Osaka Gas 2002
LEGEND
1 1999 3 2000 3 2001 3 2002 3 2002 3 831,366 849,225 951,926 973,565 $7,306,304 66,375 62,723 74,055 96,676 725,531 21,614 27,345 36,097 39,418 295,820 94,932 93,532 91,233 89,938 674,957 80,106 80,842 92,461 88,793 666,364 1,178,352 1,219,514 1,310,976 1,243,520 9,332,240 380,846 428,523 475,019 468,706 3,517,493 2,500,463 2,477,761 2,429,564 2,369,011 8.56 10.94 14.72 16.33 0.123 152.31 172.95 195.52 197.85 1.485 1999 2000 2001 2002 32.3% 35.1% 36.2% 37.7% 40.5% 40.3% 38.9% 37.4% 6.8 7.6 9.8 13.2 1.8% 2.3% 2.9% 3.1% 5.7% 6.8% 8.0% 8.4% 6,603 7,160 7,407 7,309 6,210 6,305 6,401 6,484 15,201 15,160 14,878 6,605 6,603 7,160 7,407 7,309 8,535 8,313 8,492 9,519 9,735 360 394 273 217 216 1998.3 1999.3 2000.3 2001.3 2002.3 1998.3 1999.3 2000.3 2001.3 2002.3 1998.3 1999.3 2000.3 2001.3 2002.3
G1 G3 G4 G5
2/3 G6 G2 G7 G8 G10 G9
4/5 4/5
6/7
Strategy
8/9
10/11
Environment
12/13
100 100 2030 3550 2540 58 4 38 38 7080 2001.3 2000.3 2002.3 1,131 1 1999.3 1998.3 1,047 969 873 836 885 782 664 544 475
14/15 0 10 10 20 30 100 90 80 70 60 50 40 100 1,000 10,000
Fundamentals
16/17
8.61 8.56 151.08 152.31 10.94 14.72 195.52 172.95 16.33 197.85 5.8 1.8 5.7 1.8 6.8 2.3 8.0 2.9 8.4 3.1 0.75 0.76 0.72 0.70 0.71 1998.3 1999.3 2000.3 2001.3 2002.3 1998.3 1999.3 2000.3 2001.3 2002.3 1997.3 1,167 429 695 1,432 1998.3 1,289 390 646 1,466 1999.3 1,353 386 640 1,379 2000.3 2001.3 1,196 348 640 1,352 1,083 350 714 1,394 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
18/19 476,920 471,741 491,010 510,179 465,015 99.2-3 27.7 100 361 00.2-4 28.6 96 248 00.11-12 32.3 100 310 01.11-02.2 60 183 306 1998.3 1999.3 2000.3 2001.3 2002.3 2001.3 405 2002.3 706 2003.3 260 0 100 200 300 400 500 600 700 800
Risk- Management
20/21
575 86 86 77 268 554 529 80 74 71 71 301 300 288 337 58 53 48 56 584 12 80 76 73 64 75 36 518 30 2001.3 2000.3 2002.3 1999.3 1998.3 30 30
22/23 NPV NPV= FCFn (1+h) n FCF = h= n:
Future
24/25
995 904 892 862 638 1998.3 1999.3 2000.3 2001.3 2002.3
26/27 200 100 50 20 10 5 0.5 1 2 5 10 20
12,012 7,811 8,242 2,093 1,333 760 1998.3 3,640 2,235 1,405 1999.3 5,252 3,417 1,835 5,095 2,716 3,770 2000.3 2001.3 2002.3
28/29
1,972 2,207 2,194 1992.3 1997.3 2002.3 56 86 104 28 38 2 2 5 1998.3 1999.3 2000.3 2001,3 2002.3 8 19
30/31 1,939 2,929 3,547 1992.3 1997.3 2002.3 885 433 1,131 178 441 751 1992.3 1997.3 2002.3
1,435 1,148 860 1992.3 1997.3 2002.3 2,648 1,910 1,219 1992.3 1997.3 2002.3
32/33
34/35
2000.3 2001.3 2002.3 4,645 5,211 5,410 1999.3 1998.3 4,948 4,835 1,866 1,238 1,074 1,427 678 711 2000.3 2001.3 2002.3 6,083 6,401 6,484 1999.3 1998.3 6,305 6,210
36/37
1997/3 1998/3 1999/3 2000/3 2001/3 2002/3 837,869 853,598 831,366 849,225 951,926 973,565 782,753 790,503 764,991 786,501 877,872 876,888 55,116 63,095 66,376 62,724 74,055 96,676 (15,402) (17,424) (13,538) (16,781) (14,210) (31,313) 39,714 45,671 52,838 45,943 59,845 65,364 22,664 23,656 31,097 24,069 28,090 33,491 16,893 21,775 21,614 27,345 36,097 39,418 285,599 237,635 224,445 195,047 222,613 193,972 106,982 121,983 123,658 171,540 223,335 197,486 804,388 818,840 826,918 842,770 850,091 837,628 2,759 2,923 3,331 10,158 14,932 14,435 1,199,728 1,181,380 1,178,352 1,219,514 1,310,976 1,243,520 339,625 336,137 300,917 287,099 263,502 254,375 486,136 461,815 495,012 499,952 565,770 513,300 372,893 381,954 380,846 428,523 475,019 468,706 486,704 471,741 476,922 491,011 510,179 465,015 20 20 20 25 35 43 6.68 8.61 8.56 10.94 14.72 16.33 147.50 151.08 152.31 172.95 195.52 197.85 31.1 32.3 32.3 35.1 36.2 37.7 40.6 39.9 40.5 40.3 38.9 37.4 3.7 5.4 6.8 7.6 9.8 13.2 1.4 1.8 1.8 2.3 2.9 3.1 4.6 5.8 5.7 6.8 8.0 8.4
38/39 43 LPG 3 1310 LPG 6LPG G10 G1 G5 G2 LPG G3 G5 G6 G10 G7 G1 G4 G5 G6 G8 G9 G10 2661 14 4 145 144 G1G5G6G10 10G10 G10 491,011 510,179 478,043 465,015 448,701 125.2 117.9 114.6 107.4 99.2 1998.3 1999.3 2000.3 2001.3 2002.3 347 199 705 1,131 393 1,223 5,945 103.2 91,064 140,981 93,951 91,233 64.7 155,121 58.0 89,938 2000.3 2001.3 2002.3
3543216 9735 226966 33394 a b a/b 9,735 +216 +2.3 7,510 1.30 5,005 9 0.2 3,467 1.44 3,763 0 0.0 3,225 1.17 966 +226 +30.5 817 1.18 394 +33 +9.2 376 1.05 ROE 8.4 ROA 3.1 SVA 131 836484 13.6 33.3m 3 2.2219 4m 3 3.24.6 3.0 1.14982m3 1.3739m 3 125 2.25,945 17414.31,393 2002/3 2001/3 (13/414/3) A (12/413/3) B AB AB 6,172 6,092 80 101.3% 312 309 3 101.1% 6,484 6,401 83 101.3% 1 33.3m 3 / 34.5m 3 / 1.2m 3 / 96.4% 104.0 107.0 3.0m 3 / 97.2% 2,194m 3 2,244m 3 50m 3 97.8% 4,982 5,040 57 98.9% 3,547 3,656 108 97.0% 943 913 29 103.2% 492 471 22 104.6% 132 124 9 106.9% 7,309 7,407 98 98.7% 2002/3 2001/3 (13/414/3) A (12/413/3) B AB 17.5 17.3 0.2
40/41 174.7393 961.425 12710.11,131 643.58 LPG 705 12 7 3.719981.944 3470.8 16.918 LPG 43526.21,223 42.8152 LPG +2.2% +4.7% 10.1% 3.7% +0.8% 26.2% (210) +2.3% 5,945 393 1,131 705 199 347 1,223 9,735 +14.3% +61.4% 43.5% 1.9% 6.9% 2.8% (687) +30.5% 1,393 25 8 12 44 18 152 966
1411,551 205885 558828 158 128 1,551 1,409 141 885 1,090 205 828 270 558 162 49 212 4 9 5 128 286 158 4,650 5,101 451 1 706 405 301 1 899 8LNG 456km 44,291km LPG 19.2% 61.4% +67.8% 9.4% 33.5% +449.4% 1.4% 505 0 4 18 120 13 109 127 899
42/43 Asahi & Co. 20012002331 1 20012002331 2 22001331 1 20012002331 200120023312 2002627
2001 2002 2002 29,120 12,892 $ 96,750 111,002 105,580 792,345 (907) (764) (5,733) 110,095 104,816 786,612 39,100 32,289 242,319 11,378 11,778 88,390 32,920 32,197 241,629 222,613 193,972 1,455,700 33,854 32,565 244,390 120,198 95,786 718,844 19,687 35,484 266,296 52,143 36,123 271,092 (2,547) (2,472) (18,551) 223,335 197,486 1,482,071 491,148 476,541 3,576,292 1,316,439 1,343,679 10,083,895 170,191 181,820 1,364,503 326,619 312,867 2,347,970 58,521 66,807 501,366 2,362,918 2,381,714 17,874,026 1,512,827 1,544,086 11,587,887 850,091 837,628 6,286,139 14,937 14,435 108,330 1,310,976 1,243,521 $ 9,332,240
44/45 2001 2002 2002 43,080 31,426 $ 235,843 15 23,599 29,582 222,004 48,103 39,717 298,064 25,261 30,976 232,465 123,459 122,674 920,630 263,502 254,375 1,909,006 5 443,500 389,007 2,919,377 101,279 98,549 739,580 1,957 1,602 12,022 19,035 24,143 181,186 6,683 7,139 53,576 7 20023,840,84920013,901,401 20022,369,01220012,429,5646 132,167 132,167 991,872 6 19,482 19,482 146,206 288,140 296,338 2,223,925 23 35,254 20,729 155,565 (23) (10) (75) 475,020 468,706 3,517,493 1,310,976 1,243,521 $9,332,240
2001 2002 2002 14 951,927 973,565 $7,306,304 14 501,490 500,586 3,756,743 376,382 376,302 2,824,030 877,872 876,888 6,580,773 14 74,055 96,677 725,531 2,201 1,639 12,300 (7,605) (7,339) (55,077) 1,917 445 3,340 (466) (3,316) (24,885) 211 (2,729) (1,058) (7,266) (54,529) (4,402) (319) (2,394) (685) 495 3,715 11 (10,382) (77,914) (1,383) (5,270) (39,550) (14,210) (31,313) (234,994) 59,845 65,364 490,537 28,090 33,491 251,340 (4,792) (7,719) (57,929) (450) (174) (1,306) 36,097 39,418 $ 295,820 2001 2002 2002 1 14.72 16.33 $0.123
46/47 2000331 2,477,761 132,167 19,482 276,883 (9) 36,097 35,254 (12,349) (66) (48,197) (14,629) 2,204 (14) 2001331 2,429,564 132,167 19,482 288,140 35,254 (23) 39,418 (14,525) (13,363) (70) (60,552) (18,513) 697 29 13 2002331 2,369,012 132,167 19,482 296,338 20,729 (10) 1 2001331 $991,872 $146,206 $2,162,402 $ 264,570 $(173) 295,820 (109,005) (100,285) (525) (138,934) 5,230 217 98 2002331 $991,872 $146,206 $2,223,925 $ 155,565 $ (75)
2001 2002 2002 59,845 65,364 $ 490,537 92,461 88,793 666,364 (6,394) (2,333) (17,508) (2,201) (1,639) (12,300) 7,605 7,339 55,077 466 3,316 24,885 1,058 7,266 54,529 4,402 319 2,394 3,431 4,044 30,349 10,382 77,914 ( (5,417) 7,100 53,283 (3,754) 4,113 30,867 1,780 (6,527) (48,983) 8,584 (8,230) (61,764) 11,917 9,938 74,582 113,938 123,881 929,689 2,178 1,642 12,322 (7,427) (7,692) (57,726) (27,552) (28,074) (210,687) 140,982 155,121 1,164,135 (93,085) (82,620) (620,037) (2,188) (1,803) (13,531) 13,268 727 5,456 (21,212) (5,071) (38,056) 1,474 3,070 23,039 (3,005) (22,551) (7,305) 155 1,163 (109,048) (88,547) (664,517) (19,100) (5,833) (43,775) (35,000) 15,000 112,570 54,381 20,669 155,114 (17,561) (31,140) (233,696) 29,994 (13,666) (49,616) (372,353) (14,629) (18,522) (139,002) (12,283) (13,355) (100,225) (61) (94) (705) 909 23 173 (27,016) (82,868) (621,899) (2) 6 45 4,916 (16,288) (122,236) 22,775 28,676 215,204 985 449 3,370 28,676 12,837 $ 96,338 29,120 12,892 $ 96,750 (444) (55) (412) 28,676 12,837 $ 96,338
200232002 3311133.25 48/49 1 40% 43200135 20 2 3 3 200041 200041 200041 a b c d 20012002331c d 20013 1,90356,654 35,254 4 217 5 6 7 199841 2001 3265,44920023267,191 2,005,186 8 9 2001320023 16,48415,047112,923
10 11 2 2000331 20003 74 40% 200041 2001 2002331 200041 ()2,729 1 10 20013 458 458 12 612 13 14 15 16 200041 20004 20013 17 20013 181 1 20013200231 12002331 20013312002331 20013312002331 200142200241 2001 2002 2002 2,426 (329) $(2,469) 1,677 726 5,448 4,103 397 2,979
50/51 12002331 2001 28,432 89,126 60,694 120 125 5 28,552 89,251 60,699 2002 26,775 64,861 38,086 $285,824 28 29 1 7 26,803 64,890 38,087 $285,831 2001 15,402 12,566 (2,836) 10,008 8,798 (1,210) 25,410 21,364 (4,046) 2002 12,627 11,356 (1,271) $ (9,538) 10,000 7,522 (2,478) (18,597) 22,627 18,878 (3,749) $(28,135) 220013312002331 2001 2002 2002 9,686 12,029 $90,274 3 1 15 510 2001 18 18 104 8,790 8,894 11 11 104 29 8,790 8,923 2002 11 18 29 7,522 7,522 11 18 7,522 7,551 1 15 510 2002 $83 $135 $ $ 218 56,450 56,450 $83 $135 $56,450 $56,668 42001320023 13,2687285,463 1,9174453,340 411351,013 20012002331 2001 2002 2002 2034 0.5366.400 206,071 203,861 $1,529,914 20125.875 10,000 10,000 75,047 20052.95 50,000 15,000 112,570 20173.4 17,000 15,700 117,823 20077.125 48,960 48,960 367,429 20182.9 30,000 30,000 225,141 20081.47 30,000 30,000 225,141 20021.25 10,000 2003 LIBOR +0.36 4,848 4,848 36,383 20091.95 20,000 20,000 150,094 20030.75 10,000 10,000 75,047 20051.23 20,000 20,000 150,094 20072.06 220 220 1,651 20040.675 10,000 10,000 75,047 467,099 418,589 3,141,381 1 23,599 29,582 222,004 443,500 389,007 $2,919,377 19983312003 6.1029,000 19993312004 5.4520,000 20003312003 8.12514,895 2002316,7612020 20023312005 2.9533,9009,675 2020
2001200233120013 31 22,5182002331 20,145151,182 2001 2002 2002 50,296 48,733 $365,726 132 22 165 50,428 48,755 $365,891 2002331 331 2003 29,582 $ 222,004 2004 39,800 298,687 2005 26,348 197,733 2006 48,395 363,189 2007 58,554 439,430 2008 215,910 1,620,338 418,589 $3,141,381 21 2001101 10 25 2525 2001348,197 3,901,401 2002360,552 3,840,849 20013312002331 2001 2002 2002 2,411 2,825 $ 21,200 8,545 301 2,259 5,245 4,367 32,773 83,051 125,302 940,353 99,252 132,795 $996,585 2001320023 20013312002331 1,6241,37410,311 2001 2002 2002 6,529 5,726 $42,972 1 1,211 1,074 8,060 1 1,612 1,497 11,235 2,823 2,571 $19,295 2001 2002 2002 11,614 10,358 $77,734 7,761 6,142 46,094 3,853 4,216 $31,640 1 2,000 2,195 $16,473 1 3,672 3,968 29,778 5,672 6,163 $46,251 20013312002331 3,4042,73020,488
52/53 20013312002331 2001331 1 6,797 6,797 132 132 2,060 1,950 (47) (47) 8,857 8,747 85 85 2002331 1 2,107 2,107 95 95 2,669 2,419 (79) (79) 4,776 4,526 16 16 2002331 1 $15,812 $15,812 $713 $713 20,030 18,154 (593) (593) $35,842 $33,966 $120 $120 20013312002331 2001 2002 2002 273,628 275,917 $2,070,672 123 151 1,133 (17,813) (23,194) (174,064) (154,659) (154,325) (1,158,161) 101,279 98,549 $ 739,580 20013312002331 2001 2002 2002 10,534 10,911 $ 81,884 7,210 7,233 54,282 (6,352) (4,129) (30,987) 2,729 1,770 13,283 615 4,615 14,121 16,400 $123,077 20013 2.74.0200232.7%2.7% 1 10 LNG
2001 2002336.2 200120023 2001 2002 36.2% 36.2% 0.6 0.9 0.7 0.4 0.4 0.3 1.0 1.6 38.9% 39.4% 20012002331 2001 2002 2002 22,691 23,172 $173,899 9,713 7,847 58,889 3,979 3,155 23,677 3,092 2,923 21,936 14,476 23,515 176,473 (5,139) (5,134) (38,529) (1,094) (158) (1,186) (21,322) (13,682) (102,679) (1,343) (1,242) (9,321) (28,898) (20,216) (151,715) 24,816 39,573 $296,983 2001 2002 2002 11,378 11,778 $ 88,390 19,687 35,484 266,296 (78) (89) (668) (6,171) (7,600) (57,036) 53,951 60,612 454,874 (237) (823) (6,176) 53,714 59,789 448,698 200133113,600 123 4LPG567 LPG 20023 LPG 46,4951,529 58,3261,4881,879
54/55 2001 581,756 37,589 125,737 7,680 34,205 164,960 951,927 268 110 13,035 279 918 (14,610) 582,024 37,589 125,847 20,715 34,484 165,878 (14,610) 951,927 460,155 35,994 124,409 16,192 32,505 150,214 58,403 877,872 121,869 1,595 1,438 4,523 1,979 15,664 (73,013) 74,055 686,932 11,525 64,000 99,041 22,269 201,929 225,280 1,310,976 67,072 58 1,436 5,718 1,041 13,774 3,362 92,461 62,484 0 1,221 7,178 1,508 16,525 2,318 91,234 LPG 2002 591,877 39,354 113,024 67,036 7,068 34,511 120,695 973,565 2,702 86 3,476 12,872 237 1,682 (21,055) 594,579 39,354 113,110 70,512 19,940 34,748 122,377 (21,055) 973,565 455,263 36,781 112,298 69,307 15,505 32,907 107,146 47,681 876,888 139,316 2,573 812 1,205 4,435 1,841 15,231 (68,736) 96,677 677,663 10,430 42,481 45,932 108,666 23,341 189,722 145,285 1,243,520 63,260 52 629 2,768 5,524 1,016 12,318 3,226 88,793 50,500 37 471 1,814 12,048 1,368 10,982 12,719 89,939 LPG 2002 $4,441,854 $295,340 $848,210 $503,084 $ 53,043 $258,994 $ 905,779 $ $7,306,304 20,277 646 26,086 96,600 1,779 12,623 (158,011) 4,462,131 295,340 848,856 529,170 149,643 260,773 918,402 (158,001) 7,306,304 3,416,608 276,030 842,762 520,127 116,360 246,957 804,098 357,831 6,580,773 $1,045,523 $ 19,310 $ 6,094 $ 9,043 $ 33,283 $ 13,816 $ 114,304 $ (515,842) $ 725,531 $5,085,651 $ 78,274 $318,807 $344,705 $815,505 $175,167 $1,423,805 $1,090,319 $9,332,233 474,747 390 4,720 20,773 41,456 7,625 92,443 24,210 666,364 378,987 278 3,535 13,613 90,417 10,266 82,416 95,452 674,964 1200262813 7,10753,336 2 200267 10,40020033 320025202002621 17 2002621 20,000 19,998 1.46% 2012620
56/57
58/59 S S S, Z Z Z
Printed in Japan