-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GjXb5uyri46ym5XxcdQ3pSMM81M5D/Wdc7Tjlg/fiX06rJXk9BRj1ZM0VItqI7Cg 2uwjjsGhSKrzbU5d1LrGng== 0000887730-98-000013.txt : 19980928 0000887730-98-000013.hdr.sgml : 19980928 ACCESSION NUMBER: 0000887730-98-000013 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980925 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMET CORP CENTRAL INDEX KEY: 0000887730 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS & ACCESSORIES [3670] IRS NUMBER: 570923789 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-20289 FILM NUMBER: 98714730 BUSINESS ADDRESS: STREET 1: 2835 KEMET WAY CITY: SIMPSONVILLE STATE: SC ZIP: 29681 BUSINESS PHONE: 8039636300 MAIL ADDRESS: STREET 1: P O BOX 5928 STREET 2: 2835 KEMET WAY CITY: SIMPSONVILLE STATE: SC ZIP: 29681 11-K 1 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year end March 31, 1998. OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to Commission file no. 0-20289 A: Full title of the plan and the address of the plan, if different from that of the issuer named below: KEMET Employees' Savings Plan B: Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: KEMET Corporation Post Office Box 5928 Greenville, South Carolina 29606 2 REQUIRED INFORMATION Financial Statements and Schedules. The financial statements and schedules included herewith relating to the KEMET Employees' Savings Plan (the "Plan") were prepared in accordance with the financial reporting requirements of ERISA and are provided pursuant to Instruction 4 of Form 11-K. Consent of the Independent Auditors. 3 SIGNATURES The Plan. Pursuant to the requirements of the Securities Act of 1934, the Administrative Committee of the KEMET Employees' Savings Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. KEMET EMPLOYEES' SAVING PLAN September 25, 1998 By /S/ D.Ray Cash ------------------------------------- D. Ray Cash Senior Vice President of Administration and Treasurer For the Administrative Committee 4 KEMET EMPLOYEES' SAVINGS PLAN Financial Statements and Schedules March 31, 1998 and 1997 (With Independent Auditors' Report Thereon) 5 KEMET EMPLOYEES' SAVINGS PLAN Table of Contents Independent Auditors' Report Financial Statements: Statements of Net Assets Available for Benefits - March 31, 1998 and 1997 Statements of Changes in Net Assets Available for Benefits - Years ended March 31, 1998 and 1997 Notes to Financial Statements - March 31, 1998 and 1997 Schedules Item 27a - Schedule of Assets Held for Investment Purposes at March 31, 1998 1 Item 27d - Schedule of Reportable Transactions for the Year ended March 31, 1998 2 Independent Auditors' Consent Exhibit 23 Schedules not filed herewith are omitted because of the absence of conditions under which they are required. 6 Independent Auditors' Report The Board of Directors KEMET Electronics Corporation: We have audited the accompanying statements of net assets available for benefits of KEMET Employees' Savings Plan as of March 31, 1998 and 1997, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of March 31, 1998 and 1997, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedules 1 and 2 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /S/ KPMG Peat Marwick LLP July 31, 1998 KPMG Peat Marwick LLP 7 KEMET EMPLOYEES' SAVINGS PLAN Statements of Net Assets Available for Benefits March 31, 1998 and 1997 1998 1997 ---- ---- Assets: Investments (notes 2 and 7) $ 62,899,943 $ 50,302,121 Participant loans 1,913,491 1,408,233 Employer contribution receivable 1,838,215 1,750,961 Cash - 19,057 ------------ ------------ Total assets 66,651,649 53,480,372 Liabilities: Other - - ------------ ------------ Net assets available for benefits $ 66,651,649 $ 53,480,372 ============ ============
See accompanying notes to financial statements. 8 KEMET EMPLOYEES' SAVING PLAN Statements of Changes in Net Assets Available for Benefits Years ended March 31, 1998 and 1997 1998 1997 ---- ---- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments $ 7,121,797 $ (605,333) Investments and dividends 3,117,936 2,393,399 ------------ ------------ 10,239,733 1,788,066 ------------ ------------ Contributions: Participants' 5,178,624 4,730,998 Employer's 1,838,215 1,783,706 ------------ ------------ 7,016,839 6,514,704 ------------ ------------ Total additions 17,256,572 8,302,770 ------------ ------------ Deductions from net assets attributed to: Benefits paid to participants 4,073,245 5,071,951 Administrative expenses 12,050 18,400 ------------ ------------ Total deductions 4,085,295 5,090,351 ------------ ------------ Net increase 13,171,277 3,212,419 Net assets available for benefits: Beginning of year 53,480,372 50,267,953 ------------ ------------ End of year $66,651,649 $ 53,480,372 ============ ============
See accompanying notes to financial statements. 9 KEMET EMPLOYEES' SAVING PLAN Notes to Financial Statements March 31, 1998 and 1997 (1) Description of Plan The following description of the KEMET Employees' Savings Plan (Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. (a) General The Plan is a defined contribution plan sponsored by KEMET Electronics Corporation (Company) covering all full-time employees of the Company, its parent and its subsidiaries who have completed one year of service. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). (b) Contributions Participants may choose one or both of the two savings types available, which are the 401(k), which provides for deferral of taxation, and the Personal Investment Account (PIA). Participants are allowed to contribute between 2 1/2% and 7 1/2% of their annual compensation as their basic contribution to the Plan. This may be on a pretax basis to the 401(k) or an after tax basis to the PIA. The Company matches 50% of 401(k) and 30% of PIA contributions, subject to the basic savings rate limit of 7 1/2%. Employer contributions are reduced by forfeitures. Additional amounts may be contributed at the option of the Company's Board of Directors. In addition to their basic contribution, participants may contribute between 0.5% and 10% to either the 401(k) on a pretax basis (up to the IRS maximum) or to the PIA. (c) Participant Accounts Each participant's account is credited with (a) the participant's contribution, (b) the Company's matching contribution, (c) allocations of the Company's additional contribution, and (d) Plan earnings, and through April, 1996, charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account. (d) Vesting Participants are immediately vested in their voluntary contributions and the Company matching contributions plus actual earnings thereon. However, penalties are incurred which can result in forfeiture of a portion of the current year employer match if withdrawals are made on funds that have been in the plan for less than twenty-four months, or if other withdrawals have been made in the last twenty-four months. 10 (1) Description of Plan, Continued (e) Investment Options Through April 30, 1996, participants could direct the investment of their accounts, including the Company's contributions, into the following funds: Equity Income Fund - a diversified portfolio of common stocks Stable Value Fund - certificates of deposits, guaranteed investment contracts, money market investments or other fixed principle investments Balanced Fund - common stocks and bonds KEMET Stock Fund - common stock of KEMET Corporation Effective May 1, 1997, the Plan changed trustees from Wachovia Bank of SC, NA to T. Rowe Price. Investment options with T. Rowe Price for participants are as follows: KEMET Stock Fund - common stock of KEMET Corporation International Stock Fund - common stocks of established, non-U.S. companies Blended Stable Value Fund - guaranteed investment contracts or other fixed principle investments Small-Cap Value Fund - common stocks of small companies (market value less than $500 million) with potential for capital appreciation Mid-Cap Growth Fund - common stocks of medium-sized companies with potential for capital appreciation Balanced Fund - common stocks and bonds Equity Income Fund - common stocks, primarily of dividend-paying established companies Changes in net assets available for benefits by fund as disclosed in footnote 8 for the year ended March 31, 1997 combine like accounts at the two trustees, and include activity at Wachovia from April 1 to April 30, 1996 and at T. Rowe Price from May 1, 1996 to March 31, 1997. (f) Payment of Benefits On termination of service due to death, disability or retirement, a participant may elect to receive either a lump-sum amount equal to the value of the participant's vested interest in his or her account, or annual installments over a ten year period. For termination of service due to other reasons, a participant may receive the value of the vested interest in his or her account as a lump-sum distribution. (g) Forfeited Accounts Forfeited accounts are used to reduce future employer contributions. (2) Summary of Significant Accounting Policies (a) Basis of Accounting The financial statements of the Plan are prepared under the accrual method of accounting. 11 (b) Investment Valuation and Income Recognition At March 31, 1998, under the terms of a trust agreement between T. Rowe Price and the Plan, T. Rowe Price manages a trust fund on behalf of the Plan which includes all Plan investments. The information on the investments and changes in investments of the Plan as of March 31, 1998 and 1997 and for the period May 1, 1996 to March 31, 1997 was certified by T. Rowe Price to be complete and accurate. All information in the accompanying financial statements regarding changes in investments for the month of April 1996 was certified by Wachovia to be complete and accurate. The investments and changes therein of this trust fund have been reported to the Plan as having been determined through the use of fair values for all assets of the trust fund except for its investment contracts which are valued at contract value (note 3). Shares of registered investment companies are valued at quoted market prices which represent the net asset value of shares held by the Plan at year-end. The Company stock is valued at its quoted market price. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. (c) Payment of Benefits Benefits are recorded when paid. (e) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. In addition, they affect the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates and assumptions. (3) Investment Contracts With Insurance Companies The Plan's investment contracts with insurance companies included in the stable value fund option are primarily invested in shares of a guaranteed investment contract fund managed by Wachovia through April 1996 and T. Rowe Price beginning May 1996. The insurance companies maintain the contributions in a pooled account. The account is credited with earnings on the underlying investments and charged for Plan withdrawals and administrative expenses charged by the insurance companies. The contracts are fully benefit-responsive and are included in the financial statements at contract value, which approximates fair value, as reported to the Plan by the insurance companies. Contract value represents contributions made under the contracts, plus earnings, less Plan withdrawals and administrative expenses. The average yield for the guaranteed investment contracts for the years ended March 31, 1998 and 1997 was approximately 6.0%. (4) Related Party Transactions Certain Plan investments are shares of mutual funds managed by Wachovia in 1996 and T. Rowe Price beginning May 1, 1996. T. Rowe Price and Wachovia were the trustees as defined by the Plan for the indicated periods and, therefore, these transactions qualify as party-in-interest. Fees paid by the Plan to T. Rowe Price for loan administration services were $12,050 in fiscal 1998 and $18,400 in fiscal 1997. All other administrative fees were paid by the Company subsequent to April 30, 1996. 12 (5) Plan Termination Although it has not expressed any intent to do so, the Company has the right under the Plan to amend it from time to time, to discontinue its contributions at any time, and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will remain 100 percent vested in their accounts. (6) Tax Status The Internal Revenue Service has determined and informed the Company by a letter dated December 12, 1994, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). The Plan has been amended since receiving the determination letter. However, the Plan's administrator and the Plan's tax counsel believe that the Plan is designed and is currently being operated in accordance with applicable provisions of the IRC. (7) Investments At March 31, investments of the Plan were as follows: 1998 1997 ---- ---- Investments: At fair value: Registered investment companies: T. Rowe Price International Stock Fund $1,131,857 $ 606,414 T. Rowe Price Small Cap Value Fund 2,585,331 990,245 T. Rowe Price Mid Cap Growth Fund 4,423,894 1,925,956 T. Rowe Price Balanced Fund 10,064,107 7,613,987 T. Rowe Price Equity Income Fund 14,475,183 9,533,819 ---------- ----------- 32,680,372 20,670,421 Common stock of KEMET Corporation 11,124,693 11,105,155 ---------- ----------- Total investments, at fair value 43,805,065 31,775,576 At contract value: T. Rowe Price Stable Value Common Trust Fund 18,459,780 17,737,218 Metropolitan Life Insurance Company 635,098 789,327 ---------- ----------- Total investments, at contract value 19,094,878 18,526,545 ---------- ----------- Total investments $62,899,943 $50,302,121 ========== ===========
13 (8) Net Assets and Changes in Net Assets Available for Benefits with Fund Information A summary of net assets available for benefits with fund information at March 31, 1998 follows: Small KEMET Blended International Cap Mid Cap Equity Stock Stable Value Stock Value Growth Balanced Income Loan Settlement Fund Fund Fund Fund Fund Fund Fund Fund Account Total - -------------------------------------------------------------------------------- - ------------------------ Investments: Pooled funds at fair value $ - - 1,131,857 2,585,331 4,423,894 10,064,107 14,475,183 - - 32,680,372 Pooled funds at contract value - 18,459,780 - - - - - - - - 18,459,780 Contract with insurance company at contract value - 635,098 - - - - - - - - 635,098 Common stock of related entity at fair value 11,124,693 - - - - - - - - - 11,124,693 ---------- ---------- --------- --------- - --------- ---------- ---------- ---------- ----- ---------- Total investments 11,124,693 19,094,878 1,131,857 2,585,331 4,423,894 10,064,107 14,475,183 - - 62,899,943 ---------- ---------- --------- --------- - --------- ---------- ---------- ---------- ----- ---------- Participant loans - - - - - - - - 1,913,491 - 1,913,491 Employer contribution receivable 246,123 549,536 56,681 107,888 207,917 269,807 400,263 - - 1,838,215 Cash - - - - - - - - - - - ---------- ---------- --------- --------- - -------- ---------- ---------- --------- ------ ---------- Total assets 11,370,816 19,644,414 1,188,538 2,693,219 4,631,811 10,333,914 14,875,446 1,913,491 - 66,651,649 ---------- ---------- --------- --------- - --------- ---------- ---------- --------- ------ ---------- Net assets available for benefits $11,370,816 19,644,414 1,188,538 2,693,219 4,631,811 10,333,914 14,875,446 1,913,491 - 66,651,649 ========== ========== ========= ========= ========= ========== ========== ========= ====== ==========
14 (8) Net Assets and Changes in Net Assets Available for Benefits with Fund Information A summary of the changes in net assets available for benefits with fund information for the year ended March 31, 1998 follows: Inter- Small KEMET Blended national Cap Mid Cap Equity Stock Stable Value Stock Value Growth Balanced Income Loan Settlement Fund Fund Fund Fund Fund Fund Fund Fund Account Total - -------------------------------------------------------------------------------- - ------------------------ Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments $1,024,571 - 78,159 421,082 1,182,590 1,858,476 2,556,919 - - 7,121,797 Interest and dividends - 1,155,761 49,213 140,358 37,219 353,882 1,220,865 160,638 - 3,117,936 Contributions: Participants 683,760 1,308,790 177,550 283,025 564,253 629,180 1,032,171 - - 4,678,729 Employer 246,123 549,536 56,681 107,888 207,917 269,807 400,263 - - 1,838,215 Rollovers into the Plan 92,047 1,345 26,442 92,349 111,943 73,355 102,414 - - 499,895 - -------------------------------------------------------------------------------- - ------------------------------------ Total additions 2,046,501 3,015,432 388,045 1,044,702 2,103,922 3,184,700 5,312,632 160,638 - 17,256,572 - -------------------------------------------------------------------------------- - ------------------------------------ Deductions in net assets attributed to: Benefits paid to participants (505,947) (1,434,150) (17,772) (187,650) - (276,922) (732,743) (871,699) (46,362) - (4,073,245) Administrative expenses (918) (4,750) (100) (272) (438) (3,738) (1,834) - - (12,050) Intraplan transfers(1,562,426) (834,472) 144,764 752,929 669,804 139,546 708,912 - (19,057) - Loan withdrawals (96,548) (521,723) (15,624) (8,565) (24,640) (231,503) (306,395) 1,204,998 - - Loan principle 87,481 264,695 25,079 21,069 45,934 83,845 125,275 (653,378) - - Loan interest 22,013 60,370 5,027 6,331 13,728 22,451 30,718 (160,638) - - - -------------------------------------------------------------------------------- - ------------------------------------ Net increase (decrease) (8,844) 545,402 529,419 1,628,544 2,531,388 2,462,558 4,997,609 505,258 (19,057) 13,171,277 Net assets available for benefits: Beginning of year 11,380,660 19,099,012 659,119 1,064,675 2,100,423 7,871,356 9,877,837 1,408,233 19,057 53,480,372 - -------------------------------------------------------------------------------- - ------------------------------------ End of year 11,370,816 19,644,414 1,188,538 2,693,219 4,631,811 10,333,914 14,875,446 1,913,491 - 66,651,649 ================================================================================ ====================================
15 (8) Net Assets and Changes in Net Assets Available for Benefits with Fund Information A summary of net assets available for benefits with fund information at March 31, 1997 follows: Small KEMET Blended International Cap Mid Cap Equity Stock Stable Value Stock Value Growth Balanced Income Loan Settlement Fund Fund Fund Fund Fund Fund Fund Fund Account Total - -------------------------------------------------------------------------------- - ------------------------ Investments: Pooled funds at fair value $ - - 606,414 990,245 1,925,956 7,613,987 9,533,819 - - 20,670,421 Pooled funds at contract value - 17,737,218 - - - - - - - - 17,737,218 Contract with insurance company at contract value - 789,327 - - - - - - - - 789,327 Common stock of related entity at fair value 11,105,155 - - - - - - - - - 11,105,155 ---------- ---------- ------- --------- - --------- ---------- ---------- --------- ------ ---------- Total investments 11,105,155 18,526,545 606,414 990,245 1,925,956 7,613,987 9,533,819 - - 50,302,121 ---------- ---------- ------- --------- - --------- ---------- ---------- --------- ------ ---------- Participant loans - - - - - - - - 1,408,233 - 1,408,233 Employer contribution receivable 275,505 572,467 52,705 74,430 174,467 257,369 344,018 - - 1,750,961 Cash - - - - - - - - - 19,057 19,057 ---------- ---------- ------- --------- - --------- --------- --------- --------- ------ ---------- Total assets 11,380,660 19,099,012 659,119 1,064,675 2,100,423 7,871,356 9,877,837 1,408,233 19,057 53,480,372 ---------- ---------- ------- --------- - --------- --------- --------- --------- ------ ---------- Net assets available for benefits $11,380,660 19,099,012 659,119 1,064,675 2,100,423 7,871,356 9,877,837 1,408,233 19,057 53,480,372 ========== ========== ======= ========= ========= ========= ========= ========= ====== ==========
16 (8) Net Assets and Changes in Net Assets Available for Benefits with Fund Information A summary of the changes in net assets available for benefits with fund information for the year ended March 31, 1997 follows: Inter- Small KEMET Blended national Cap Mid Cap Equity Stock Stable Value Stock Value Growth Balanced Income Loan Settlement Fund Fund Fund Fund Fund Fund Fund Fund Account Total - -------------------------------------------------------------------------------- - ----------------------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments $(2,016,633) 20 22,384 16,325 (63,040) 550,130 885,481 - - (605,333) Interest and dividends 4,223 1,185,427 17,190 42,568 51,720 324,894 687,565 78,990 822 2,393,399 Contributions: Participants 752,692 1,413,754 140,277 170,380 415,115 609,433 828,458 - 400,715 4,730,824 Employer 3,275 (157,018) 52,864 74,925 175,170 (27,050) 6,157 - 1,655,383 1,783,706 Rollovers into the Plan - - - - - - - - - 174 174 - -------------------------------------------------------------------------------- - ------------------------------------- Total additions (1,256,443) 2,442,183 232,715 304,198 578,965 1,457,407 2,407,661 78,990 2,057,094 8,302,770 - -------------------------------------------------------------------------------- - ------------------------------------- Deductions in net assets attributed to: Benefits paid to participants (454,244) (2,954,190) (2,077) (26,222) (89,986) (544,377) (851,783) (47,629) (101,443) (5,071,951) Administrative expenses (1,009) (10,908) (128) (263) (238) (4,023) (1,831) - - (18,400) Intraplan transfers 618,247 (1,335,110) 438,932 811,023 1,613,920 (340,441) 209,151 - (2,015,722) - Loan withdrawals (160,401) (1,015,107) (22,930) (35,717) (26,327) (247,522) (213,696) 1,721,700 - - Loan principle 35,782 118,313 10,228 9,449 18,364 31,039 42,662 (265,837) - - Loan interest 12,285 33,875 2,379 2,207 5,725 11,300 11,220 (78,991) - - - -------------------------------------------------------------------------------- - ------------------------------------- Net increase (decrease) (1,205,783) (2,720,944) 659,119 1,064,675 2,100,423 363,383 1,603,384 1,408,233 (60,071) 3,212,419 Net assets available for benefits: Beginning of year 12,586,443 21,819,956 - - - - 7,507,973 8,274,453 - 79,128 50,267,953 - -------------------------------------------------------------------------------- - ------------------------------------- End of year 11,380,660 19,099,012 659,119 1,064,675 2,100,423 7,871,356 9,877,837 1,408,233 19,057 53,480,372 ================================================================================ =====================================
17 Schedule 1 KEMET EMPLOYEES' SAVINGS PLAN Item 27a - Schedule of Assets Held for Investment Purposes March 31, 1998 (c) Description of investment (a) (b) including maturity date, Party- Identity of issue, rate of interest, (e) in- borrower, lessor, collateral, par or (d) Current interest or similar party maturity value Cost Value * T. Rowe Price Stable Value Common Trust Fund $ 18,459,780 18,459,780 * KEMET Corp. Common Stock 11,856,302 11,124,693 * T. Rowe Price Equity Income Fund 12,290,253 14,475,183 * T. Rowe Price Balanced Fund 8,407,019 10,064,107 * T. Rowe Price Mid-Cap Growth Fund 3,374,351 4,423,894 * T. Rowe Price Small-Cap Value Fund 2,254,636 2,585,331 * T. Rowe Price International Stock Fund 1,060,221 1,131,857 Metropolitan Life Investment Contract 635,098 635,098 -------------- ----------- 58,337,660 62,899,943 * Participant Loans 1,913,491 -------------- ----------- $ 58,337,660 64,813,434 ============== ===========
* Party-in-interest See accompanying independent auditors' report. 18 Schedule II KEMET EMPLOYEES' SAVINGS PLAN Item 27d - Schedule of Reportable Transactions March 31, 1998 (f) (h) (i) (a) Expense (g) Current Value Net Identity (b) (c) (d) (e) Incurred Cost of Asset on Gain of Party Description Purchase Selling Lease with of Transaction or Involved of Asset Price Price Rental Transaction Asset Date (Loss) - -------------------------------------------------------------------------------- - ------------------------------------- T. Rowe Price Guaranteed Investment Contract $ 5,450,096 - - - - 5,450,096 5,450,096 - T. Rowe Price Balanced Fund 2,182,097 - - - - 2,182,097 2,182,097 - T. Rowe Price Equity Income Fund 4,982,391 - - - - 4,982,391 4,982,391 - T. Rowe Price Mid-Cap Growth Fund 2,194,788 - - - - 2,194,788 2,194,788 - KEMET Corp. Common Stock 5,195,497 - - - - 5,195,497 5,195,497 - T. Rowe Price Guaranteed Investment Contract - 4,880,814 - - - 4,880,814 4,880,814 - T. Rowe Price Balanced Fund - 1,597,013 - - - 1,420,575 1,597,013 176,438 T. Rowe Price Equity Income Fund - 2,599,069 - - - 2,310,981 2,599,069 288,088 T. Rowe Price Mid-Cap Growth Fund - 881,372 - - - 803,990 881,372 77,382 KEMET Corp. Common Stock - 6,202,065 - - - 4,799,827 6,202,065 1,402,238 Note: Information in the above schedule was derived from schedules certified by T. Rowe Price.
See accompanying independent auditors' report. EX-23 2 /* WordPerfect WARNING - No Equivalent EDGAR Representation */ /* WordPerfect Structure - Footer A Beginning */ G:\HOME\Gjmgac1\11-K\FY98\EXH23.WPD /* WordPerfect Structure - Footer A Beginning */ 1 Exhibit 23 INDEPENDENT AUDITORS' CONSENT The Board of Directors KEMET Corporation: We consent to incorporation by reference in the Registration Statement (No. 33-60092) on Form S-8 of KEMET Corporation of our report dated July 31, 1998, relating to the statements of net assets available for benefits of the KEMET Employees' Savings Plan at March 31, 1998 and 1997, and the related statements of changes in net assets available for benefits for the years then ended, as well as the related financial statement schedules, which report appears in the March 31, 1998 annual report on Form 11-K of the KEMET Employees Savings Plan. /S/ KPMG Peat Marwick LLP Greenville, South Carolina KPMG Peat Marwick LLP September 25, 1998 -----END PRIVACY-ENHANCED MESSAGE-----