annual report 2007...2nd floor, pioneer house building, 108 paseo de roxas, makati city, metro...

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ANNUAL REPORT 2007

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Page 1: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

ANNUAL REPORT2007

Page 2: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

PROFILE 1

THE MESSAGE FROM THE PRESIDENT 2

CONSOLIDATED BALANCE SHEETS 4

CONSOLIDATED STATEMENTS OF INCOME 6

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS 7

CONSOLIDATED STATEMENTS OF CASH FLOWS 9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 10

REPORT OF INDEPENDENT AUDITORS 23

NON-CONSOLIDATED BALANCE SHEETS 25

NON-CONSOLIDATED STATEMENTS OF INCOME 27

NON-CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS 28

NOTES TO NON-CONSOLIDATED FINANCIAL STATEMENTS 29

REPORT OF INDEPENDENT AUDITORS 36

CORPORATE OUTLINE 37

CORPORATE DATA 38

CONTENTS

Page 3: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

1

PROFILE

Page 4: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

2

THE MESSAGE FROM THE PRESIDENT

Page 5: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

3

Page 6: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

4

Sumitomo Mitsui Construction Co., Ltd.Consolidated Balance SheetsMarch 31, 2007

Page 7: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

5

Sumitomo Mitsui Construction Co., Ltd.Consolidated Balance SheetsMarch 31, 2007

Page 8: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

6

Sumitomo Mitsui Construction Co., Ltd.Consolidated Statements of IncomeMarch 31, 2007

Page 9: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

7

Sumitomo Mitsui Construction Co., Ltd.Consolidated Statements of Changes In Net AssetsMarch 31, 2007

Page 10: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

8

Sumitomo Mitsui Construction Co., Ltd.Consolidated Statements of Changes In Net AssetsMarch 31, 2007

Page 11: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

9

Sumitomo Mitsui Construction Co., Ltd.Consolidated Statements of Cash FlowsMarch 31, 2007

Page 12: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

10

Sumitomo Mitsui Construction Co., Ltd.Notes to Consolidated Financial StatementsMarch 31, 2007

Page 13: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

11

Sumitomo Mitsui Construction Co., Ltd.Notes to Consolidated Financial StatementsMarch 31, 2007

Page 14: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

12

Sumitomo Mitsui Construction Co., Ltd.Notes to Consolidated Financial StatementsMarch 31, 2007

Page 15: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

13

Sumitomo Mitsui Construction Co., Ltd.Notes to Consolidated Financial StatementsMarch 31, 2007

Page 16: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

14

Sumitomo Mitsui Construction Co., Ltd.Notes to Consolidated Financial StatementsMarch 31, 2007

Page 17: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

15

Sumitomo Mitsui Construction Co., Ltd.Notes to Consolidated Financial StatementsMarch 31, 2007

Page 18: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

16

Sumitomo Mitsui Construction Co., Ltd.Notes to Consolidated Financial StatementsMarch 31, 2007

Page 19: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

17

Sumitomo Mitsui Construction Co., Ltd.Notes to Consolidated Financial StatementsMarch 31, 2007

Page 20: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

18

Sumitomo Mitsui Construction Co., Ltd.Notes to Consolidated Financial StatementsMarch 31, 2007

Page 21: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

19

Sumitomo Mitsui Construction Co., Ltd.Notes to Consolidated Financial StatementsMarch 31, 2007

Page 22: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

20

Sumitomo Mitsui Construction Co., Ltd.Notes to Consolidated Financial StatementsMarch 31, 2007

Page 23: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

21

Sumitomo Mitsui Construction Co., Ltd.Notes to Consolidated Financial StatementsMarch 31, 2007

Page 24: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

22

Sumitomo Mitsui Construction Co., Ltd.Notes to Consolidated Financial StatementsMarch 31, 2007

Page 25: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

23

Page 26: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

24

Page 27: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

25

Sumitomo Mitsui Construction Co., Ltd.Non-Consolidated Balance SheetsMarch 31, 2007

Page 28: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

26

Sumitomo Mitsui Construction Co., Ltd.Non-Consolidated Balance SheetsMarch 31, 2007

Page 29: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

27

Sumitomo Mitsui Construction Co., Ltd.Non-Consolidated Statements of IncomeMarch 31, 2007

Page 30: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

28

Sumitomo Mitsui Construction Co., Ltd.Non-Consolidated Statements of Changes In Net AssetsMarch 31, 2007

Page 31: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

29

Sumitomo Mitsui Construction Co.,Ltd.Notes to Non-Consolidated Financial StatementsMarch 31, 2007

Page 32: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

30

Sumitomo Mitsui Construction Co.,Ltd.Notes to Non-Consolidated Financial StatementsMarch 31, 2007

Page 33: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

31

Sumitomo Mitsui Construction Co.,Ltd.Notes to Non-Consolidated Financial StatementsMarch 31, 2007

Page 34: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

32

Sumitomo Mitsui Construction Co.,Ltd.Notes to Non-Consolidated Financial StatementsMarch 31, 2007

Page 35: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

33

Sumitomo Mitsui Construction Co.,Ltd.Notes to Non-Consolidated Financial StatementsMarch 31, 2007

Page 36: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

34

Sumitomo Mitsui Construction Co.,Ltd.Notes to Non-Consolidated Financial StatementsMarch 31, 2007

Page 37: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

35

Sumitomo Mitsui Construction Co.,Ltd.Notes to Non-Consolidated Financial StatementsMarch 31, 2007

Page 38: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

36

Page 39: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

37

CORPORATE OUTLINE

Corporate Name:Sumitomo Mitsui Construction Co.,Ltd.

Established:October 14,1941

Permission:(Special-18)No.200, SpecifiedConstructor, granted by the Minister of Land,Infrastructure and Transport

License:(13)No.1, Housing, Land and Building Dealer,granted by the Minister of Land, Infrastructureand Transport

Scope of Business:1) Planning and executing of civil

engineering and construction worksand prestressed concrete works

2) Manufacturing and selling civilengineering and constructionmaterials and PC products

3) Real estate business

4) Other related business to the above

Main BanksSumitomo Mitsui Banking CorporationSumitomo Trust & Banking Co.,Ltd.Mitsui Life Insurance Co.,Ltd.Mitsui Sumitomo Insurance Co.,Ltd.Sumitomo Life Insurance Company

Main ShareholdersDaiwa Securities SMBC Co.,Ltd.Mitsui Fudosan Co.,Ltd.UBS AG London A/C IPB Segregated ClientAccountMitsui Sumitomo Insurance Co.,Ltd.BNY for GCM Client Accounts (E)ISG

1963

1956

1887Nishimoto-Gumi

2003SUMITOMO MITSUI CONSTRUCTION CO., LTD.

1934Nishimoto-Gumi

Joint-Stock Co.,Ltd.

1941Nishimoto-Gumi Co.,Ltd.

1945Mitsui Construction Industry

Co.,Ltd.

1946Sanken Industry Co.,Ltd.

1952MITSUI CONSTRUCTION

CO.,LTD.

1937Sumitomo Mining Co.,

Ltd.

1944Engineering Work

Division1882

Katsuro-Gumi

1944Katsuro-Gumi

Co.,Ltd.

1947Besshi Costruction

Enterprise

1950Besshi Construction Co.,

Ltd.

1947Nishi-Nippon

Reconstruction Co.,Ltd.

Civil Division

1946Seika Mining Co.,Ltd.

1947Kinki Construction Co.,

Ltd.

1952Sumitomo MetalMining Co.,Ltd.

1952Sumitomo CoalMining Co.,Ltd.

1691Besshi Copper Mine

1962SUMITOMO CONSTRUCTION

CO.,LTD.

Corporate History

Page 40: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC

38

CORPORATE DATA

HEAD OFFICE7-5-25,Nishi-Shinjuku,Shinjuku-kuTokyo 160-0023 Japan

INTERNATIONAL DIVISIONSumitomo Nakanosakaue Building 14F1-38-1 Chuo,Nakano-ku,Tokyo164-0011,JapanTEL:81-3-5337-2450FAX:81-3-3367-5485,5486

OVERSEAS OFFICE

Shanghai:(China)Room No.202, No.2 Building, 641 Tian Shan Road,Chang Ning Zone, Shanghai 200336, ChinaTEL:86-21-6228-6780FAX:86-21-6228-6781

Taipei:(Taiwan)4F, No.48, Sec.1, Chang an East Road, Taipei,TaiwanTEL:886-2-25423596, 25210056FAX:886-2-25613370

Manila:(Philippines)2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, PhilippinesTEL:63-2-840-4913FAX:63-2-840-4912

Guam:(USA)Suite 106 & 107, IBC Building, Harmon Industrial Park, Guam 96931TEL:671-649-7521FAX:671-649-7550

Hanoi:(Vietnam)1st Floor, Tran Gia Building,81A Tran Quoc Toan Street,Hoan Kiem District Hanoi, VietnamTEL:84-4-9428888FAX:84-4-9428808

Singapore:No.4 Leng Kee Road,#06-05 SIS Building,Singapore 159088TEL:65-64750079FAX:65-64756996

Jakarta:(Indonesia)Summitmas 2, 12th Floor JL.Jend. Sudirman Kav. 61-62,Jakarta Selatan 12190, IndonesiaTEL:62-21-520-1757FAX:62-21-525-0905

Bangkok:(Thailand)7th Floor,Orakarn Office Condominium,26-21 Soi,Chidlom Ploenchit Road,Bangkok 10330,ThailandTEL:66-2-250-0560FAX:66-2-2547405

Colombo:(SriLanka)1F, B.W.Holdings Building, No.5A, Austin Place Colombo-8, SriLankaTEL:94-11-2684914FAX:94-11-2684915

Nairobi:(Kenya)P.O.Box 60487-00200 Arwings Kodhek Road,Chemusian Apartments, Apartment No.2 Next to Olive Garden Hotel,Hurlingham, Nairobi, KenyaTEL:254-20-2722560FAX:254-20-2722619

Subsidiary Companies in overseas

SMCC( Thailand) Co.,Ltd.(Former Thai Sumicon Co,.Ltd)7th Floor,Orakarn Office Condominium,26-21 Soi, Chidlom Ploenchit Road,Bangkok l0330,ThailandTEL:66-2-2548581FAX:86-2-2547405

Pt.SMCC Utama Indonesia(Former Pt.Sumicon Utama)Summitmas 2, 12th Floor JL.Jend. Sudirman Kav. 61-62,Jakarta Selatan 12190, IndonesiaTEL:62-21-520-1757FAX:62-21-525-0905

SMCC Construction India Ltd.(Former Mitsui Kensetsu PVT India,.Ltd)

23, Local Shopping Centre,Madangir, Near Pushp Bhawan,New Delhi 110062, IndiaTEL:91-11-41392800FAX:91-11-41652592, 41652593

SMCC Philippines, Inc.2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, PhilippinesTEL:63-2-840-4913FAX:63-2-840-4912

SMCC ShanghaiRoom No.202, No.2 Building, 641 Tian Shan Road,Chang Ning Zone, Shanghai 200336, ChinaTEL:86-21-6228-6780FAX:86-21-6228-6781

Beijing M.B.R. ConstructionEngineering Co.,Ltd.Jiali Hotel MBR Loft No.21 Yi Jiuxianqiao RoadChaoyang District,Beijing, 100016People's Republic of ChinaTEL:86-10-8456-0619~23FAX:86-10-8456-0624

SMCC Guam,Inc.Suite 106 & 107, IBC Building, Harmon Industrial Park, Guam 96931TEL:671-649-7521FAX:671-649-7550

Page 41: ANNUAL REPORT 2007...2nd Floor, Pioneer House Building, 108 Paseo de Roxas, Makati City, Metro Manila, Philippines TEL:63-2-840-4913 FAX:63-2-840-4912 Guam:(USA) Suite 106 & 107, IBC