Net income from operations 1,257 4,652 4,426 2,442 2,115 1,477
Funds from operations (FFO) 2,602 11,338 10,280 7,880 7,142 6,035
Capital expenditures 1,442 9,463 5,233 8,681 13,070 13,083
Total debt 36,794 39,892 39,547 44,723 44,899 42,741
Shareholders’ equity 37,776 36,519 33,751 29,281 26,703 24,612
Operating income before depre. and amort.
as % of sales 36 38 39 38 31 29
Earnings before interest, tax, depre. and amort.
(EBITDA) interest coverage (times) 5 5 6 4 4 3
FFO/net debt (%) 7 29 27 18 16 15
Pretax return on permanent capital (%) 4 13 12 9 9 9
Net debt/capitalization (%) 49 52 54 60 63 63
* Consolidated financial statements
** Based on three-month performance ending 3/2006 (non-annualized)
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Copyright 2006, TRIS Rating Co., Ltd. All rights reserved. Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution or storing for subsequent use for any purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person, of the credit rating reports or information is prohibited. The credit rating is not a statement of fact or a recommendation to buy, sell or hold any debt instruments. It is an expression of opinion regarding credit risks for that instrument or particular company. The opinion expressed in the credit rating does not represent investment or other advice and should therefore not be construed as such. Any rating and information contained in any report written or published by TRIS Rating has been prepared without taking into account any recipient’s particular financial needs, circumstances, knowledge and objectives. Therefore, a recipient should assess the appropriateness of such information before making an investment decision based on this information. Information used for the rating has been obtained by TRIS Rating from the company and other sources believed to be reliable. Therefore, TRIS Rating does not guarantee the accuracy, adequacy, or completeness of any such information and will accept no liability for any loss or damage arising from any inaccuracy, inadequacy or incompleteness. Also, TRIS Rating is not responsible for any errors or omissions, the result obtained from, or any actions taken in reliance upon such information.
Funds from operations (FFO) 2,602 11,338 10,280 7,880 7,142 6,035
Capital expenditures 1,442 9,463 5,233 8,681 13,070 13,083
Total debt 36,794 39,892 39,547 44,723 44,899 42,741
Shareholders’ equity 37,776 36,519 33,751 29,281 26,703 24,612
Operating income before depre. and amort.
as % of sales 36 38 39 38 31 29
Earnings before interest, tax, depre. and amort.
(EBITDA) interest coverage (times) 5 5 6 4 4 3
FFO/net debt (%) 7 29 27 18 16 15
Pretax return on permanent capital (%) 4 13 12 9 9 9
Net debt/capitalization (%) 49 52 54 60 63 63
* Consolidated financial statements
** Based on three-month performance ending 3/2006 (non-annualized)
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Copyright 2006, TRIS Rating Co., Ltd. All rights reserved. Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution or storing for subsequent use for any purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person, of the credit rating reports or information is prohibited. The credit rating is not a statement of fact or a recommendation to buy, sell or hold any debt instruments. It is an expression of opinion regarding credit risks for that instrument or particular company. The opinion expressed in the credit rating does not represent investment or other advice and should therefore not be construed as such. Any rating and information contained in any report written or published by TRIS Rating has been prepared without taking into account any recipient’s particular financial needs, circumstances, knowledge and objectives. Therefore, a recipient should assess the appropriateness of such information before making an investment decision based on this information. Information used for the rating has been obtained by TRIS Rating from the company and other sources believed to be reliable. Therefore, TRIS Rating does not guarantee the accuracy, adequacy, or completeness of any such information and will accept no liability for any loss or damage arising from any inaccuracy, inadequacy or incompleteness. Also, TRIS Rating is not responsible for any errors or omissions, the result obtained from, or any actions taken in reliance upon such information.