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Ubiquitous Solution Company ompany eport 2008 C R nnual A Results for the year ended March 31, 2008 Ubiquitous Solution KDDI CORPORATION Annual Report 2008 Ubiquitous Solution Company The Challenge for New Value Creation In April 2007, KDDI announced “challenge 2010,” which detailing our medium- term business targets. Under “challenge 2010,” KDDI will strive to have unparal- leled customer satisfaction in all services and aim for sustainable growth through both “quantitative expansion” and “qualitative enhancement.” In order to achieve sustainable growth, KDDI must not simply continue on the present course, but rather strive to create new value. We hope that this report enables readers to gain a better understanding of KDDI’s businesses and recognize the company’s growth potential. Disclaimer Regarding Forward-Looking Statements Statements contained in this annual report concerning KDDI’s plans, strategies, beliefs, expectations or projections about the future, and other statements other than those of historical fact, are forward-looking statements based on management’s assump- tions in light of information currently available and involve risks and uncertainties. Actual results may differ materially from these statements. Potential risks and uncertainties include, but are not limited to, domestic and overseas economic conditions; fluctua- tions in currency exchange rates, particularly those affecting the U.S. dollar, euro and other overseas currencies in which KDDI or KDDI Group companies do business; and the ability of KDDI and KDDI Group companies to continue developing and marketing services that enable them to secure new customers in the communications market—a market characterized by rapid technological advances, the steady introduction of new services and intense price competition. Contents 02 Financial Highlights 04 Message to Shareholders and Investors 06 Interview with the President Against the backdrop of an increasingly severe competitive environment, we have increased sales and profitability for five consecutive years. KDDI aims for sustainable growth through “quantitative expansion” and “qualita- tive enhancement.” 11 Special Feature: The Challenge for New Value Creation KDDI is working to create new added-value businesses that utilize its strengths in mobile and fixed-line communications. 19 Overview of Operations 19 Business at a Glance 20 Mobile Business 34 Fixed-line Business 43 Other Business 45 Corporate Governance 60 Financial Section 96 Major Consolidated Subsidiaries 97 Corporate History 98 Stock Information 99 Corporate Overview KDDI CORPORATION Annual Report 2008 01 Financial Highlights Years ended March 31 Millions of Millions of yen U.S. dollars 2006 2007 2008 2008 Operating revenues . ¥3,060,814 ¥3,335,260 ¥3,596,284 $35,895 Operating income . 296,596 344,701 400,452 3,997 Income before income taxes and minority interests . 180,606 309,074 379,205 3,785 Net income . 190,569 186,747 217,786 2,174 Capital expenditures (cash flow basis) . 414,726 438,463 517,002 5,160 <At year-end> Total assets . 2,500,865 2,803,240 2,879,275 28,738 Interest-bearing debt . 770,692 620,471 571,945 5,709 Net assets (former Shareholders’ equity)* . 1,295,531 1,537,114 1,715,731 17,125 Per share data (yen & U.S. dollars) Net income . 45,056 42,505 48,810 487 Cash dividends . 8,000 9,500 10,500 105 * Beginning with the fiscal year ended March 2007, Net assets is used instead of Shareholders’ equity. Net assets: Sum of Shareholders’ equity, Share warrant and Minority interests Operating income/ Operating revenues Net income Cash dividends Operating income margin +¥1,000 +7.8% +16.2% +16.6% Annual cash dividends 3,596.3 billion 400.5 billion 217.8 billion per share ¥10,500 5 consecutive years of 5 consecutive years of 6 consecutive years of A new record increased operating revenues increased operating income increased dividends (Billions of yen) (Billions of yen) (%) (Billions of yen) (Yen) 4,000 500 15.0 250 12,000 3,596 218 10,500 3,335 10,000 400 12.0 200 201 9,500 3,000 3,061 11.1 191 187 2,8462,920 10.3 10.1 10.3 9.7 400 8,000 8,000 300 345 9.0 150 292 296 297 6,900 2,000 6,000 117 200 6.0 100 4,000 3,600 1,000 100 3.0 50 2,000 0 0 0 0 0 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 Operating income Operating income margin KDDI CORPORATION 02 Annual Report 2008 Capital expenditures/ EBITDA/EBITDA margin Free cash flows Depreciation expenses (Billions of yen) (Billions of yen) (%) (Billions of yen) 600 800 40.0 500 769 517 688 692 500 664 654 400 404 402 438 600 30.0 415 400 300 296 366 24.2 350 351 342 336 22.7 325 21.4 20.7 21.4 300 400 20.0 200 253 140 200 100 200 10.0 100 0 (12) 0 0 0 (100) 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 Capital expenditures EBITDA EBITDA margin Depreciation expenses Return on Equity (ROE) Return on Assets (ROA) Debt/Shareholders’ equity ratio (%) (%) (Billions of yen) (%) 20.0 15.0 1,200 1,180 80.0 18.5 14.1 13.0 12.5 15.5 11.6 15.0 10.8 11.9 900 865 58.5 60.0 13.3 13.6 54.1 10.0 51.8 47.0 771 12.3 620 10.0 7.5 600 572 40.0 38.2 5.0 5.0 300 20.0 2.5 0 0 0 0 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 Debt Shareholders’ equity ratio Share of net additions of Mobile Business* Subscribers/Share of Mobile Business* (%) (’000 subs) (%) 60.0 36,000 36.0 55.8 50.1 29.5 50.0 30,000 29.1 30.0 46.1 27.7 48.1 26.6 30,339 25.1 25,439 28,188 40.0 24,000 24.0 23,132 20,591 35.8 30.0 18,000 18.0 20.0 12,000 12.0 10.0 6,000 6.0 0 0 0 04 05 06 07 08 04 05 06 07 08 *au+Tu-Ka Subscribers Share *au+Tu-Ka KDDI CORPORATION Annual Report 2008 03 Message to Shareholders and Investors KDDI CORPORATION 04 Annual Report 2008 Five Consecutive Years of Growth in Revenue and Profits Aiming for Sustainable Growth through “Quantitative Expansion” and “Qualitative Enhancement” In the fiscal year ended March 2008, KDDI recorded an increase in consolidated revenue and profits for the fifth consecutive year, and increased the dividend paid to shareholders for the sixth year in a row. I believe our operating results were solid amid the tough business environ- ment resulting from the entrance of new players in the communications industry and intensify- ing price competition. In particular, our Mobile Business was a driver of overall performance, as evidenced by the fact that the number of cumulative au subscribers reached our longstanding target of 30 million. However, while further growth in demand is expected from corporate clients in the mobile market, a gradual dip in growth is forecast in the maturing consumer market. This will lead to an even more competitive business environment. Given this, in order to ensure a competitive position we must continually develop and offer services that will satisfy customers, and we will therefore strive to boost customer satisfaction. Meanwhile, in the Fixed-line Business, as the core service transitions from conventional communications services to IP communications, making physical distance irrelevant, it is important to proceed with direct-access business where we offer access lines by ourselves. To accomplish this, we will redouble our efforts in the access lines business in order to secure a new source of revenues. In addition, we will gear up our initiatives in the high value-added businesses that we pro- pose to customers for new value creation, centered on information communications. Through these efforts we will strive to earn unparalleled customer satisfaction in all ser- vices, one of the objectives of our “Challenge 2010” medium-term business target. As we aim for sustainable growth that balances “quantitative expansion” and “qualitative enhancement”, we will increase corporate our value, win our customers’ increased trust, and better meet their needs. We look forward to your continued support. July 2008 Tadashi Onodera President and Chairman KDDI CORPORATION Annual Report 2008 05 Interview with the President Market Environment Q1. First of all, how would you summarize the market and the activity in the industry during the past year? A1. It was a very competitive year in the mobile phone market. Going forward, I think we will see price competition settle down, and the focus of competition will shift to services, such as the quality of handsets and content. In the mobile phone market, the fiscal year ended March 31, 2008 (fiscal 2007) was one of intensifying competition, as companies enhanced their pricing plans and introduced new marketing schemes to separate handset subsidies from tariffs. However, looking at the modest slackening in consumer market growth, it has become tougher than before to offset declining revenues from lower prices with an increase in subscribers. As a result, in fiscal 2008, I look for the focus of competition to start to switch from pricing and move towards ser- vices-related competition, such as the quality of handsets and contents. In the fixed-line market, Japan is at a turning point in which we are seeing the switchover to IP and broadband services. While the transition from ADSL to FTTH (Fiber to The Home) has begun, it has not yet gone into full gear.
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