Konica Minolta 2000 Annual Report Download - page 20

18 KONICA
FINANCIAL POSITION
Total current assets as of March 31, 2000, stood at ¥335.9 bil-
lion, down ¥13.3 billion, or 3.8%, from the previous fiscal year-
end. Trade receivables fell ¥13.9 billion, to ¥138.5 billion, and
inventories dropped ¥15.6 billion, to ¥104.2 billion, reflecting
slower sales activity during the fiscal year and efforts to stream-
line inventories. These declines, together with sales of mar-
ketable securities, more than offset a ¥15.0 billion increase in
cash and cash equivalents and an ¥8.5 billion increase in other
current assets.
Investments and other assets fell ¥7.4 billion, to ¥64.0 billion,
mainly as a result of the write-off of investments in and loans
to unconsolidated subsidiaries and affiliates and a decline in
deferred income taxes prompted by the introduction of tax-
effect accounting. Net property, plant and equipment dropped
¥19.4 billion, or 4.6%, to ¥406.3 billion. A ¥13.3 billion decline
in machinery and equipment that accompanied the sale of busi-
nesses was the main contributor to this decline.
As a result, total assets at the end of the year stood at
¥549.7 billion, down ¥39.5 billion, or 6.7%, from the previous
fiscal year-end.
Total liabilities fell ¥43.5 billion, or 10.1%, to ¥386.9 billion.
Fund procurement and debt repayment activities resulted in total
short- and long-term interest-bearing debt falling ¥35.5 billion,
to ¥212.4 billion. Short-term loans plunged ¥27.5 billion, to
¥94.7 billion, as the Company reduced capital employed follow-
ing restructuring in fiscal 1999. The Company aims to reduce
total interest-bearing debt to ¥200.0 billion by March 2001.
Long-term debt fell ¥21.1 billion, to ¥77.7 billion, as a result
of the transfer of debt to current liabilities.
Total shareholders’ equity increased ¥4.1 billion, to ¥162.8 bil-
lion, in line with the increase in retained earnings. The equity
ratio was 29.6%, up 2.7 percentage points from the previous
fiscal year.
CASH FLOWS
Net cash provided by operating activities amounted to ¥61.3 bil-
lion, compared with ¥16.9 billion in the previous fiscal year.
The main components of this amount were income before
income taxes of ¥15.2 billion, adjustments for depreciation and
amortization of ¥30.7 billion, and an increase in notes and
accounts payable, to ¥14.0 billion.
Konica spent ¥23.0 billion for the acquisition of property, plant
and equipment during the fiscal year, primarily to strengthen its
production network. As a consequence, net cash used in invest-
ing activities amounted to ¥11.2 billion.
Net cash used in financing activities totaled ¥34.0 billion, in
contrast with net cash provided by financing activities of ¥12.5 bil-
lion in fiscal 1999.The main reasons for the turnaround were
¥36.9 billion spent on the repayment of short- and long-term
debt and ¥18.7 billion on the redemption of preferred stock.
As a result of these activities, cash and cash equivalents at
the end of the year totaled ¥55.0 billion, compared with ¥40.1 bil-
lion at the previous fiscal year-end.