Final Results

RNS Number:9131Y
Nipro Corporation
20 May 2004


Consolidated Financial Statements                                 May 20, 2004

For the Fiscal Year ended March 31, 2004

Company name: NIPRO CORPORATION          Stock Exchange where 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
Adoption of U.S. GAAP: No

1.Consolidated Results for the Fiscal Year ended March 31, 2004 (From April 1, 
  2003 to March 31, 2004)

(1) Consolidated Results of Operations                          
                               (Note: Amounts are rounded off per 1 million yen)
                   Net Sales          Operating Income     Recurring Income
                   Millions of    %   Millions of      %   Millions of      %
                   yen                yen                  yen
Year ended March     188,700    4.6      12,557    (15.7)      9,539    (16.3)
31, 2004
Year ended March     180,369    5.3      14,899      3.2      11,397    (15.1)
31, 2003

                  Net Income         Earnings      Diluted
                                     per share     Earnings
                                                   per share
                  Millions     %       Yen           Yen 
                  of yen

Year ended            4,216  (17.0)   64.90             -
March 31, 2004
Year ended            5,077  (13.1)   84.25         78.48
March 31, 2003

                  Ratio of            Ratio of            Ratio of
                  Net Income          Recurring           Recurring
                  to Shareholders'    Income to           Income to
                  Equity              Total Assets        Net Sales
                       %                   %                  %
Year ended           4.7                 3.6                5.1
March 31, 2004
Year ended           6.4                 4.6                6.3
March 31, 2003


Notes:   1.  Equity in losses of affiliate for the fiscal year ended March 31, 
             2004 and 2003 was (771) million yen and (657) million yen, 
             respectively.
         2.  The weighted average number of outstanding shares (consolidated) 
             for the fiscal year ended March 31, 2004 and 2003 was 63,631,774 
             shares and 58,949,626 shares, respectively.
         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 Assets    Shareholders'   Ratio of      Shareholder'
                                       Equity         Shareholders'  Equity per
                                                      Equity to     Share
                                                      Total Assets
                       Millions of     Millions of          %           Yen
                       yen             yen

Year ended March 31,     279,701         94,711          33.9        1,487.50
2004
Year ended March 21,     252,847         83,532          33.0        1,310.72
2003
Notes: The number of outstanding shares (consolidated) as of March 31, 2004 and
       2003 was 63,613,567 shares and 63,645,860 shares, respectively.

(3) Consolidated Cash Flows

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

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

Year ended March      15,432        (12,786)        10,400        42,228
31, 2004
Year ended March       5,453        (30,107)        11,469        29,393
31, 2003


(4) Matters related to scope of consolidation and application of equity method
    Number of consolidated subsidiaries:   14
    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     Added:    0   Removed:    0
     by equity method

2. Projected Consolidated Financial Results for the Fiscal Year ending March 31,
   2005 (From April 1, 2004 to March 31, 2005)
                        Net Sales          Recurring Income   Net Income
                        Millions of yen    Millions of yen    Millions of yen

Six months ending Sept.   98,500                  4,850             2,550
30, 2004
Year ending March 31,    200,000                 10,400             5,300
2005

(Reference) Projected Earnings per Share for the Fiscal Year ending March 31,
2005: 81.95 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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