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28
Bridgestone Annual Report 2004
received in connection with that fire; and an extraordinary loss of ¥5.8 billion in connection with
the impairment of fixed assets at certain operations in the Americas.
Income before income taxes and minority interests increased 12%, to ¥180.9 billion ($1,736
million).
Net income
Income taxes declined ¥5.9 billion ($57 million), reflecting the application of a tax credit for
research and development costs, and minority interests declined ¥982 million ($9 million). Net
income increased 29%, to ¥114.5 billion ($1,098 million), and net return on sales increased
0.8 percentage points, to 4.7%.
Net return on sales
(% of net sales)
FY 2004 2003 2002 2001 2000
4.7 3.9 2.0 0.8 0.9
Assets
Current assets increased 2%, to ¥1,193.6 billion ($11,454 million) at year-end. That increase
occurred despite a decline of ¥34.5 billion ($331 million) in cash and cash equivalents, which
resulted mainly from capital expenditure and from payments for the purchase of treasury stock. It
reflected an increase of ¥44.5 billion ($427 million) in notes and accounts receivable, which resulted
from growth in net sales, and an increase of ¥23.9 billion ($229 million) in inventories, which result-
ed from unit sales growth.
Fixed assets—net property, plant and equipment and total investments and other assets—
increased 8%, to ¥1,140.1 billion ($10,940 million) at year-end. That increase reflected growth
of ¥79.5 billion ($763 million) in fixed assets at year-end. Capital expenditure, at ¥191.0 billion
($1,833 million), exceeded depreciation, which totaled ¥106.0 billion ($1,017 million). Investments
in securities increased ¥18.8 billion ($180 million), which resulted from a net rise in the market
valuation of the Companies’ holdings of securities.
Current and long-term liabilities
Current liabilities increased 26%, to ¥715.0 billion ($6,861 million) at year-end. That increase
occurred as interest-bearing debt rose ¥83.8 billion ($804 million), largely on account of an increase
in the current portion of long-term debt; as the Company recorded ¥31.6 billion ($303 million) in
income taxes payable; and as the Companies’ made a provision for a voluntary tire replacement
undertaken by their operations in the Americas in February 2004.
Long-term liabilities declined 11%, to ¥651.3 billion ($6,250 million) at year-end. That decline
occurred despite an increase of ¥10.2 billion ($98 million) in the provision for retirement and
Operating Income Net Income
Financial condition
2000 2001 2002 2003 2004
¥
billion
197.7
161.8
118.0
183.3
183.9
2000 2001 2002 2003 2004
¥
billion
17.7 17.4
114.5
45.4
88.7
20.6 20.2
138.9
51.9
102.6
Diluted net income
per share (¥)