Casio 2013 Annual Report Download - page 16

Management’s Discussion and Analysis
Operating Results
Consolidated net sales for the years ended March 31, 2013 and 2012:
Millions of Yen
2013 2012
Consumer ¥227,861 ¥215,327
System Equipment 41,778 43,103
Others 28,124 43,230
Total ¥297,763 ¥301,660
Consolidated net sales for the year ended March 31, 2013 were ¥297,763 million, a
decrease of 1.3% from the previous year. Consolidated operating income came to ¥20,053
million, an increase of 121.2% compared to the previous year, and ¥11,876 million was posted
in net income, which was an increase of 364.6%.
In the Consumer segment, sales were ¥227,861 million, an increase of 5.8% from the previ-
ous year. In the timepiece business, brands such as G-SHOCK and PRO TREK continued to per-
form well, primarily in overseas markets such as North America and Asia, driven by a stronger
global brand strategy, and timepiece sales increased overall. Casio also launched G-SHOCK
watches capable of connecting to smartphones with Bluetooth® and developed a new market.
Casio also expanded the line-up of watches for women in brands such as Baby-G and SHEEN,
and they continued to sell well. In the electronic dictionary business, sales of the EX-word series
remained strong, mainly for the student model, and Casio continued to hold the overwhelming
No.1 share of the Japanese market. In income, the Consumer segment posted ¥26,554 million
in operating income, an increase of 81.3% compared to the previous year and an operating
prot฀margin฀of฀11.7%,฀as฀a฀result฀of฀sustained฀high฀protability฀in฀the฀timepiece฀and฀electronic฀
dictionary businesses.
In the System Equipment segment, sales were ¥41,778 million, a decrease of 3.1% from the
previous฀year฀and฀operating฀loss฀back฀to฀¥702฀million฀as฀a฀result฀of฀improvement฀of฀protability฀
(an operating loss of ¥2,350 million in the previous year).
In the Others segment, sales were ¥28,124 million, a decrease of 34.9% from the previous
year฀and฀an฀operating฀loss฀was฀¥293฀million฀(an฀operating฀prot฀of฀¥299฀million฀in฀the฀previous฀
year).
Financial Condition
Total assets at the end of March 2013 rose ¥3,110 million year-on-year to ¥369,322 million.
Current assets increased by ¥5,697 million to ¥249,719 million, partly as a result of increases in
securities. Noncurrent assets declined by ¥2,587 million to ¥119,603 million, largely as a result
of a decrease in deferred tax assets.
Total liabilities decreased by ¥11,604 million year-on-year to ¥205,354 million. Current liabili-
ties rose ¥23,717 million to ¥115,302 million and noncurrent liabilities declined by ¥35,321
million to ¥90,052 million, due primarily to transfer of the noncurrent portion of bonds and
long-term loans payable to the current portion of bonds and long-term loans payable.
Net assets at year-end rose ¥14,714 million to ¥163,968 million due mainly to an increase of
retained earnings.
Cash Flow Analysis
Cash and cash equivalents at year-end came to ¥97,350 million, a decrease of ¥3,360 million.
Net cash provided by operating activities amounted to ¥9,478 million, a decrease of ¥1,315
million from the previous year, even though the income before income taxes increased. This was
mainly฀due฀to฀a฀decrease฀in฀provision฀for฀retirement฀benets฀and฀increase฀in฀working฀capital.
Net cash used in investing activities amounted to ¥13,377 million, an increase of ¥16,484
million from a net cash inflow of ¥3,107 in the previous year. This was partly attributable to
increase in net cash outflow of purchase, sales and redemption of investment securities.
Net฀cash฀used฀in฀nancing฀activities฀amounted฀to฀¥4,695฀million,฀a฀decrease฀of฀¥26,034฀mil-
lion from the previous year, when net cash inflow of proceeds and repayment of short-term and
long-term loans payable was ¥18,658 million while net cash outflow due to issuance and
redemption of bonds was ¥44,057 million.
Capital Investment
Capital investment came to ¥7,637 million. By segment, capital investment came to ¥5,815
million in the Consumer segment, ¥1,330 million in the System Equipment segment, and ¥305
million in the Others segment.
Research & Development
R&D expenses came to ¥7,918 million. By segment, R&D expenses were ¥3,465 million in the
Consumer segment, ¥1,181 million in the System Equipment segment, and ¥26 million in the
Others segment.
Profile / Contents CASIO’s StrengthHistory To Our Stakeholders At a Glance Special Feature CSRCorporate Governance Corporate Data
PAGE 15
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