Bridgestone 2003 Annual Report Download - page 26

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24
BRIDGESTONE
2003 2002 2001 2000
Net sales: ¥2,303,917 ¥2,247,769 ¥2,133,825 ¥2,006,902
Tires 1,836,395 1,797,598 1,687,235 1,560,182
Other 467,522 450,171 446,590 446,720
Operating income 183,294 183,862 118,023 161,785
Net income 88,720 45,379 17,389 17,741
Net income per share (in yen):
Basic 102.75 51.97 20.20 20.60
Diluted 102.56 51.89 20.19 20.59
Total assets 2,220,613 2,143,928 2,443,793 2,038,578
Shareholders’ equity 887,987 796,013 835,144 778,713
Ratio of shareholders’ equity to total assets (%) 40.0 37.1 34.2 38.2
Additions to property, plant and equipment 155,742 116,764 104,313 137,772
Depreciation and amortization 104,383 119,466 132,920 119,925
Eleven-Year Summary
Bridgestone Corporation and Subsidiaries
Years ended December 31
Net return on assets
(% of simple average of year-end total assets)
FY 2003 2002 2001 2000 1999
4.1 2.0 0.8 0.9 4.9
The Companies’ debt to equity and debt ratio (interest-bearing debt divided by the sum of
shareholders’ equity and interest-bearing debt) declined to 0.35 at year-end, from 0.37 a year
earlier. Total interest-bearing debt increased 3.6%, to ¥487.2 billion ($4,548 million), on account
of an increase of 38.3% in long-term debt, to ¥399.4 billion ($3,728 million).
Debt/equity and debt ratio
(times)
FY 2003 2002 2001 2000 1999
0.35 0.37 0.48 0.40 0.31
Purchases of property plant and equipment increased 33.4%, to ¥155.7 billion ($1,454 million).
Investment centered on equipment renewals, new technologies and equipment for raising pro-
ductivity, equipment and facilities for expanding production capacity, facilities for strengthening
logistics and marketing, and equipment and facilities for developing products and technologies.
0
300
600
900
1,200
1,500
1999 2000 2001 2002 2003
¥ billion
0
40
80
120
160
200
1999 2000 2001 2002 2003
¥ billion
0
60
120
180
240
300
1999 2000 2001 2002 2003
¥ billion
Net Assets per Share Capital Spending Cash Flow
(net cash provided by operating activities)
MANAGEMENT’S DISCUSSION AND ANALYSIS