Epson 2009 Annual Report Download - page 34

Download and view the complete annual report

Please find page 34 of the 2009 Epson annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 90

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90

33
Due to these factors, as of March 31, 2009, cash and cash equivalents at the end of period stood at
¥284,340 million, a fall of ¥32,074 million from the previous fiscal year-end. Epson has sufficient liquidity
in hand.
The total of short-term loans payable and long-term loans payable increased by ¥3,846 million to ¥246,048
million compared to the previous fiscal year-end. Although there was a decline in long-term loans payable,
there were additional loans in short-term loans payable.
The total of long-term loans payable (excluding current portion of long-term loans payable), which
comprise the majority of loans, was ¥185,322 yen. The weighted average ratio was 1.36%, and the
deadline for repayment is March 2014. These loans were largely procured from banks without collateral.
Financial condition
Total assets as of March 31, 2009 stood at ¥917,342 million, a decrease of ¥221,822 million from the
previous fiscal year-end. Current assets were down ¥119,567 million, while noncurrent assets decreased
¥102,255 million. The decrease in current assets was due mainly to a decline in accounts receivable-trade
and short-term investment securities. The decrease in noncurrent assets was primarily the result of an
impairment loss on business assets in the electronic devices business.
Total liabilities as at March 31, 2009 were ¥598,710 million, a reduction of ¥69,007 million from the
previous fiscal year. Current liabilities dropped ¥101,274 million, while noncurrent liabilities were up
¥32,266 million. The decline in current liabilities was mainly the result of decreases in short-term loans
payable (including the current portion of long-term loans payable), notes and accounts payable-trade, and
other factors. The increase in noncurrent liabilities was a result of increased long-term loans payable and
other factors.
Working capital, defined as current assets less current liabilities, was ¥333,829 million, a decrease of
¥18,292 million compared with March 31, 2008.
Total assets decreased and the ratio of interest-bearing debt to total assets increased from 30.1% to 38.3%.