May 22,2003
Shin-Kobe Electric Machinery Co., Ltd.

Consolidated

Income Statements

(Millions of yen,except per share data)

	2003	2002	% Increase (Decrease)
Net sales	53,478	58,065	(8)
Operating income	3,237	3,829	(16)
Ordinary profit	1,931	2,926	(34)
Net income	680	1,284	(47)
Net income (per share) (yen)	11.86	25.22	-

Net Sales by Product Category

(Millions of yen)

	2003	2002	% Increase (Decrease)
Storage Batteries, Electric Machinery & Equipment	34,309(64)	39,205(68)	(12)
Synthetic Resin	18,859(32)	19,168(36)	2

Forecast for the year ended March 31,2004

(Millions of yen)

Net sales	Ordinary income	Net income
54,000	2,400	900

April 24,2003

Non-Consolidated

Income Statements

(Millions of yen,except per share data)

	2003	2002	% Increase (Decrease)
Net sales	48,353	52,904	(9)
Operating income	2,614	3,225	(19)
Ordinary profit	1,510	2,468	(39)
Net income	583	1,149	(49)
Net income (per share) (yen)	16.57	22.57	-
Cash dividends declared (per share) (yen)	8	8	-

Net Sales by Product Category

(Millions of yen)

	2003	2002	% Increase (Decrease)
Storage Batteries, Electric Machinery & Equipment	31,463(65%)	36,205(68%)	(13)
Synthetic Resin	16,710(35%)	16,699(32%)	0

Forecast for the year ended March 31,2004

(Millions of yen)

Net sales	Ordinary income	Net income
48,500	1,700	680

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