Epson 2016 Annual Report Download - page 29

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28
was mainly due to a ¥23.3 billion increase in outlays associated with the acquisition of property, plant and
equipment and intangible assets.
Net cash used in financing activities totaled ¥67.1 billion, increasing by ¥11.7 billion year on year despite a
¥28.3 billion net increase in short-term loans payable. This increase is chiefly due to the effects of a ¥12.1
billion increase in dividends paid, a ¥10.0 billion decline in proceeds from issuance of bonds, and a ¥20.0
billion increase in payments due to redemption.
As a result of the foregoing factors, cash and cash equivalents at the end of the fiscal year stood at ¥230.4
billion, a decrease of ¥14.8 billion compared to the end of the previous fiscal year, giving Epson sufficient
liquidity.
Total interest-bearing liabilities were ¥141.7 billion, down ¥44.2 billion compared to the end of the previous
fiscal year owing to repayment.
Long-term loans payable (excluding the current portion) at the end of the period totaled ¥50.0 billion, at a
weighted average interest rate of 0.68% due in 2017. These borrowings were obtained as unsecured bank loans.
Financial condition
Total assets were ¥941.3 billion, down ¥64.9 billion compared to the end of the previous fiscal year. While there
was a ¥17.2 billion increase in property, plant and equipment, total assets decreased mainly because of a ¥15.8
billion decrease in trade and other receivables, an ¥18.8 billion decrease in inventories, a ¥23.5 billion decrease
in deferred tax assets, and cash and cash equivalents decreased by ¥14.8 billion, in part due to the redemption of
bonds payable and dividends paid.
Total liabilities were ¥470.6 billion, down ¥38.3 billion compared to the end of the previous fiscal year. While
there was a ¥23.6 billion increase in net defined benefit liabilities, total liabilities decreased mainly because of a
¥9.4 billion decrease in trade and other payables and a ¥43.9 billion decrease in other financial liabilities
included in current and non-current liabilities accompanying the redemption of bonds payable.
The equity attributable to owners of the parent company totaled ¥467.8 billion, a ¥26.5 billion decrease
compared to the previous fiscal year end. Epson recorded a ¥46.0 billion profit for the period, but with retained
earnings flat year on year mainly due to decreases associated with the recording of ¥25.0 billion in dividend
payments and a ¥22.1 billion remeasurement of defined benefit plan net liabilities, the decrease in equity
attributable to owners of the parent company was largely due to a ¥25.0 billion decrease in other components of
equity, including a decrease in exchange differences on translation of foreign operations accompanying the rise
of the yen against some other currencies.
Working capital, defined as current assets less current liabilities, was ¥276.4 billion, a decrease of ¥18.5 billion
compared to the end of the previous fiscal year.
The ratio of interest-bearing liabilities to total assets declined to 15.1% from 18.5% at the end of the previous
fiscal year.