 1997
28
1996 2002 2003 2004 2005
(Fiscal Year)
Specialist clerk
Source: White Paper on Temporary Staffing Business, Ministry of Health, Labour and Welfare
8,869 10,899 10,808 9,488 9,319 10,172 11,827
15,706 14,605 16,717 19,462
22,472 23,614
13,335
40,351
90 91 92 93 94 95 96 97 98 99 00 01 02 03 05
28,615
04
100 millions of Yen 10 thousand persons)
Fiscal year 0
5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000
0 50 100 150 200 250 300 350 400 Net sales: General
Net sales: Specific
Total number of workers:General
Total number of workers regular calculation basis(General+Specific) Number of workers:Specific
238
123
6
Current regulations under the Worker Dispatch Law
History of Deregulation
Worker Dispatch Law
•
•
•
•
•
•
1. Restrictions on the contract period for temporary staff 1) There are no restrictions on contract periods for temporary
staff applicable to 26 job categories identified under government ordinance.
* However, employers must propose direct employment to the temporary staff when the company seeks to newly hire a full-time or part-time employee after the temporary staff has worked for the company for more than three years. 2) Types of deregulated and manufacturing operations are
restricted to a maximum of three years.
* However, in the event the temporary staffing period exceeds one year, hearing procedures are an essential requirement.
* Furthermore, employers must propose direct employment to all temporary staff, who by mutual agreement seek to renew their contract after a period of three years. 3) Temporary to permanent employment is restricted to six
months.
* A company cannot employ the same temporary worker for a period of more than six months.
(Operating Guidelines by the Ministry of Health, Labour and Welfare)
2. Temporary Staffing — Prohibited Job Categories • Port transport services
• Construction work • Security services • Medical-related services
(Excluding temporary to permanent employment, temporary staffing to social welfare facilities, alternative temporary staffing to cover maternity leave, child-care leave and nursing care leave, and temporary staffing of medical practitioners to remote rural areas)
• Operations relating to group negotiation or labor contract negotiation pursuant to the Labor Standards Law with employers as a part of personnel-related operations • Operations undertaken by lawyers, international lawyers,
judicial scriveners, registered land and building surveyors, certified public accountants, tax accountants, patent agents and certified social insurance labor consultants (excluding certain operations conducted by certified public accountants, patent agents, administrative scriveners, tax accountants and certified social insurance labor consultants)
Reference
List of 26 job categories under government ordinance 1. Information system development
2. Machine engineering and design 3. Broadcasting equipment operator 4. Production of broadcasting programs 5. Office equipment operator 6. Interpreter, translator, stenographer 7. Secretary
8. Filing 9. Research 10. Finance 11. Trade 12. Demonstration 13. Travel conductor
14. Building maintenance and cleaning 15. Building facility operator
16. Reception, information services, parking facility management 17. Research and development
18. Office systems implementation planning and proposal 19. Production and editing of printed material 20. Advertising design
21. Interior coordinator 22. Announcer 23. OA instruction 24. Telemarketer
25. Sales engineer marketing, Marketing of financial products 26. Broadcasting program sets and props
1986
1994
1996
1997
1999
1999
2000
2002
2003
2004
Major Event
Worker Dispatch Law enacted
Intent of the law is to provide for healthy growth in the temporary staffing market. Thirteen occupations, such as software development and secretarial work were covered initially, with three more added during the first year.
Use of elderly as temporary staff begins Dispatch of workers over 60 years old liberalized in principle.
Extension of the scope of temporary operations The law is extended to cover a total of 26 occupations, including interior coordinators and office equipment instructors.
Deregulation of placement services
Regulations governing placement of 29 occupations is liberalized in principle. The Employment Security Law is revised, raising the awareness of placement services in a wide range of public companies, while also clarifying business rules.
Revised Worker Dispatch Law enacted Temporary staffing occupations liberalized in principle (negative listing).
“New types” of occupations such as sales and marketing positions liberalized but restricted to one year.
Ban on temp-to-perm lifted
Temporary Special Law for Employment Promotion enacted
Special measure implemented extending tem-porary staffing period of middle-aged workers to three years for “new types” of occupations.
Extension of the scope of temporary operations Ban on certain types of medical occupations lifted.
Extension of the scope and term of temporary staffing operations
Ban on certain types of manufacturing operations lifted.
Dispatch period for new types of occupations extended from one to three years.
Ban on pre-hire interviews for temp-to-perm positions lifted. Temporary staffing period exended. Year
1986
1994
1996
1997
1999
1999
2000
2002
2003
7 135,625
156,979 179,156
20.2
19.7 20.9 20.8
203,815
7,648 8,238
7,745
4.2
5,687 4.9
4.6
3.8
8,418
20,644 27,634
28.6 42.5
15,732 48.1
45.5 45.5
122.3 160.2
182.8 170.8
Net Sales and Gross Profit Margin
03/5 04/5 05/5 06/5
20.3 20.3 231,231
07/5 03/5 04/5 05/5 06/5
8,507
3.7 4.9
4.6
3.8 3.7
07/5 03/5 04/5 05/5 06/5
26,904
41.1 41.1
07/5 03/5 04/5 05/5 06/5
152.1
07/5 Millions of Yen
250,000
200,000
150,000
100,000
50,000
0
25
20
15
10
5
0 Net Sales
Gross Profit Margin
Operating Income and Operating Income Ratio
Millions of Yen
9,000
7,500
6,000
4,500
3,000
1,500
6
5
4
3
2
1
0 Operating Income
Operating Income Ratio
Net Assets and Shareholders' Equity Ratio
Millions of Yen
30,000
25,000
20,000
15,000
10,000
5,000
0
60
50
40
30
20
10
0 Net Assets
Shareholders' Equity Ratio
Current Ratio
0 300
250
200
150
100
50
Current Ratio
Key Indicators (Consolidated)
YOY
13.8%
-0.6pt
15.5%
0.2pt
-6.0%
-0.8pt
-5.4%
-0.8pt
-17.8%
-0.6pt
21.1%
33.9%
-2.6pt
-12.0pt
18.3% YOY
14.1%
-0.1pt
15.5%
0.2pt
7.7%
-0.3pt
13.1%
-0.1pt
19.6%
0.1pt
15.9%
31.2%
5.6pt
22.6pt
11.4% YOY
15.7%
1.2pt
19.2%
0.5pt
34.5%
0.7pt
36.4%
0.7pt
79.9%
0.8pt
25.8%
86.9%
13.9pt
37.9pt
17.3% YOY
1.3%
1.5pt
7.7%
0.9pt
18.8%
0.6pt
27.3%
0.8pt
2.7%
0.0pt
10.9%
31.8%
4.5pt
0.7pt
9.8% YOY
23.9%
-2.6pt
17.1%
-0.9pt
-16.6%
-1.7pt
-22.7%
-1.9pt
—
—
-8.1%
112.6%
13.7pt
7.3pt
12.1% YOY
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2006/5
203,815
20.2%
33,491
16.4%
7,745
3.8%
7,844
3.8%
3,588
1.8%
51,931
27,634
45.5%
170.8%
2,608
前期比YOY
13.5%
0.1pt
15.1%
0.2pt
9.8%
-0.1pt
12.3%
0.0pt
17.0%
0.1pt
4.8%
-2.6%
-4.4pt
-18.7pt
19.9% 2007/5
231,231
20.3%
38,542
16.6%
8,507
3.7%
8,807
3.8%
4,198
1.8%
54,425
26,904
41.1%
152.1%
3,126 2005/5
179,156
20.8%
28,992
16.2%
8,238
4.6%
8,289
4.6%
4,363
2.4%
42,884
20,644
48.1%
182.8%
2,204 2004/5
156,979
20.9%
25,104
16.0%
7,648
4.9%
7,329
4.7%
3,647
2.3%
37,004
15,732
42.5%
160.2%
1,979 2003/5
135,625
19.7%
21,058
15.5%
5,687
4.2%
5,373
4.0%
2,027
1.5%
29,425
8,418
28.6%
122.3%
1,687 2002/5
133,822
18.2%
19,557
14.6%
4,786
3.6%
4,222
3.2%
1,974
1.5%
26,526
6,388
24.1%
121.6%
1,537 2001/5
108,031
20.8%
16,695
15.5%
5,742
5.3%
5,464
5.1%
-6,849
-6.3%
28,849
3,004
10.4%
114.3%
1,371
Millions of Yen
Key Indicators
1
2 3,4
5 6
Key Indicators
Net Sales
Gross Profit Margin 1
Selling, General and Administrative Expenses
SGA Expenses Ratio
Operating Income
Operating Income Ratio
Ordinary Income
Ordinary Income Ratio
Net Income
Return on Sales
Total Assets
Net Assets 2
Shareholders' Equity Ratio 3,4
Current Ratio 5 Number of Employees 6
1 2
3 4
5 6
Gross Profit / Net Sales 100
In line with changes in accounting standards, total shareholders’ equity is reported as net assets and includes an amount of ¥3,988 million representing minority interests from the fiscal year ended May 31, 2006. Under conventional standards, net assets applicable to common stock for the period under review was ¥23,645 million. Net Assets applicable to common stock / Total Assets 100
While the criteria for calculating net assets has changed in line with changes in accounting standards, Pasona has applied the conventional standard and utilized an amount equivalent to net assets applicable to common stock in the calculation of the shareholders’ equity ratio. Current Assets / Current Liabilities 100
Does not include Contract Workers
8
27.4 30.2
24.0
7.2
11.0 10.9
16.2
7.6
2.3 2.4
1.5
1.8
25.0
20.7 47.5
5.2 5.0
11.0
27.1
4.1
61,600.04 110,676.06
47,510.68 54,599.58
03/5 04/5 05/5 06/5
18.2
7.9
07/5 03/5 04/5 05/5 06/5
1.8
07/5 03/5 04/5 05/5 06/5
23.1
4.3
07/5 03/5 04/5 05/5 06/5
53,759.81
07/5 Return on Equity and Return on Assets
50.0
40.0
30.0
20.0
10.0
0
Return on Sales
3.0
2.5
2.0
1.5
1.0
0.5
0
Price/Earnings Ratio and Price Book Value Ratio
Times
50
40
30
20
10
0
Price/Earnings Ratio Price Book Value Ratio
Net Assets per Share
Yen
150,000
120,000
90,000
60,000
30,000
0 Return on Equity
Return on Assets
YOY
0.2pt
0.1pt
-6.2pt
-0.1pt
-61.4% YOY
0.5pt
0.8pt
2.8pt
3.8pt
73.6% YOY
0.9pt
0.0pt
-14.6pt
-0.1pt
-79.9% YOY
-0.9pt
—
—
—
—
2005/5
47,510.68
1,500
22.0
25.0
5.2
-57.1
1,592 2004/5
110,676.06
2,000
10.2
47.5
11.0
79.7
3,153 2003/5
61,600.04
20.7
5.0
-73.7
3,228 2002/5
233,808.15
22.2
7.0
104.8
-2,438 YOY
—
—
—
—
—
2001/5
114,147.33
-9,709
2005/5
16.2%
2.4%
24.0%
10.9%
9,933.92 2004/5
16.0%
2.3%
30.2%
11.0%
25,713.38 2003/5
15.5%
1.5%
27.4%
7.2%
14,813.83 2002/5
14.6%
1.5%
42.0%
7.1%
73,738.60 2001/5
15.5%
%
—
—
-325,044.94
Profitability Indicators
Valuation Indicators
Key IndicatorsSGA Expenses Ratio
Return on Sales
Return on Equity 1,8,9 Return on Assets 2
Net Income (Loss) per Share (Yen) 3,9
4 5 6 7 8 9 1 2 3
1,8,9
2
3,9
YOY
0.2pt
-0.6pt
-7.8pt
-3.3pt
-16.5%
4,8,9 9 5
6,9 7,8,9
8,9
Key Indicators
Net Assets per Share (Yen) 4,8,9 Cash Dividends per Share (Yen) 9 Payout Ratio (%) 5
Price/Earnings Ratio (Times) 6,9 Price Book Value Ratio (Times) 7,8,9 BPS Growth Ratio (%) 8,9
Free Cash Flows (Millions of yen)
2006/5
54,599.58
1,800
30.6
27.1
4.1
14.9
2,553 2006/5
16.4%
1.8%
16.2%
7.6%
8,292.17
前期比YOY
0.2pt
0.1pt
2.0pt
0.3pt
20.6%
2007/5
53,759.81
2,000
20.0
23.1
4.3
-1.5
2,671 2007/5
16.6%
1.8%
18.2%
7.9%
10,003.68
Net Income / Average Net Assets 100 Net Income / Average Total Assets 100 Net Income / Average Outstanding Shares
Net Assets applicable to common stock / Average Outstanding Shares Cash Dividends / Net Income (Non-Consolidated)
Price (Year-end) / Net Income 100 Price (Year-end) / BPS 100
9 ¥
¥ ¥
¥ ¥
¥ ¥
¥ ¥
¥ ¥
¥
Consolidated Balance Sheets
2006/5
14,284
21,022
461
348
950
5
1,928
(72)
38,928
2,023
793
746
3,563
1,713
585
—
92
2,390
1,523
165
907
3,309
1,246
(103)
7,048
13,003
51,931
¥
¥ 2007/5
11,470
23,667
361
320
1,106
5
2,240
(87)
39,086
2,531
793
1,060
4,384
1,799
—
765
82
2,647
1,846
187
787
4,073
1,503
(92)
8,306
15,338
54,425 2005/5
11,745
17,997
461
333
803
1
1,472
(69)
32,745
1,851
656
555
3,063
1,209
117
—
86
1,413
972
66
549
2,986
1,157
(70)
5,662
10,138
42,884 2004/5
10,149
16,078
462
193
915
87
1,114
(79)
28,921
1,039
656
276
1,972
1,110
262
—
86
1,460
751
133
1,220
2,194
419
(69)
4,651
8,083
37,004 2003/5
5,591
13,561
462
204
606
10
1,077
(83)
21,431
736
656
159
1,551
1,193
265
—
79
1,537
784
97
1,806
1,916
395
(95)
4,905
7,994
29,425 2002/5
4,854
11,836
462
124
317
13
780
(64)
18,324
666
655
95
1,417
1,116
327
—
74
1,517
756
135
2,511
1,662
250
(49)
5,266
8,201
26,526 2001/5
8,541
10,664
432
122
487
—
473
(49)
20,672
630
907
46
1,584
628
434
—
71
1,133
517
—
3,243
1,517
239
(59)
5,458
8,177
28,849
Millions of Yen
ASSETS
Current assets:
Cash and deposits
Notes and accounts receivable —trade
Marketable securities
Inventories
Deferred tax assets
Income tax receivable
Other current assets
Less allowance for doubtful receivables
Total current assets
Fixed assets:
Property and equipment:
Buildings
Land
Other tangibles
Total tangible fixed assets
Intangible assets:
Software
Consolidation adjustment account
Goodwill
Other intangibles
Total intangible fixed assets
Investments and other assets:
Investment securities
Long-term loans
Deferred tax assets
Lease guarantee deposits
Other investments
Less allowance for doubtful receivables
Total investments and other assets
Total fixed assets
Total assets
10 ¥
¥
¥
¥
¥ ¥
¥
¥
¥
¥ ¥
¥
¥
¥
¥ ¥
¥
¥
¥
¥ ¥
¥
¥
¥
¥ ¥
¥
¥
¥
¥
Consolidated Balance Sheets
2006/5
1,039 191 2,467 9,944 2,626 2,480 — 1,279 128 2,631 22,788
— 31 99 570 794 12 1,508 24,297
—
— — — — — — — — —
8,322 7,457 7,664 — 23,444
140 61 201 3,988 27,634 51,931
¥
¥
¥
¥
¥ 2007/5
1,387 111 3,122 11,300 2,169 2,665 — 1,594 19 3,331 25,704
9 57 45 706 972 24 1,816 27,520
—
— — — — — — — — —
8,358 7,493 10,636 (4,287) 22,200
96 79 175 4,528 26,904 54,425 2005/5
721 307 2,169 8,542 1,414 2,047 — 1,183 — 1,529 17,916
— 124 5 398 646 12 1,187 19,104
3,135
8,285 — — 7,420 4,821 124 (6) 20,644 42,884
— — — — —
— — — — — — 2004/5
723 1,460 1,829 7,099 1,856 2,144 — 1,107 — 1,835 18,056
— 435 5 267 535 12 1,256 19,313
1,958
7,911 — — 7,046 796 0 (22) 15,732 37,004
— — — — —
— — — — — — 2003/5
640 2,665 1,565 6,408 1,664 1,638 — 958 — 1,983 17,524
1,065 575 5 58 353 7 2,065 19,589
1,417
6,062 — — 5,197 (2,841) (0) — 8,418 29,425
— — — — —
— — — — — — 2002/5
281 2,531 1,114 6,482 124 2,368 — 867 — 1,296 15,066
3,105 792 — 32 233 2 4,165 19,232
906
6,062 5,197 4,873 — — 0 — 6,388 26,526
— — — — —
— — — — — — 2001/5
512 2,385 1,129 5,818 2,132 4,374 0 836 — 893 18,082
6,777 — 0 25 138 3 6,945 25,027
817
5,425 4,425 6,847 — — 0 — 3,004 28,849
— — — — —
— — — — — —
Millions of Yen
LIABILITIES Current liabilities:
Accounts payable—trade Short-term loans payable Accounts payable—other Accrued expenses Income taxes payable Consumption taxes payable Deferred tax liabilities
Reserve for bonus Reserve for directors’ bonus Other current liabilities Total current liabilities Long-term liabilities:
Long-term debt
Long-term payables—other Deferred tax liabilities
Allowance for employees’ severance retirement benefits Allowance for directors’ retirement benefits
Other long-term liabilities Total long-term liabilities Total liabilities MINORITY INTERESTS Minority interests SHAREHOLDERS’ EQUITY Common stock
Capital reserve Retained loss Capital surplus Retained earnings (loss)
Net unrealized holding gain on other securities Foreign currency translation adjustment Total shareholders’ equity
Total liabilities, minority interests and shareholders’equity
NET ASSETS Shareholders’ equity
Common stock Capital surplus Retained earnings Treasury stock Total shareholders’ equity Valuation and conversion
Net unrealized holding gain on other securities Foreign currency translation adjustment Total valuation and conversion
Minority interests Total net assets
Total liabilities and net assets
Consolidated Statements of Income
¥
¥ ¥
¥ ¥
¥ ¥
¥ ¥
¥ ¥
¥
2006/5 203,815 162,578 41,236 33,491 7,745 217 21 57 — 20 48 — — — 69 118 18 — 35 22 — 42 7,844 233 — 6 223 3 — 662 98 — 2 — — — — — — 561 — — — — — — 7,415 3,856 (473) 444 3,588
¥
¥ 2007/5 231,231 184,181 47,050 38,542 8,507 410 46 144 — 64 — — 43 — 111 110 36 — 39 — — 34 8,807 249 — 43 — 205 — 335 60 155 48 — 25 8 — — 22 — 14 — — — — — 8,720 4,073 (51) 500 4,198 2005/5
179,156 141,925 37,231 28,992 8,238 178 20 — — 22 — — 70 — 65 128 20 31 34 21 — 19 8,289 401 — — 393 — 7 447 88 — — 0 6 — — — — — — — — 254 97 — 8,243 2,691 698 490 4,363 2004/5
156,979 124,226 32,753 25,104 7,648 109 10 — — 22 17 21 — — 36 428 85 80 — 43 129 89 7,329 212 43 8 161 — — 388 66 — 13 2 — — 238 — — — — 68 — — — — 7,154 2,874 274 357 3,647 2003/5
135,625 108,879 26,746 21,058 5,687 150 2 — — 35 — — — 59 53 464 118 324 — — — 20 5,373 8 1 — — 6 — 401 36 — 0 — 21 — — — 14 328 — — — — — — 4,980 2,218 434 300 2,027 2002/5
133,822 109,478 24,343 19,557 4,786 68 2 — — 23 — — — — 42 632 191 241 — — 145 54 4,222 62 0 — 43 18 — 64 50 — 6 1 — — — 5 — — — — — — — — 4,220 1,231 900 114 1,974
Millions of Yen
2001/5 108,031 85,592 22,438 16,695 5,742 140 4 — 80 — — — — — 54 418 357 14 — — — 46 5,464 108 — 18 — 89 — 13,561 142 — 2 — — — — — — 4,205 — 8,525 608 — — 77 (7,988) 2,131 (3,411) 140 (6,849)
11 Net sales
Cost of sales Gross profit
Selling, general and administrative expenses Operating income
Non-operating income: Interest income
Investment gain on equity method Amortization of goodwill Subsidy
Insurance fund income Termination fees receivable
Consumption tax and other tax exemption income Refund of payments to disabled employees—tax Other income
Non-operating expenses: Interest expenses
Investment loss on equity method Commitment line of credit commission Amortization of new share issuance expenses IPO-related expenses
Other expenses Ordinary income Extraordinary gains:
Gain on sales of fixed assets Gain on sales of investment securities Constructive gain on change in equity
Gain on sales of investment in affiliated companies Transfer to allowance for doubtful receivables Extraordinary loss:
Loss on disposal of fixed assets Impairment loss
Valuation loss of investment securities Loss on sales of investment securities
Loss on sales of investment in affiliated companies Valuation loss on membership right
Loss relating to sales of affiliated companies Provision for allowance for doubtful accounts Constructive loss on change in equity of an affiliate Amortization of goodwill due to merger
Transfer to allowance for investment loss Amortization of business rights Amotization of trade mark Head office relocation expense
Extraordinary retirement benefit payment to directors Other
Income before income taxes and minority interests (loss) Income taxes current
Millions of Yen
12
Consolidated Statements of Cash Flows
2006/5
7,415
939
—
—
—
—
17
688
—
34
83
128
169
148
(25)
18
5
(57)
(223)
—
98
—
(6)
—
2
—
(3)
—
(2,388)
(11)
(343)
1,112
385
1,416
(107)
—
9,495
37
(18)
(2,618)
6,895 2005/5
8,243
682
—
—
—
—
69
134
—
(7)
75
—
129
110
(23)
20
(4)
31
(393)
—
88
124
—
0
—
—
—
6
(2,098)
(107)
(294)
1,456
(76)
377
(61)
—
8,486
20
(24)
(3,182)
5,298 2004/5
7,154
557
—
—
—
—
94
219
—
(44)
122
—
191
181
(11)
85
6
80
(161)
(43)
66
—
(8)
2
13
238
—
—
(2,074)
13
76
744
482
(573)
(7)
—
7,405
15
(99)
(2,761)
4,559 2003/5
4,980
380
—
—
—
—
21
459
—
48
37
—
17
115
(4)
118
(0)
324
14
(1)
36
—
—
—
0
—
—
15
(1,099)
(78)
(146)
(206)
(809)
939
(4)
—
5,161
7
(131)
(721)
4,316 2002/5
4,220
213
—
—
—
—
32
150
—
3
30
—
6
95
(3)
191
0
241
(43)
(0)
50
—
—
1
6
—
(18)
—
(1,137)
(2)
(209)
381
(2,006)
193
(0)
—
2,397
7
(215)
(3,253)
(1,063) ¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
2007/5
8,720
1,071
155
—
—
—
16
—
276
26
323
(111)
136
177
(49)
36
(15)
(144)
22
—
60
—
(43)
—
48
—
(205)
25
(2,712)
14
(587)
1,395
242
1,507
(4)
12
10,397
54
(35)
(4,518)
5,897 ¥
¥ Cash Flows from Operating Activities:
Income before income taxes
Depreciation
Impairment loss
Amortization of business rights
Amortization of trade mark
Amortization of balance of issuance of bonds
Amortization of others
Amortization of consolidation adjustment account (excess of costs over assets acquired)
Amortization of goodwill
Increase (decrease) in allowance for doubtful receivables
Increase in reserve for bonus
Increase (decrease) in reserve for directors’ bonus
Increase in allowance for employees’ severance retirement benefits
Increase in allowance for directors’ retirement benefits
Interest and dividend income
Interest expenses
Foreign exchange loss (gain)
Investment loss on equity method
Constructive loss on change in equity (gain)
Gain on sale of fixed assets
Loss on sale and disposal of fixed assets
Loss on sale and disposal of fixed assets related to head office relocation
Gain on sale of investment securities
Loss on sale of investment securities
Valuation loss on investment securities
Loss relating to loss on sales of shares of affiliates
Gain on sale of securities in affiliated companies
Loss on sale of securities in affiliated companies
Increase in accounts receivable trade
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in accounts payable trade
Increase (decrease) in consumption tax payable
Increase (decrease) in other current liabilities
Directors’ bonuses paid
Other
Subtotal
Interest and dividends received
Interest paid
Income taxes paid
Net cash (used in) provided by operating activities
2001/5
(7,988)
154
—
8,525
608
1
45
4,299
—
41
123
—
1
138
(4)
357
0
14
—
—
142
—
(18)
—
2
—
(89)
—
(8,980)
(79)
(283)
5,192
4,743
673
(4)
—
7,616
6
(306)
(106)
Consolidated Statements of Cash Flows
2006/5
(36)
(1,048)
3
(933)
—
(177)
22
(858)
6
—
—
(761)
27
(229)
104
—
259
(720)
(4,341)
(122)
—
—
—
(213)
—
—
74
125
695
—
—
(645)
(78)
(164)
63
2,452
12,203
—
14,656 2005/5
(414)
(1,766)
15
(483)
0
(108)
68
—
—
(136)
—
—
—
(89)
178
(17)
750
(1,703)
(3,705)
(87)
—
(1,065)
—
(226)
—
—
746
112
1,023
—
—
(283)
(44)
175
9
1,777
10,426
—
12,203 2004/5
(51)
(399)
81
(369)
17
(104)
56
(360)
—
—
—
(46)
—
(19)
23
—
366
(602)
(1,406)
(516)
—
(2,070)
—
(233)
—
—
3,698
—
409
—
—
—
(27)
1,260
(21)
4,392
6,019
13
10,426 2003/5
(0)
(149)
3
(357)
80
(208)
42
(194)
—
(4)
—
(72)
—
(36)
34
—
124
(349)
(1,087)
(200)
30
(2,156)
—
(213)
—
—
—
—
16
—
—
—
(2)
(2,525)
0
703
5,316
—
6,019 2002/5
20
(244)
333
(661)
0
(480)
38
(37)
—
—
—
(23)
—
(338)
208
—
142
(333)
(1,374)
60
100
(3,687)
1,029
(91)
—
—
1,393
—
—
—
—
—
(1)
(1,197)
(0)
(3,636)
8,952
—
5,316 ¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
2007/5
(52)
(1,020)
—
(673)
0
(514)
2
(44)
—
(91)
3
(29)
278
(116)
239
(363)
242
(1,086)
(3,226)
(87)
—
(1)
—
(135)
—
—
71
82
57
(4,287)
—
(1,190)
(116)
(5,607)
29
(2,905)
14,656
—
11,750 ¥
¥
13
Millions of Yen
Cash Flows from Investing Activities:
Increase (decrease) in time deposits
Payments for purchases of fixed assets
Proceeds from sale of fixed assets
Payments for purchases of intangible assets
Proceeds from sale of intangible assets
Payments for purchases of investment securities
Proceeds from sale of investment securities
Payments for acquisition of securities of subsidiaries due to change in consolidated subsidiaries
Proceeds from acquisition of securities of subsidiaries due to change in consolidated subsidiaries
Payments for sale of securities of subsidiaries due to change in consolidated subsidiaries
Proceeds from sale of securities of subsidiaries due to change in consolidated subsidiaries
Payments for additional purchases of securities of subsidiaries
Proceeds from sale of certain of securities of subsidiaries
Payments for increase in loans receivable
Proceeds from collection of loans receivable
Payments for receipt of business rights
Proceeds from other investments
Payments for other investments
Net cash used in investing activities
Cash Flows from Financing Activities:
Decrease (increase) in short-term loans payable trade
Proceeds from long-term debt
Repayment of long-term debt
Proceeds from financial lease
Repayment of financial lease
Proceeds from issuance of bonds
Repayment of redemption of bonds
Proceeds from issuance of shares
Proceeds from minority shareholder payments
Value of underwriting rights to minority shareholders due to public offering of subsidiaries
Payments for purchase of treasury stock
Proceeds from issuance of shares to minority shareholders
Payments for dividends by parent company
Payments for dividends to minority shareholders
Net cash (used in) provided by financing activities
Effect of Exchange Rate Changes on Cash and Cash Equivalents
Net (decrease) Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of the Year
Increase (decrease) in Cash and Cash Equivalents due to Change in Scope of Consolidation
Cash and Cash Equivalents at End of the Year
2001/5
20
(105)
27
(1,375)
—
(369)
223
(2,503)
—
—
—
(90)
106
(12)
282
(12,986)
339
(476)
(16,919)
(60)
10,364
(1,554)
—
—
148
(150)
8,816
—
—
—
106
—
(2)
17,668
0
7,958
994
—
