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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nine Entertainment Co Holdings Limited | ASX:NEC | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -1.39% | 1.4225 | 1.415 | 1.43 | 1.445 | 1.4175 | 1.44 | 1,583,746 | 09:50:00 |
RNS Number:3386R NEC Corporation 27 October 2003 October 23, 2003 Consolidated Financial Results for the First Half of the Fiscal Year Ending March 31, 2004 Consolidated Financial Results Six months ended Six months ended Increase September 30, 2003 September 30, 2002 (Decrease) In billions of yen % Net sales 2,283.0 2,173.8 5.0 Operating income 58.0 26.7 117.1 Income before income taxes 77.7 20.3 281.8 Net income 15.4 1.0 - Yen Yen Yen Net income per share: Basic: 9.38 0.63 8.75 Diluted: 8.70 0.60 8.10 As of September 30, As of September 30, Increase 2003 2002 (Decrease) In billions of yen In billions of yen % Total assets: 4,140.5 4,575.3 (9.5) Number of Employees: 147,004 149,318 - (Notes) 1. The consolidated financial statements of NEC are prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. 2. Number of consolidated subsidiaries and affiliated companies accounted for by the equity method is as follows: As of September 30, 2003 As of September 30, 2002 Consolidated subsidiaries 196 181 Affiliated companies accounted for by the equity method 17 11 3. 16 subsidiaries were newly consolidated and 3 subsidiaries were excluded, and no affiliated companies were newly accounted or excluded by the equity method during the six months ended September 30, 2003. -------------------------------------------------------------------------------- I. Management Policy 1. Fundamental Management Policy NEC is currently facing tumultuous changes in its markets. The global economy is weak and Japan is experiencing continuing deflation, which was partly triggered by the emergence of China as the world's "manufacturing center." At the same time, there is growing demand for solutions that will help corporations persist in this challenging business climate. Adoption of IP (Internet Protocol) and broadband networks is rapidly advancing, and servers and personal computers ("PCs") are becoming more sophisticated. NEC intends to leverage these technologies in order to enhance corporate value, and expand its solutions businesses based on communications technologies, and Integrated IT/Network Solutions that solve our customers' issues by combining both information and network technologies. 2. Fundamental Policy on Distribution of Profits In addition to moving forward with the restructuring of its businesses, NEC needs to adopt a flexible policy in order to better respond to the rapidly changing business environment. In light of these business requirements, NEC takes the following factors into account in determining its cash dividends, among other factors: the profits earned in each fiscal period, the profitability outlook for the following fiscal periods, the dividend payout ratio, and the demand for internal funds such as funds for capital expenditure. Payment of dividends for this interim period was undetermined until today. NEC declared interim dividends of 3 yen per common share for the six months ended September 30, 2003, and plans to pay year-end dividends of 3 yen per common share for the fiscal year ending March 31, 2004. 3. The Company's Principles and Policies on Reducing the Number of Shares in a Unit of Stock Reducing the number of shares in a unit of stock is recognized as an effective way to increase the number of individual investors and enhance stock liquidity, but it entails substantial expense. NEC will continue studying the possibility of reducing the number of shares in a unit of stock, taking into account, among other issues, the stock price levels, the number of shareholders, the shareholder composition, cost effectiveness, and NEC's financial condition. 4. Mid- to Long-Term Business Strategy During the previous year, recognizing the differences in customers in each business domain and what is required to survive competition, NEC divided its business domains into two main areas; 'Integrated IT/Network Solutions' and 'Semiconductor Solutions'. On April 1, 2003, NEC shifted from an in-house company system to a business line system based on nine business lines to encourage open and flat operations. The Domestic Sales line is responsible for the provision of Integrated IT/Network Solutions, which are expected to be a rapidly growing market. NEC assigned executive directors to establish a structure for the Integrated IT/Network Solutions business and to strengthen software and hardware development in the integrated areas. NEC's semiconductor business, NEC Electronics Corporation, was separated from NEC through a corporate separation, and listed on the Tokyo Stock Exchange on July 24, 2003. NEC Electronics Corporation aims to enhance its corporate value as a specialized semiconductor solutions provider, and to create a financial base rivaling that of its international competitors. NEC Electronics Corporation pursues synergies in the areas of business and technology as a strategic partner of NEC. 5. Growth Strategy NEC is currently grappling with the challenge to increase its shareholder equity. To increase shareholder equity, it is imperative for NEC to increase operating income, which is the profit obtained from ordinary business activities. Therefore, NEC intends to improve its business structure and to carry forward with its new growth strategy, and to implement management reforms to realize these objectives. First, as a measure to improve the business structure, NEC continues to enhance innovations in production and supply-chain-management, and to improve its profitability and financial condition through further reductions in materials costs and reduction of assets. Through these measures, NEC intends to establish a healthy business from which profits can be obtained even under deflationary economic conditions in order to improve its financial results. Next, the new emphasis on strategy for growth is based on two main concepts, the first of which is providing services that integrate the IT solution and network solution. Overlapping fields between IT and network have appeared due to the increasingly sophisticated use of information systems and diversification of communications services. NEC intends to generate new demand, taking advantage of its strength in both of these fields. Furthermore, NEC also aims to offer total solutions by building network infrastructures, and developing and operating business application software as well as providing hardware and software. The second concept is global business expansion. In order to achieve this, NEC is strengthening its IT Solutions business in four global regions (Europe, China /Taiwan, Asia/Pacific, and North America), and implementing a cross-cutting business management in each region. Another key driver of global expansion is mobile terminals that are part of NEC's Network Solutions business. Based on a solid domestic operating base, NEC will actively introduce its products in overseas markets, focusing particularly in Europe and China. NEC intends to undertake management reforms to realize the foregoing concepts of strategy for growth. Through a new management structure based on its business lines, NEC aims to achieve open and flat operations that concentrate on the market and customers, making it possible to satisfy the increasing market demands that follow the development of fusion of IT and network technologies. NEC's overall aim is to create a corporate climate where the guiding principles are 'market and customer oriented', and where customer satisfaction is the byword in all activities. Through these measures, NEC will seek to achieve a status as a global excellent company. 6. Basic Policy and Implementation Status of Plan Regarding Corporate Governance NEC believes that strong corporate governance is vital in maximizing its corporate value, which embodies the company's value for its shareholders, customers, and employees. Recognizing this, NEC aims to strengthen its corporate governance, in accordance with the following three principles: (i) Transparency and integrity of management. (ii)Clear accountability. (iii)Timely and fair disclosure. Corporate Governance Structure To achieve fast decision-making and clearly delineate business responsibilities, NEC established a corporate officer system in April 2000. In accordance with this system, NEC has adjusted its personnel numbers and the structure of its Board of Directors. Board of Directors The Board of Directors includes 3 outside members and consists of a total of 15 members as of September 30, 2003. In order to strengthen its monitoring function NEC plans to increase the number of outside members to one third of the total. In principle, the Board of Directors holds ordinary meetings once a month. The Board also holds extraordinary meetings when urgent decisions are required. It deliberates and decides on matters concerning corporate management plans as well as NEC's important organizational structure, personnel affairs, investments, business reforms and restructurings and the terms of significant contracts. Issues of particular importance are discussed prior to board meetings by the Executive Committee, which consists of 15 directors and 5 corporate officers as of September 30, 2003. To supplement the supervisory functions of the Board of Directors, NEC established the Management Advisory Committee and the Compensation Committee. Management Advisory Committee The Management Advisory Committee discusses a wide range of management issues from objective and independent perspectives. As of September 30, 2003, the committee consists of 12 members, 5 of whom are prominent individuals outside the NEC group. The committee holds meetings 4 times a year to discuss important management issues such as the NEC group's medium-term management strategy. Compensation Committee The Compensation Committee is a consultative body to the Board of Directors, which from an objective standpoint, regularly reviews the executive remuneration system and deliberates on the appropriate level of compensation for directors and corporate officers. As of September 30, 2003 the committee consists of 5 members, 2 of whom are from outside the NEC group. This committee holds meetings twice a year. Corporate Auditors and Board of Corporate Auditors Corporate auditors are elected at the ordinary general meeting of shareholders and act independently of directors. Their responsibility is to monitor the actions of the directors to confirm that they comply with applicable laws and regulations. NEC has 2 full-time auditors and 2 auditors from outside the NEC group as of September 30, 2003. In principle, the Board of Auditors meets once a month. Each corporate auditor carries out audits through methods that include attending important corporate meetings, requesting business reports from directors, and investigating subsidiaries. Corporate auditors also request additional reporting as needed from the corporate internal auditing sections and the independent auditors. Corporate Auditing Bureau The Corporate Auditing Bureau carries out internal audits related to accounts and compliance in close cooperation with corporate auditors and independent auditors. II. Business Results & Financial Condition 1. Business Results Overview of the first half of the fiscal year ending March 31, 2004, and outlook for the full fiscal year ending March 31, 2004 Since hitting bottom at the outbreak of the war on Iraq, the stock market in Japan has been making gradual improvement, and business confidence has returned somewhat during the current interim period. However, as price competition continued to intensify in the hardware sector and prices continued to drop in the software services sector as well, business condition of NEC remained severe. In this business environment, NEC achieved consolidated net sales of 2,283.0 billion yen for the first half of the fiscal year ending March 31, 2004 as a result of increased earnings from mobile handsets etc., an increase of 5% as compared with the corresponding period of the previous fiscal year. In addition to increased sales, the promotion of structural reforms and cost reductions helped NEC achieve operating income of 58.0 billion yen (an increase of 31.3 billion yen as compared with the corresponding period of the previous fiscal year). NEC recorded an interim net income before income taxes of 77.7 billion yen (an increase of 57.4 billion yen as compared with the corresponding period of the previous fiscal year). The main reason for such an increase in interim net income before income taxes was that NEC recorded a considerable amount of gain from stock issuances as a result of the listings of NEC Electronics Corporation and NEC System Technologies, Ltd. Interim net income for the six months ended September 30, 2003 was 15.4 billion yen, an increase of 14.4 billion yen as compared with the corresponding period of the previous fiscal year. For the full fiscal year ending March 31, 2004, the mobile communications business is expected to expand even further. Although systems integration ("SI") services and network infrastructure remain under difficult business conditions, both are anticipated to grow steadily, and net sales are expected to exceed the forecast for the full fiscal year announced in April, 2003. NEC also expects to achieve its operating income forecast. Consolidated income before income taxes and consolidated net income are both expected to exceed the forecast for the fiscal year ending March 31, 2004 that was announced in April 2003, mainly due to gains recorded from the stock issuance by NEC Electronics Corporation, a subsidiary of NEC Corporation. The following table presents our revised financial results forecast for the full fiscal year ending March 31, 2004: Consolidated Revised forecast on Comparison with the October 23, 2003 forecast on April 24, 2003 In billions of yen In billions of yen Net Sales 4,850.0 +50.0 Operating income 180.0 - Income before income 160.0 +40.0 taxes Net income 40.0 +10.0 Non-consolidated Revised forecast on Comparison with the October 23, 2003 forecast on April 24, 2003 In billions of yen In billions of yen Net Sales 2,400.0 - Ordinary income 35.0 - Net income 25.0 +10.0 Results by business segments (including inter-segment transactions and profit/loss figures) Sales and segment profits of NEC's main segments were as follows (figures in brackets denote increases or decreases as compared with the corresponding period of the previous fiscal year): IT Solutions Business Sales: 949.4 billion yen (+- 0%) Segment profit: 33.9 billion yen (+ 4.0 billion yen) Sales of IT Solutions business for the first half of the fiscal year ending March 31, 2004 amounted to 949.4 billion yen. Although the domestic environment of IT investments remained severe, NEC was able to maintain sales on a level almost equivalent to that of the corresponding period in the previous fiscal year. Sales for the main product areas were as follows: In the area of SI services, sales were 326.1 billion yen, an increase of 3% as compared with the corresponding period of the previous fiscal year. This was mainly due to steady growth in the sales of SI services to the private sector, as well as steady demand in the public sector. In the area of software, sales decreased by 16% to 41.6 billion yen due to the fact that large shipments were secured during the corresponding period of the previous fiscal year. In the area of computer platforms, despite the lack of large shipments as compared with the corresponding period of the previous fiscal year, sales increased by 3% to 233.8 billion yen as compared with the corresponding period of the previous fiscal year mainly due to the growth in sales of optical disk drives. In the area of personal solutions business, the steady growth in domestic shipments of personal computers in the three months ended September 30, 2003 failed to compensate for the decreases in the three months ended June 30, 2003, resulting in a decrease of 3% to 347.9 billion yen as compared with the corresponding period of the previous fiscal year. Segment profit of the IT Solutions business was 33.9 billion yen, an increase of 4.0 billion yen as compared with the corresponding period of the previous fiscal year. The main contributing factor was the significant improvement in the profitability of the personal solutions business, mainly in personal computers, resulting from the cost reductions achieved through centralized purchasing and the standardization of parts, as well as reduced fixed expenses achieved through restructuring initiatives. Network Solutions Business Sales: 852.5 billion yen (+ 21%) Segment profit: 25.0 billion yen (+ 12.8 billion yen) Sales of the Network Solutions business were 852.5 billion yen for the first half of the fiscal year ending March 31, 2004, an increase of 21% as compared with the corresponding period of the previous fiscal year. The increase was mainly due to the significant growth in shipments of mobile handsets in both overseas and domestic markets. Sales for main product areas were as follows: In the area of broadband, new business opportunities emerged with the rapid spreading of broadband access in the domestic market, and demands for new services by corporate customers were increasing. Nonetheless, shipments for telecommunications carriers in the overseas market decreased significantly contributing to a 3% decrease of broadband sales to 221.9 billion yen as compared with the corresponding period of the previous fiscal year. In the area of mobile communications, although sales of mobile infrastructure decreased largely from the corresponding period of the previous year, shipments for mobile handsets with cameras in the domestic market grew steadily and full-scale shipments to overseas markets were launched which led to the increase of 36% in sales to 515.6 billion yen, as compared with the corresponding period of the previous fiscal year. In the area of social infrastructure, due to the growth of shipments of digital terrestrial broadcasting systems to customers in Japan, sales increased by 17% to 115.0 billion yen as compared with the corresponding period of the previous fiscal year. Segment profit of the Network Solutions business doubled as compared with the corresponding period of the previous fiscal year, to 25.0 billion yen. This was mainly due to the improved profitability in the broadband area stemming from the various measures to reduce fixed expenses and costs that are implemented from the previous fiscal year. Electron Devices Business Sales: 460.9 billion yen (- 3%) Segment profit: 21.6 billion yen (+ 26.7 billion yen) Sales of Electron Devices business for the first half of the fiscal year ending March 31, 2004 decreased by 3% to 460.9 billion yen as compared with the corresponding period of the previous fiscal year. The decrease reflected the restructuring of businesses implemented in the previous fiscal year. Sales in the main product areas were as follows: Sales of semiconductors increased by 3% to 360.4 billion yen as compared with the corresponding period of the previous fiscal year, although sales of semiconductors for game consoles decreased significantly. The sales increase in semiconductors was mainly due to increased sales of non-DRAM, the core business for NEC in the area of semiconductors, for mobile handsets and automobiles, as well as resale products. In the display area, action was taken to shift to high value-added color liquid crystal displays ("LCDs") used in industrial applications, and efforts were made to reduce the amount of business in unprofitable general-purpose products for personal computers. This resulted in a decrease in sales of 25% to 43.0 billion yen as compared with the corresponding period of the previous fiscal year. Although the electronic components business grew steadily, sales of electronic components and others decreased by 16% as compared with the corresponding period of the previous fiscal year to 57.5 billion yen as a result of the printed wiring boards business and car electronics business being deconsolidated due to business reorganization implemented during the previous fiscal year. Electron Devices business recorded segment profit of 21.6 billion yen for the first half of the fiscal year ending March 31, 2004. Although Electron Devices business recorded a loss of 5.0 billion yen in the corresponding period of the previous fiscal year, sales started realizing profit from the three months ended March 31, 2003. This was mainly due to increased profit in the semiconductor area, the core business of the Electron Devices business, reflecting steady market trends, and the positive effects of structural reforms, in addition to improved profitability in the LCD business, a loss making business area, and to the profits made in the electronic components business. 2. Financial Condition Net cash provided by operating activities for the first half of the fiscal year ending March 31, 2004 was 107.0 billion yen, an increase of 56.4 billion yen as compared with the corresponding period of the previous fiscal year. This was a result of the company's profits in interim net income, and a reduction in inventories as NEC reduced its materials costs. Net cash used in investing activities totaled 8.8 billion yen, an improvement of 1.6 billion yen as compared with the corresponding period of the previous fiscal year. As a result, free cash flows (the total of cash flows from operating activities and cash flows from investing activities) were cash inflows of 98.2 billion yen, an improvement of 58.0 billion yen as compared with the corresponding period of the previous fiscal year. Net cash provided by financing activities was 5.6 billion yen. This money was brought in through proactively decreasing interest-bearing debts, and proceeds from the listing of subsidiaries. As a result, cash and cash equivalents amounted to 448.3 billion yen, an increase of 103.9 billion as compared with the end of the previous fiscal year that ended March 31, 2003. The balance of interest-bearing debt amounted to 1,382.8 billion yen, a decrease of 104.2 billion yen as compared with the end of the previous fiscal year, mainly due to the fact that free cash flows were improved. Debt equity ratio was 3.54 (an improvement of 0.61 points as compared with the end of the previous fiscal year). The balance of interest bearing debt (net), obtained by offsetting the balance of interest bearing debt with the balance of cash equivalents, amounted to 934.5 billion yen, a decrease of 208.2 billion yen as compared with the end of the previous fiscal year, and the debt equity ratio was 2.39 (an improvement of 0.80 points as compared with the end of the previous fiscal year). *** -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions of yen, millions of U.S. dollars) Six months ended September 30 2003 (% of net 2002 (% of net Increase 2003 Fiscal (% of net (Unaudited) sales) (Unaudited) sales) (decrease)(Unaudited) 2003 sales) Net sales JPY 2,283,019 (100.0)JPY2,173,878 (100.0)JPY 109,141 $20,568 JPY4,695,035 (100.0) Cost of sales 1,676,519 (73.4) 1,572,488 (72.3) 104,031 15,104 3,453,010 (73.5) Selling, general and 548,478 (24.1) 574,669 (26.5) (26,191) 4,941 1,121,136 (23.9) administrative expenses Operating income 58,022 (2.5) 26,721 (1.2) 31,301 523 120,889 (2.6) Non-operating income 89,926 (3.9) 100,555 (4.6) (10,629) 810 153,597 (3.3) Interest and dividends 6,490 9,702 (3,212) 58 18,396 Other 83,436 90,853 (7,417) 752 135,201 Non-operating expenses 70,161 (3.0) 106,900 (4.9) (36,739) 632 212,990 (4.6) Interest 14,131 17,307 (3,176) 127 30,218 Other 56,030 89,593 (33,563) 505 182,772 Income before income taxes 77,787 (3.4) 20,376 (0.9) 57,411 701 61,496 (1.3) Provision for income taxes 38,893 (1.7) 8,558 (0.4) 30,335 351 58,714 (1.3) Minority interest in income of 6,933 (0.3) 931 (0.0) 6,002 62 6,896 (0.1) consolidated subsidiaries Equity in losses of affiliated (16,464) (-0.7) (9,850) (-0.5) (6,614) (148) (20,444) (-0.4) companies Net income (loss) JPY 15,497 (0.7) JPY 1,037 (0.0) JPY 14,460 $140(JPY 24,558) (-0.5) (Note) US dollar amounts are translated from yen, for convenience only, at the rate of US$1 = 111 yen. -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED BALANCE SHEETS (In millions of yen, millions of U.S. dollars) September 30, September 30, Increase March 31, Increase September 30, 2003 2002 (decrease) 2003 (decrease) 2003 (Unaudited) (Unaudited) (Unaudited) Current assets JPY 2,021,940 JPY 2,091,792 (JPY69,852)JPY1,920,042 JPY101,898 $18,216 Cash and cash equivalents 448,303 272,859 175,444 344,345 103,958 4,039 Notes and accounts receivable, trade 737,718 675,889 61,829 821,985 (84,267) 6,646 Current portion of investment in leases - 244,640 (244,640) - - - Inventories 631,271 636,261 (4,990) 553,820 77,451 5,687 Other current assets 204,648 262,143 (57,495) 199,892 4,756 1,844 Long-term assets 2,118,560 2,483,594 (365,034) 2,183,258 (64,698) 19,086 Long-term receivables, trade 24,397 30,643 (6,246) 33,073 (8,676) 220 Investments and advances 436,563 463,154 (26,591) 433,027 3,536 3,933 Investment in leases - 247,442 (247,442) - - - Property, plant and equipment 807,821 944,255 (136,434) 838,341 (30,520) 7,278 Other assets 849,779 798,100 51,679 878,817 (29,038) 7,655 Total assets JPY 4,140,500 JPY 4,575,386(JPY434,886)JPY4,103,300 JPY37,200 $37,302 Current liabilities JPY 1,728,001 JPY 1,917,538(JPY189,537)JPY1,774,224(JPY46,223) $15,568 Short-term borrowings and current portion of 457,984 744,496 (286,512) 483,306 (25,322) 4,126 long-term debt Notes and accounts payable, trade 856,403 723,743 132,660 875,018 (18,615) 7,715 Other current liabilities 413,614 449,299 (35,685) 415,900 (2,286) 3,727 Long-term liabilities 1,663,799 1,877,558 (213,759) 1,737,219 (73,420) 14,989 Long-term debt 924,854 1,389,338 (464,484) 1,003,787 (78,933) 8,332 Accrued pension and severance costs 706,083 459,220 246,863 705,551 532 6,361 Other 32,862 29,000 3,862 27,881 4,981 296 Minority shareholders' equity in 259,521 152,465 107,056 135,613 123,908 2,338 consolidated subsidiaries Preferred securities issued by a subsidiary 98,100 97,500 600 97,800 300 884 Common stock 244,726 244,726 - 244,726 - 2,205 Additional paid-in capital 362,016 361,820 196 361,820 196 3,261 Retained earnings 52,102 67,162 (15,060) 41,567 10,535 469 Accumulated other comprehensive income (265,015) (140,893) (124,122) (286,417) 21,402 (2,387) (loss) Treasury stock (2,750) (2,490) (260) (3,252) 502 (25) Total shareholders' equity 391,079 530,325 (139,246) 358,444 32,635 3,523 Total liabilities and shareholders' equity JPY 4,140,500 JPY 4,575,386 (JPY JPY JPY 37,200 $37,302 434,886) 4,103,300 -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED BALANCE SHEETS (SUPPLEMENTARY INFORMATION) (In millions of yen, millions of U.S.dollars) September 30, September 30, Increase March 31, Increase September 30, 2003 2002 (decrease) 2003 (decrease) 2003 (Unaudited) (Unaudited) (Unaudited) Current assets JPY 2,021,940 JPY 1,814,462 JPY JPY JPY $18,216 207,478 1,920,042 101,898 Cash and cash equivalents 448,303 248,074 200,229 344,345 103,958 4,039 Notes and accounts receivable, trade 737,718 697,176 40,542 821,985 (84,267) 6,646 Inventories 631,271 636,261 (4,990) 553,820 77,451 5,687 Other current assets 204,648 232,951 (28,303) 199,892 4,756 1,844 Long-term assets 2,118,560 2,219,261 (100,701) 2,183,258 (64,698) 19,086 Long-term receivables, trade 24,397 30,643 (6,246) 33,073 (8,676) 220 Investments and advances 436,563 483,000 (46,437) 433,027 3,536 3,933 Property, plant and equipment 807,821 916,980 (109,159) 838,341 (30,520) 7,278 Other assets 849,779 788,638 61,141 878,817 (29,038) 7,655 Total assets JPY 4,140,500 JPY 4,033,723 JPY JPY JPY 37,200 $37,302 106,777 4,103,300 Current liabilities JPY 1,728,001 JPY 1,727,636 JPY 365 JPY (JPY $15,568 1,774,224 46,223) Short-term borrowings and current portion 457,984 531,585 (73,601) 483,306 (25,322) 4,126 of long-term debt Notes and accounts payable, trade 856,403 763,258 93,145 875,018 (18,615) 7,715 Other current liabilities 413,614 432,793 (19,179) 415,900 (2,286) 3,727 Long-term liabilities 1,663,799 1,542,440 121,359 1,737,219 (73,420) 14,989 Long-term debt 924,854 1,057,593 (132,739) 1,003,787 (78,933) 8,332 Accrued pension and severance costs 706,083 458,231 247,852 705,551 532 6,361 Other 32,862 26,616 6,246 27,881 4,981 296 Minority shareholders' equity in 259,521 135,822 123,699 135,613 123,908 2,338 consolidated subsidiaries Preferred securities issued by a subsidiary 98,100 97,500 600 97,800 300 884 Common stock 244,726 244,726 - 244,726 - 2,205 Additional paid-in capital 362,016 361,820 196 361,820 196 3,261 Retained earnings 52,102 67,162 (15,060) 41,567 10,535 469 Accumulated other comprehensive income (265,015) (140,893) (124,122) (286,417) 21,402 (2,387) (loss) Treasury stock (2,750) (2,490) (260) (3,252) 502 (25) Total shareholders' equity 391,079 530,325 (139,246) 358,444 32,635 3,523 Total liabilities and shareholders' equity JPY 4,140,500 JPY 4,033,723 JPY JPY JPY 37,200 $37,302 106,777 4,103,300 (Note) In the condensed consolidated balance sheets on this page, the investment in a leasing subsidiary is accounted for by the equity method. -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions of yen, millions of U.S. dollars) Six months ended September 30 2003 2002 Increase 2003 Fiscal (Unaudited) (Unaudited) (Decrease) (Unaudited) 2003 I. Cash flows from operating activities: Net income JPY 15,497 JPY 1,037 JPY 14,460 $140 (JPY 24,558) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 83,003 95,631 (12,628) 748 195,594 Equity in losses of affiliated companies, net of dividends 16,949 11,280 5,669 153 22,006 Decrease in notes and accounts receivable 88,442 241,638 (153,196) 797 116,340 (Increase) decrease in inventories (81,794) 13,004 (94,798) (737) 79,343 Increase (decrease) in notes and accounts payable 3,691 (208,548) 212,239 33 (109,387) Other, net (18,708) (103,417) 84,709 (169) (31,835) Net cash provided by operating activities 107,080 50,625 56,455 965 247,503 II. Cash flows from investing activities: Proceeds from sales of fixed assets 27,009 22,569 4,440 243 99,722 Additions to fixed assets (115,442) (104,116) (11,326) (1,040) (210,261) Proceeds from sales of marketable securities 21,723 57,746 (36,023) 196 71,919 Purchase of marketable securities (7) (1,422) 1,415 0 (2,277) Other, net 57,910 14,773 43,137 522 29,311 Net cash used in investing activities (8,807) (10,450) 1,643 (79) (11,586) Free cash flows (I + II) 98,273 40,175 58,098 886 235,917 III. Cash flows from financing activities: Net repayment of bonds and borrowings (100,675) (148,695) 48,020 (907) (272,448) Proceeds from stock issuances by subsidiaries 106,419 15,747 90,672 959 17,923 Dividends paid (920) (6,359) 5,439 (8) (7,291) Other, net 849 (171) 1,020 7 (933) Net cash provided by (used in) financing activities 5,673 (139,478) 145,151 51 (262,749) Effect of exchange rate changes on cash and cash equivalents 12 (5,610) 5,622 (0) (6,595) Net increase (decrease) in cash and cash equivalents 103,958 (104,913) 208,871 937 (33,427) Cash and cash equivalents at beginning of period 344,345 377,772 (33,427) 3,102 377,772 Cash and cash equivalents at end of period JPY 448,303 JPY 272,859 JPY $4,039 JPY 175,444 344,345 -------------------------------------------------------------------------------- SEGMENT INFORMATION 1.Business Segment Information (1) Net Sales (Including internal sales to other segments) (In millions of yen, millions of U.S. dollars) Six months ended 2003 (% of % 2002 (% of 2003 Fiscal 2003 (% of September 30 (Unaudited) total) change (Unaudited) total) (Unaudited) total) IT Solutions business JPY 949,485 (41.6) 0.0 JPY 949,693 (43.7) $8,554 JPY (44.4) 2,082,624 Network Solutions 852,571 (37.3) +20.9 705,018 (32.4) 7,681 1,576,333 (33.6) business Electron Devices business 460,920 (20.2) -3.4 476,921 (21.9) 4,152 936,719 (20.0) Others 313,526 (13.7) +3.1 304,172 (14.0) 2,825 661,694 (14.0) Eliminations (293,483) (-12.8) - (270,953) (-12.4) (2,644) (579,867) (-12.4) Electronics business 2,283,019 (100.0) +5.5 2,164,851 (99.6) 20,568 4,677,503 (99.6) total Leasing business - - - 19,627 (0.9) - 38,222 (0.8) Eliminations - - - (10,600) (-0.5) - (20,690) (-0.4) Consolidated total JPY (100.0) +5.0 JPY (100.0) $20,568 JPY (100.0) 2,283,019 2,173,878 4,695,035 (2) Segment Profit or Loss (In millions of yen, millions of U.S. dollars) Six months ended 2003 (% of profit Increase 2002 (% of profit 2003 Fiscal 2003 (% of September 30 (Unaudited) on sales) (decrease) (Unaudited) on sales) (Unaudited) profit on sales) IT Solutions business JPY 33,992 (3.6) JPY 4,089 JPY 29,903 (3.1) $306 JPY 105,815 (5.1) Network Solutions 25,002 (2.9) 12,826 12,176 (1.7) 225 34,284 (2.2) business Electron Devices 21,645 (4.7) 26,704 (5,059) (-1.1) 195 (2,282) (-0.2) business Others 308 (0.1) (3,134) 3,442 (1.1) 3 14,838 (2.2) Eliminations (3,432) - (4,645) 1,213 - (31) 156 - Unallocated corporate (19,493) - (1,787) (17,706) - (175) (38,486) - expenses* Electronics business 58,022 (2.5) 34,053 23,969 (1.1) 523 114,325 (2.4) total Leasing business - - (3,941) 3,941 (20.1) - 8,154 (21.3) Eliminations - - 1,189 (1,189) - - (1,590) - 58,022 (2.5) 31,301 26,721 (1.2) 523 JPY 120,889 (2.6) Other income 89,926 (10,629) 100,555 810 153,597 Other expenses (70,161) 36,739 (106,900) (632) (212,990) Consolidated income JPY 77,787 JPY 57,411 JPY 20,376 $701 JPY 61,496 before income taxes (Notes) * Corporate expenses include general corporate expenses and research and development expenses at NEC Corporation which are not allocated to any business segment. (3) Net Sales to External Customers (Unaudited) (In billions of yen, millions of U.S. dollars) Six months ended September 30 2003 2002 % change 2003 IT Solutions business JPY 855.6 JPY 865.8 -1.2 $7,709 Domestic 707.4 749.3 -5.6 6,374 Overseas 148.1 116.4 +27.2 1,335 Network Solutions business 809.1 653.3 +23.8 7,290 Domestic 627.2 472.3 +32.8 5,651 Overseas 181.8 181.0 +0.5 1,639 Electron Devices business 400.5 434.9 -7.9 3,608 Domestic 231.0 276.8 -16.5 2,081 Overseas 169.4 158.1 +7.2 1,527 Others 217.6 203.3 +7.0 1,961 Domestic 160.0 161.3 -0.8 1,442 Overseas 57.5 41.9 +37.1 519 Electronics business total 2,283.0 2,157.5 +5.8 20,568 Domestic 1,725.8 1,659.8 +4.0 15,548 Overseas 557.1 497.6 +12.0 5,020 Leasing business - 16.3 - - Domestic - 16.3 - - Overseas - - - - Consolidated total JPY 2,283.0 JPY 2,173.8 +5.0 $20,568 Domestic 1,725.8 1,676.2 +3.0 15,548 Overseas 557.1 497.6 +12.0 5,020 (4) Net Sales by Products and Services (Including internal sales to other segments) (Unaudited) (In billions of yen, millions of U.S. dollars) Six months ended September 30 2003 2002 % change 2003 IT Solutions business JPY 949.4 JPY 949.6 0.0 $8,554 SI / Services 326.1 316.3 +3.1 2,938 Software 41.6 49.3 -15.6 375 Computers / Platforms 233.8 226.9 +3.0 2,106 Personal Solutions 347.9 357.1 -2.6 3,135 Network Solutions Business JPY 852.5 JPY 705.0 +20.9 $7,681 Broadband 221.9 227.7 -2.5 1,999 Mobile 515.6 378.7 +36.1 4,645 Social Infrastructure 115.0 98.6 +16.6 1,037 Electron Devices business JPY 460.9 JPY 476.9 -3.4 $4,152 Semiconductors 360.4 350.7 +2.8 3,247 Displays 43.0 57.5 -25.2 387 Electronic Components 57.5 68.7 -16.3 518 2. Geographic Segment Information (1) Net Sales (In millions of yen, millions of U.S. dollars) Six months ended 2003 (% of % 2002 (% of 2003 Fiscal 2003 (% of September 30 (Unaudited) total) change (Unaudited) total) (Unaudited) total) Location Japan JPY 1,808,049 (79.2) (1.4) JPY 1,783,192 (82.0) $16,289 JPY (82.6) 3,879,454 Overseas 474,970 (20.8) (21.6) 390,686 (18.0) 4,279 815,581 (17.4) Consolidated JPY 2,283,019 (100.0) (5.0) JPY 2,173,878 (100.0) $20,568 JPY (100.0) 4,695,035 (2) Geographic Profit or Loss Six months ended 2003 (% of profit Increase 2002 (% of profit 2003 Fiscal 2003 (% of September 30 (Unaudited) on sales) (decrease) (Unaudited) on sales) (Unaudited) profit on sales) Location Japan JPY 55,193 (3.1) JPY 28,919 JPY 26,274 (1.5) $497 JPY 118,277 (3.0) Overseas 2,829 (0.6) 2,382 447 (0.1) 26 2,612 (0.3) 58,022 (2.5) 31,301 26,721 (1.2) 523 120,889 (2.6) Other income 89,926 (10,629) 100,555 810 153,597 Other expenses (70,161) 36,739 (106,900) (632) (212,990) Consolidated income JPY 77,787 JPY 57,411 JPY 20,376 $701 JPY 61,496 before income taxes 3. Sales by Market (Unaudited) Six months ended September 30 2003 % change 2002 2003 Fiscal 2003 Market Japan JPY 1,725,879 (3.0) JPY 1,676,266 $15,548 JPY 3,644,673 Overseas 557,140 (12.0) 497,612 5,020 1,050,362 Consolidated JPY 2,283,019 (5.0) JPY 2,173,878 $20,568 JPY 4,695,035 -------------------------------------------------------------------------------- FINANCIAL INSTRUMENTS (1) Fair value of derivative financial instruments Contract or notional principal amounts, carrying amounts and estimated fair value are summarized as follows: (In millions of yen) September 30, 2003 (Unaudited) September 30, 2002 (Unaudited) March 31, 2003 Derivatives: Contract or Carrying Estimated Contract or Carrying Estimated Contract or Carrying Estimated notional amounts fair notional amounts fair notional amounts fair amounts value amounts value amounts value Forward exchange (JPY 26,144) (JPY (JPY (JPY 20,305) JPY 377 JPY 377 JPY 21,902 (JPY (JPY 458) contracts:* 1,821) 1,821) 458) Interest rate and 442,641 (10,696) (10,696) 1,007,794 (15,000) (15,000) 405,414 (10,479) (10,479) currency swap agreements Option contracts Written 2,225 (95) (95) - - - - - - Purchased 8,251 511 511 - - - - - - *Contract or notional amounts of forward exchange contracts are net amount of "sale" minus "purchase". March 31, 2003 Purchase of foreign currency (the equivalent of yen) 45,571 Sale of foreign currency (the equivalent of yen) 67,473 September 30, 2002 Purchase of foreign currency (the equivalent of yen) 95,104 Sale of foreign currency (the equivalent of yen) 74,799 September 30, 2003 Purchase of foreign currency (the equivalent of yen) 93,271 Sale of foreign currency (the equivalent of yen) 67,127 (2) Marketable securities The cost, fair value and net unrealized holding gains/losses for marketable securities by major security type are summarized as follows: (In millions of yen) September 30, 2003 September 30, 2002 March 31, 2003 (Unaudited) (Unaudited) Available-for-sale: Equity securities Cost JPY 101,712 JPY 139,272 JPY 111,192 Fair value 136,951 162,043 111,983 Net unrealized holding gains 35,239 22,771 791 Debt securities Cost 3,071 4,060 4,231 Fair value 3,070 3,938 4,110 Net unrealized holding losses (1) (122) (121) (3) Investments in affiliated companies accounted for by the equity method The carrying amount and market value of stocks of affiliated companies accounted for by the equity method which have quoted market values are summarized as follows: (In millions of yen, millions of U.S. dollars) September 30, 2003 September 30, 2002 March 31, 2003 (Unaudited) (Unaudited) Carrying amount JPY 97,255 JPY 101,945 JPY 97,123 Market value 123,978 97,499 87,661 26,723 (4,446) (9,462) ------------------------------------------------------------------------------- LEASING ARRANGEMENTS (1). Leasing of computer equipment For NEC's leasing business for computer and others, future minimum lease payments from non-cancelable leases under operating leases at September 30, 2002 and 2003 and March 31, 2003 are as follows: (In millions of yen) September 30, 2003 September 30, 2002 March 31, 2003 (Unaudited) (Unaudited) Within one year 2,522 5,918 4,093 Over one year 120 110 199 (2). Lease of facilities and equipment for internal use NEC leases certain facilities and equipment for its own use. Future minimum rental payments under non-cancelable operating leases at September 30, 2002 and 2003 and March 31, 2003 are as follows: (In millions of yen) September 30, 2003 September 30, 2002 March 31, 2003 (Unaudited) (Unaudited) Within one year 38,413 37,965 40,875 Over one year 113,812 83,596 124,689 -------------------------------------------------------------------------------- NET INCOME (LOSS) PER SHARE A reconciliation of the numerators and the denominators of the basic and diluted per share computations for net income (loss) is as follows: (In millions of yen) Six months ended September 30 2003 2002 Fiscal 2003 Net income (loss) available to common shareholders JPY 15,497 JPY 1,037 (JPY 24,558) Effect of dilutive securities 284 17 - Diluted net income (loss) JPY 15,781 JPY 1,054 (JPY 24,558) (Number of shares) Six months ended September 30 2003 2002 Fiscal 2003 Weighted-average number of shares of common stock outstanding 1,652,731,358 1,653,895,061 1,653,389,121 for the period Effect of dilutive securities 160,195,458 88,985,258 -@@@@ Weighted-average number of shares of diluted common stock 1,812,926,816 1,742,880,319 1,653,389,121 outstanding for the period Net Income (Loss) Per Share: (In yen) Six months ended September 30 2003 2002 Fiscal 2003 Basic JPY 9.38 JPY 0.63 (JPY 14.85) Diluted 8.70 0.60 (14.85) Securities that could potentially dilute basic EPS in the future that were not included in the fully diluted computation because they would have been antidilutive were as follows: (Number of shares) Six months ended September 30 2003 2002 Fiscal 2003 Convertible debt 60,372,918 131,577,282 220,562,540 Stock options 853,000 966,000 966,000 -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions of yen, millions of U.S. dollars) Three months ended September 30 2003 (% of net 2002 (% of net Increase 2003 sales) sales) (decrease) Net sales JPY (100.0) JPY (100.0) JPY 99,637 $11,282 1,252,276 1,152,639 Cost of sales 920,646 (73.5) 815,324 (70.7) 105,322 8,294 Selling, general and administrative expenses 285,644 (22.8) 303,509 (26.4) (17,865) 2,574 Operating income 45,986 (3.7) 33,806 (2.9) 12,180 414 Non-operating income 71,896 (5.7) 32,469 (2.8) 39,427 648 Interest and dividends 2,846 5,527 (2,681) 26 Other 69,050 26,942 42,108 622 Non-operating expenses 49,989 (4.0) 65,777 (5.7) (15,788) 450 Interest 6,356 8,098 (1,742) 57 Other 43,633 57,679 (14,046) 393 Income before income taxes 67,893 (5.4) 498 (0.0) 67,395 612 Provision for income taxes 33,946 (2.7) 221 (0.0) 33,725 306 Minority interest in income of consolidated 6,655 (0.5) 1,670 (0.1) 4,985 60 subsidiaries Equity in losses of affiliated companies (12,495) (-1.0) (4,801) (-0.4) (7,694) (113) Net income (loss) JPY 14,797 (1.2) (JPY 6,194) (-0.5) JPY 20,991 $133 -------------------------------------------------------------------------------- SEGMENT INFORMATION Business Segment Information (1) Net Sales (Including internal sales to other segments) (In millions of yen, millions of U.S. dollars) Three months ended September 30 2003 (% of total) % change 2002 (% of total) 2003 IT Solutions business JPY 547,912 (43.8) +8.5 JPY 504,800 (43.8) $4,936 Network Solutions business 463,937 (37.0) +23.8 374,840 (32.5) 4,180 Electron Devices business 236,154 (18.9) -4.6 247,584 (21.5) 2,128 Others 182,859 (14.6) +5.7 172,967 (15.0) 1,647 Eliminations (178,586) (-14.3) - (152,120) (-13.2) (1,609) Electronics business total 1,252,276 (100.0) +9.1 1,148,071 (99.6) 11,282 Leasing business - - - 9,435 (0.8) - Eliminations - - - (4,867) (-0.4) - Consolidated total JPY 1,252,276 (100.0) +8.6 JPY 1,152,639 (100.0) $11,282 (2) Segment Profit or Loss (In millions of yen, millions of U.S. dollars) Three months ended September 30 2003 (% of profit on Increase 2002 (% of profit on 2003 sales) (decrease) sales) IT Solutions business JPY (5.2) JPY 1,939 JPY (5.3) $256 28,456 26,517 Network Solutions business 14,372 (3.1) 7,513 6,859 (1.8) 129 Electron Devices business 11,113 (4.7) 12,924 (1,811) (-0.7) 100 Others 5,382 (2.9) (2,829) 8,211 (4.7) 48 Eliminations (758) - (4,768) 4,010 - (6) Unallocated corporate expenses* (12,579) - (1,345) (11,234) - (113) Electronics business total 45,986 (3.7) 13,434 32,552 (2.8) 414 Leasing business - - (1,698) 1,698 (18.0) - Eliminations - - 444 (444) - - 45,986 (3.7) 12,180 33,806 (2.9) 414 Other income 71,896 39,427 32,469 648 Other expenses (49,989) 15,788 (65,777) (450) Consolidated income (loss) before JPY JPY 67,395 JPY 498 $612 income taxes 67,893 (Notes) * Corporate expenses include general corporate expenses and research and development expenses at NEC Corporation which are not allocated to any business segment. (3) Net Sales to External Customers (Unaudited) (In billions of yen, millions of U.S. dollars) Three months ended September 30 2003 2002 % change 2003 IT Solutions business JPY 482.8 JPY 457.5 +5.5 $4,350 Domestic 394.4 393.7 +0.2 3,554 Overseas 88.3 63.7 +38.6 796 Network Solutions business 434.6 345.7 +25.7 3,916 Domestic 349.4 246.8 +41.6 3,148 Overseas 85.1 98.8 -13.9 768 Electron Devices business 207.6 226.5 -8.3 1,871 Domestic 117.9 147.6 -20.1 1,063 Overseas 89.7 78.8 +13.8 808 Others 127.0 114.6 +10.8 1,145 Domestic 94.3 92.3 +2.2 850 Overseas 32.7 22.2 +46.8 295 Electronics business total 1,252.2 1,144.4 +9.4 11,282 Domestic 956.2 880.6 +8.6 8,615 Overseas 296.0 263.7 +12.2 2,667 Leasing business - 8.1 - - Domestic - 8.1 - - Overseas - - - - Consolidated total JPY 1,252.2 JPY 1,152.6 +8.6 $11,282 Domestic 956.2 888.8 +7.6 8,615 Overseas 296.0 263.7 +12.2 2,667 (4) Net Sales by Products and Services (Including internal sales to other segments) (Unaudited) (In billions of yen, millions of U.S. dollars) Three months ended September 30 2003 2002 % change 2003 IT Solutions business JPY 547.9 JPY 504.8 +8.5 $4,936 SI / Services 194.5 191.7 +1.5 1,752 Software 25.6 31.3 -18.2 231 Computers / Platforms 147.0 114.7 +28.2 1,324 Personal Solutions 180.8 167.1 +8.2 1,629 Network Solutions business JPY 463.9 JPY 374.8 +23.8 $4,180 Broadband 133.2 124.2 +7.2 1,200 Mobile 266.4 193.7 +37.5 2,400 Social Infrastructure 64.3 57.0 +12.8 580 Electron Devices business JPY 236.1 JPY 247.5 -4.6 $2,128 Semiconductors 182.4 184.1 -0.9 1,644 Displays 23.2 28.4 -18.3 209 Electronic Components 30.5 35.1 -13.1 275 -------------------------------------------------------------------------------- (Note 1) According to the introduction of the new business line system in April 2003, NEC revised the classification of the product area in each business segment. Sales by product areas in each business segment of the six months ended September 30, 2002 have been reclassified and displayed to conform to those of the six months ended September 30, 2003. Operating income set forth above is a measure commonly used by companies reporting in accordance with accounting principles generally accepted in Japan. Management believes this measure is useful to investors in comparing NEC's results of operations to other Japanese companies. This measure, however, should not be construed as an alternative to "income before income taxes" or "net income" as determined in accordance with U.S. GAAP. Please refer to the condensed consolidated statement of operations for the calculation of the operating income. CAUTIONARY STATEMENTS: The statements in this material with respect to the plans, strategies and forecasts of NEC Corporation and its consolidated subsidiaries (collectively "NEC") are forward-looking statements involving risks and uncertainties. Moreover, the management targets included in this material are not projections, and do not represent management's current estimates of future performance. Rather, they represent targets that management will strive to achieve through the successful implementation of NEC's business strategies. NEC cautions you in advance that actual results could differ materially from such forward-looking statements due to several factors. The important factors that could cause actual results to differ materially from such statements include, but are not limited to, general economic conditions in NEC's markets, which are primarily Japan, North America, Asia and Europe; fluctuating demand for, and competitive pricing pressure on, NEC's products and services in the marketplace; NEC's ability to continue to win acceptance of its products and services in these highly competitive markets; NEC's ability to expand into foreign markets such as China; regulatory change and uncertainty and potential legal liability relating to NEC's businesses and operations; and movements in currency exchange rates, particularly the rate between the yen and the U.S. dollar. Among other factors, a worsening of the world economy resulting from the downturn in the IT and telecommunications industries, a worsening of financial conditions in the world markets, and a deterioration in the domestic and overseas stock markets, would cause actual results to differ from the forward-looking statements, including management's targets. You should keep in mind that any forward-looking statement made by NEC speaks only as of the date on which NEC makes it. New risks and uncertainties come up from time to time, and it is impossible for NEC to predict these events or how they may affect NEC. In light of these risks and uncertainties, you should keep in mind that any forward-looking statement might not occur. Therefore, you should not place undue reliance on any forward-looking statements. Finally, NEC cautions you that the statements made in this material are not an offer of securities for sale. The securities may not be offered or sold in any jurisdiction in which registration is required absent registration or an exemption from registration under the applicable securities laws. For example, any public offering of securities to be made in the United States must be registered under the U.S. Securities Act of 1933 and made by means of an English language prospectus that contains detailed information about NEC and management, as well as NEC's financial statements. In cases where the information contained in this material falls within the definition of "Material Information" under Paragraph 2 of Article 166 of the Securities and Exchange Law of Japan, if you (and directors or employees of your company if the content of this material comes to their knowledge in connection with their duty) read this material before the time of "Publication" (which is defined under the Securities and Exchange Law of Japan and its Enforcement Ordinance as twelve hours after its release; i.e., approximately 3:30 AM on October 24, 2003 (JST)), you (and directors or employees of your company if the content of this material comes to their knowledge in connection with their duties) may be prohibited from purchasing, selling, or making other transactions of shares of stock or other securities of NEC before the time of Publication. *** -------------------------------------------------------------------------------- Contact: Diane Foley Corporate Communications Division NEC Corporation +81-3-3798-6511 This information is provided by RNS The company news service from the London Stock Exchange END IR UBOURONRRUAA
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