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Annual Report 2007 for the Year Ended March 31, 2007 Restatement

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Annual Report 2007 for the Year Ended March 31, 2007 Restatement Annual Report 2007 For the Year Ended March 31, 2007 Restatement Head Office Toyosu IHI Bldg., 1-1, Toyosu 3-chome, Koto-ku, Tokyo 135-8710 Japan Tel:+81-3-6204-7800 Fax: +81-3-6204-8800 URL : www.ihi.co.jp/index-e.html Printed on recycled paper 90400-162-21-0802-6000XW(N) Printed in Japan Profile Corporate Data (As of March 31, 2007) Head Office Major Shareholders Ishikawajima-Harima Heavy Industries Co.,Ltd. (*Note) The Master Trust Bank of Japan, Ltd. Toyosu IHI Building, 1-1, Toyosu 3-chome, (Holder in Trust) 5.41% Koto-ku, Tokyo 135-8710, JAPAN Japan Trustee Services Bank, Ltd. (Holder in Trust) 5.29% Tel: +81-3-6204-7800 Japan Trustee Services Bank, Ltd. The IHI Group explores unknown territory Fax: +81-3-6204-8800 (Standing proxy: Toshiba Corporation)*1 3.77% Internet home page: http://www.ihi.co.jp/index-e.html The Daiichi Mutual Life Insurance Company 3.68% by consolidating the strengths of Founded Mizuho Trust Bank, Limited 1853 (Standing proxy: Mizuho Bank, Ltd.)*2 2.97% individuals who love manufacturing, and Incorporated Nippon Life Insurance Company 2.32% continues to create a prosperous future for 1889 Mitsui Sumitomo Insurance Co., Ltd. 1.51% Number of Employees Sumitomo Life Insurance Company 1.47% humanity and the earth with its fresh, 6,864 (consolidated: 23,190) Mizuho Corporate Bank, Ltd. 1.41% Transfer Agent IHI Customer Stock Ownership Association 1.41% unrestricted thinking and highly crafted The Chuo Mitsui Trust and Banking Company, Ltd. *1 The shares of Ishikawajima-Harima Heavy Industries Co., Ltd. (*Note) stock held by Toshiba Corporation are part of that company’s retirement Consolidated Subsidiaries benefit trust and are deposited as trust assets at Mitsui Asset Trust and technological capabilities. 84 Banking Co., Ltd. Retirement Benefit Trust (for Toshiba Corporation). Non-Consolidated Subsidiaries Voting rights for the shares are exercised in accordance with Toshiba Corporation instructions. On July 1, 2007, our corporate Group took a new step toward renewed forward-looking development. 51 *2 The shares of Ishikawajima-Harima Heavy Industries Co., Ltd. (*Note) Affiliates stock held by Mizuho Bank, Ltd. are part of that company’s retirement We changed our corporate name from Ishikawajima-Harima Heavy Industries Co., Ltd. to IHI Corporation benefit trust and are deposited as trust assets at Mizuho Trust & Banking 56 (Includes 25 affiliates applying the equity method of accounting) Co., Ltd. Retirement Benefit Trust (for Mizuho Bank, Ltd.). Voting rights for and integrate the brand to include the Group as a whole. Our aim is to join forces as a Group to achieve Stock Exchange Listings the shares are exercised in accordance with Mizuho Bank., Ltd. further growth as well as to promote IHI's further evolution as a global company into the future. Tokyo, Osaka, Nagoya, Fukuoka, Sapporo instructions. Shares Outstanding Investor Relations 1,467,058,482 If you have any questions or would like copies of any of our Number of Shareholders reports, please contact: Contents 1 Financial Highlights 25 Timeline of IHI 125,819 Investor Relations Division 2 To Our Shareholders 26 Corporate Governance and Compliance Independent Auditors IHI Corporation Toyosu IHI Building, 1-1, Toyosu 3-chome, 4 IHI at a Glance 28 Corporate Officers Ernst & Young ShinNihon *Note: As of July 1, 2007, Ishikawajima-Harima Heavy Industries Co., Ltd. Koto-ku, Tokyo 135-8710, JAPAN 6 Review of Operations 29 Organization changed its name to IHI Corporation. Tel: +81-3-6204-7030 12 Research and Development Highlights 30 Directory Fax: +81-3-6204-8613 16 IHI Intellectual Property 31 Financial Section IHI Stock Performance and Average Trading Volume Per Day 18 Environmental Efforts 55 Corporate Data (%) IHI TOPIX T rading Volume/Day (Thousands of shares) 19 IHI Group Product Lineup 160 50,000 22 IHI Group Facilities 150 45,000 24 History of IHI 140 40,000 130 35,000 120 30,000 Based on our management philosophy of “Using technology for the benefit of society,” IHI Group combines Cover story 110 25,000 its dynamism, which extends from the land and sea to sky and space, to provide the total solutions that society and the world have come to expect of it. 100 20,000 1. 2. 3. 4. 1. V2500 jet engine at the Mizuho Aero-Engine Works 90 15,000 2. Research and development activities regarding flywheel uninterruptible power supply 80 10,000 3. LNG tank in Spain 4. Low floor light rail transit vehicle for Toyama Light Rail “PORTRAM” 70 5,000 60 0 ’06/4 5 6 7 8 9 10 11 12 ’07/1 2 3 Cautionary Statements with Respect to Forward-Looking Statements Opening Price 374 406 360 364 320 341 364 387 370 411 452 477 High 428 429 364 369 350 386 413 404 416 453 514 505 Statements made in this annual report with respect to IHI’s current plans, estimates, strategies and beliefs Low 374 351 307 287 305 330 359 352 365 371 429 434 and other statements that are not historical facts are forward-looking statements about the future perfor- mance of IHI. These statements are based on management’s assumptions and beliefs in light of the infor- Closing Price 406 357 362 323 342 361 394 372 403 453 474 490 mation currently available to it and therefore readers should not place undue reliance on them. IHI cautions Trading Volume/Day that a number of important factors, such as general economic conditions and exchange rates, could cause (Thousands of shares) 22,381 24,086 16,293 15,859 11,091 20,181 19,551 16,615 23,280 42,397 46,815 37,639 actual results to differ materially from those discussed in the forward-looking statements. Share price on April 1, 2006: ¥394 = 100% IHI Annual Report 2007 55 Financial Highlights Years ended March 31, 2007, 2006 and 2005 Ishikawajima-Harima Heavy Industries Co., Ltd. (Now IHI Corporation) and Consolidated Subsidiaries Thousands of Millions of yen U.S. dollars 2007(*) 2007 2006 2005 2007 2007 Net sales ¥1,221,016 ¥1,234,851 ¥1,127,075 ¥1,089,047 $ 10,343,211 $ 10,460,407 Operating income (5,626) 24,617 21,771 10,619 (47,658) 208,530 Net income (4,593) 15,825 5,283 2,180 (38,907) 134,053 Total assets 1,536,078 1,535,441 1,461,796 1,387,838 13,012,097 13,006,701 Total net assets (**) 227,047 247,465 169,237 153,716 1,923,312 2,096,273 Note: (*) These figures were revised as of December 27, 2007. (**) The data previously presented as "Total shareholders' equity" are shown as "Total net assets" based on new accounting standard from this fiscal year. See Note 2 to the consolidated financial statements. Yen U.S. dollars Amounts per share: Net income ¥ (3.46) ¥ 11.93 ¥ 3.93 ¥ 1.56 $ (0.03) $ 0.10 Cash dividends ¥4.00¥ 2.00 ¥ 0.00 $0.03 Note: For convenience only, U.S. dollar amounts in this report have been converted from yen at the rate of ¥118.05=US$1, the approximate rate of exchange prevailing on March 31, 2007. ’07 1,221.0 ’06 1,127.1 Net Sales ’05 1,089.0 (Billions of yen) ’04 1,047.4 ’03 1,019.1 (4.6) ’07 ’06 5.3 Net (Loss) Income ’05 2.2 (Billions of yen) (38.4) ’04 (9.7) ’03 ’07 1,536.1 ’06 1,461.8 Total Assets (Billions of yen) ’05 1,387.8 ’04 1,377.0 ’03 1,381.2 Figures are for respective years ended March 31. IHI Annual Report 2007 1 To Our Shareholders In September 2007, IHI Corporation announced the . Decline of profitability in overseas projects (excl. potential revisions to the operating performance forecast cement plants): approx. ¥ 7 billion for the fiscal year ending March 31, 2008 due to signifi- . Disruptions of domestic boiler projects and the cant losses in its Energy and Plants Operations. As subse- production of chemical engineering machines quent investigation showed, operating performance in the (reactors): approx. ¥ 23 billion said Operations had significantly declined; a portion of the . Prolonged negotiation over the increase of the shortfall, which was found to have been reflected in the contract price: approx ¥ 18 billion fiscal year ended March 31, 2007, has been retrospectively . Failure to achieve the cost reduction effects reflected applied to accounts settlement for the said fiscal year. in the cost forecast for projects subject to the per- The causes of the decline in operating performance centage of completion method: approx. ¥ 28 billion are set out below. IHI Corporation is taking the situation (2) Direct causes of the significant decline in the extremely seriously and countermeasures are in process operating performance were as follows: to prevent a recurrence. IHI Corporation sincerely apolo- . The concentration of construction projects placed gizes to all of its shareholders and many other stake- strain on final work processes, with problems holders for the great inconvenience and anxiety that this resulting in cost increases through project schedule situation has caused. disruptions. Furthermore, the schedule disruptions caused inevitable delay in identification of the excess costs over total budget. Cause of the Decline in the Operating . As a result of the commercial practice of negotiating Performance contract fees for additional work when entering the final stages of the work, results fell far below fore- At the stage of the investigation in September 2007, an casts due to; failure to collect and organize sufficient Internal Investigation Committee was set up to look into materials for price negotiation, protracted negotia- the extent of the decline and detailed factors which tions, and/or reduction in the proposed increase of caused it, and to establish countermeasures.
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