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ISUZU MOTORS LIMITED ANNUAL REPORT 2003
18
Consolidated Statements of Operations
For the years ended March 31, 2003, 2002 and 2001
Thousands of
Millions of Yen U.S. Dollars
2003 2002 2001 2003
Net Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥1,349,449 ¥1,597,701 ¥1,569,199 $11,226,704
Cost of Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,171,366 1,355,190 1,343,166 9,745,144
Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . 178,083 242,510 226,032 1,481,559
Selling, General and Administrative
Expenses (Notes 5, 12) . . . . . . . . . . . . . . . . . . 162,621 227,376 253,349 1,352,923
Operating Income (Loss) . . . . . . . . . . . . . . . . 15,462 15,134 (27,316) 128,636
Other Income (Expenses):
Interest and dividend income . . . . . . . . . . . . 2,724 4,145 5,318 22,663
Interest expense . . . . . . . . . . . . . . . . . . . . . . (18,026) (21,848) (23,522) (149,971)
Equity in earnings of unconsolidated
subsidiaries and affiliates . . . . . . . . . . . . . . (726) (2,211) (1,149) (6,044)
Others, net . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,633) 2,794 (766) (30,227)
Loss before special items . . . . . . . . . . . . . . . (4,200) (1,984) (47,435) (34,944)
Extraordinary Items:
Gain (loss) on sales or disposal of property,
plant and equipment, net . . . . . . . . . . . . . . (504) 5,526 5,306 (4,200)
Gain on sales of investments . . . . . . . . . . . . 9,947 7,878 1,017 82,760
Gains on return of substituted portion of
employee pension fund (Notes 2, 5) . . . . . 13,437 ––111,791
Loss on revaluation of investments . . . . . . . (9,538) (15,209) (17,006) (79,355)
Loss on business model reform . . . . . . . . . . (12,201) ––(101,507)
Loss on investment for affiliated
company restructuring . . . . . . . . . . . . . . . . (76,752) ––(638,537)
Severance benefit of early retirement plan . . . (24,808) (14,475) – (206,391)
Others, net . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,906) (10,241) (15,181) (57,462)
Loss before Income Taxes
and Minority Interests . . . . . . . . . . . . . . . . . (111,527) (28,506) (73,300) (927,848)
Income Taxes (Note 6):
Current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,103 5,616 4,149 42,455
Deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,348 9,532 (5,197) 210,883
Minority Interests in Income of
Consolidated Subsidiaries . . . . . . . . . . . . . . . 2,323 (664) (5,466) 19,327
Net Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ (144,301) ¥(42,991) ¥ (66,787) $(1,200,515)
Yen U.S. Dollars
Per Share of Common Stock:
Net Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥(131.34) ¥(33.68) ¥(52.76) $(1.09)
See accompanying notes to consolidated financial statements.