Notes to Non-Consolidated Interim Financial
Statements
September 30, 1998 and 1997 (Unaudited)
1. Presentation of Financial
Statements
The accompanying non-consolidated interim
financial statements should be read in conjunction with the financial
statements and related notes included in the Annual Report of Kobe Steel,
Ltd., (the "Company") to stockholders for the year ended March 31,
1998.
.gif) The
accompanying interim financial statements have been translated from the
financial statements which are prepared for Japanese domestic purposes, in
accordance with interim accounting standards promulgated by the Business
Accounting Deliberation Council. Certain modifications have been made in
the accompanying interim financial statements in order to facilitate
understanding by foreign readers.
For convenience only, U.S. dollar
amounts presented in the accompanying interim financial statements have
been translated from Japanese yen at the rate of 135.40 yen to US$1, the
rate prevailing on September 30, 1998.
2. Contingent Liabilities
At
September 30, 1998, the Company was contingently liable for guarantees of
loans of 9,133 million yen ($67,452 thousand).
.
The Company does not prepare consolidated interim statements.
However, due to the effects of the slumping semiconductor market on the
performance of its semiconductor subsidiary and the effects of intergroup
accounting adjustments, it is estimated that consolidated interim results
would have been worse than Kobe Steel's non-consolidated results.
.
In the opinion of the Company's directors, this report enables
investors to make an informed assessment of the results and activities of
the group for the period.
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