Annual Report and Accounts

RNS Number:5588M
Nipro Corporation
20 May 2005


Consolidated Financial Statements                                May 20,2005
For the year ended March 31, 2005

Company name: NIPRO CORPORATION    Stock Exchange listed:   
              Tokyo and Osaka
Code No:                 8086      

Head office location:              Osaka, Japan
(URL: http://www.nipro.co.jp/)

Representative:     Minoru Sano, President and Representative Director

Contact:            Akihiko Yamabe, Director, General Manager of Accounting and
                    Corporative Planning Division TEL [phone]

Date of the meeting of the Board of Directors for approval of the financial
statements: May 20, 2004

Name of affiliate company: Sanri Kosan Co., Ltd. (Code no: N/A)

Percentage of voting rights of Nipro Corporation held by affiliate company:
20.62%

Adoption of U.S. GAAP: N/A

1.  Consolidated Results for the Year ended March 31, 2005
   (From April 1,2004 to March 31, 2005)

(1) Consolidated Results of Operations            

(Note: Amounts are truncated to 1 million yen)

                Net Sales         Operating Income     Recurring Income     
                Millions of    %  Millions of      %   Millions of        %
                yen                yen                   yen                

 Year ended                                                              
 March 31, 2005  192,320     1.9  10,404       (17.1)    8,685         (8.9)

 Year ended                                                                    
 March 31, 2004  188,700     4.6  12,557       (15.7)    9,539        (16.3) 

       Net Income      Earnings Diluted  Ratio of Net   Ratio of      Ratio of 
                       per      Earnings Income to      Recurring     Recurring
                       share    per      Shareholders'  income to     income to
                                share    Equity         Total Assets  Net Sales
    
       Millions    %   Yen      Yen        %             %              %
       of yen                       

 Year                          
 ended  
 March  4,518    7.2  69.37     -        4.7           3.0            4.5
 31,  
 2005 

 Year 
 ended  
 March  4,216 (17.0)  64.90     -        4.7           3.6            5.1
 31,   
 2004 

Notes:  1. Equity in loss of affiliate:

            Year ended March 31, 2005:   (741)million yen 
            Year ended March 31, 2004:   (771) million yen

        2. The weighted average number of outstanding shares (consolidated):
            Year ended March 31,2005:   63,596,799 shares 
            Year ended March 31,2004:   63,631,774 shares

        3. Change in accounting method: N/A

        4. Percentages in the above table for Net Sales, Operating Income,
           Recurring Income and Net Income represent changes 
           from the previous fiscal year.

(2) Consolidated Financial Position

          Total     Shareholders'  Ratio of Shareholders'     Shareholder'     
          Assets    Equity         Equity to Total Assets     Equity per Share 
          Millions  Millions of                      %         Yen              
          of yen    yen                         

 
 Year   
 ended            
 March   279,701    94,711                       33.9          1,487.50
31, 2004

 Year   
 ended   
 March   252,847    83,532                       33.0          1,310.72
 21, 2003

Note:  The number of outstanding shares (consolidated):

        Year ended March 31,2005:   63,565,537 shares  
        Year ended March 31,2004:   63,613,567 shares

(3) Consolidated Cash Flows


         Cash flows from    Cash flows from    Cash flows from    Cash and cash
         operating          investing          financing          equivalents  
         activities         activities         activities                   

         Millions of yen    Millions of yen    Millions of yen    Millions of 
                                                                  yen  

 Year   
 ended    
 March     17,375           (12,627)              7,088           53,734
 31,   
 2005   

 Year  
 ended  
 March    15,432            (12,786)             10,400           42,228
 31,   
 2004 


(4) Matters related to scope of consolidation and application of equity method

        Number of consolidated subsidiaries:15

        Number of unconsolidated subsidiaries accounted for by the equity
        method:0

        Number of affiliate company accounted for by the equity method:1

(5) Change of reporting entities

        Number of consolidated companies
                       Added:0             Removed:0

        Number of companies accounted for by the equity method
                       Added:0             Removed:0

2.       Projected Consolidated Financial Results for the Year ending March 31,
         2006 (From April 1, 2005 to March 31, 2006)

                         Net Sales       Recurring Income    Net Income       
                         Millions of yen Millions of yen     Millions of yen  

 Six months ending 
 Sept.30, 2005             99,500             5,600              2,000

 Year ending March 31, 
 2006                    206,000             11,200              4,800

(Reference) Projected earnings per share for the year ending March 31, 2006:
73.82 yen

*   The projections shown above are prepared based on information available as
of the issuing date of this report.  The actual results may differ from the
projected figures due to various factors.  





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