Konica Minolta 2002 Annual Report Download - page 20
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Please find page 20 of the 2002 Konica Minolta 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.18 Konica 2002
share of common stock was ¥30.93, up from ¥18.06 in the
previous year. Return on equity rose to 6.5% from 4.0%, and
return on assets rose to 2.1% from 1.2% in the previous
fiscal year.
ASSETS AND LIABILITIES
Total assets at the end of the fiscal year under review
increased 1.8% from the previous year-end, to ¥527.4
billion. In current assets, cash and cash equivalents declined
¥8.9 billion. This is because the Company repaid interest-
bearing debt in an amount that exceeded free cash flow.
Notes and accounts receivable—trade declined ¥3.1 billion
due to the decrease in net sales.
Net property, plant and equipment increased ¥14.2
billion due mainly to an increase in buildings and structures
as well as machinery and equipment, attributable to con-
struction of a plant in Kofu for digital medical film and a
plant in Kobe for TAC film for polarizing filters used in
LCDs. Markets for both of these products are expected to
grow in the future. The Kofu Plant for digital medical film
commenced operations in April 2002, and plans call for the
Kobe Plant for TAC film for polarizing filters used in LCDs
to go online after summer 2002.
In investments and other assets, investment securities
declined ¥3.7 billion due to the sale of marketable securities.
Intangible assets rose ¥2.0 billion due to investments for
promoting the increased use of IT.
On the liabilities side, total current liabilities rose ¥5.5
billion from the previous fiscal year-end, while total long-
term liabilities decreased ¥7.4 billion. Within total current
liabilities, the current portion of long-term debt declined
¥28.3 billion. However, transfer of the current portion
of long-term debt to short-term debt resulted in a ¥33.1
billion rise in short-term debt, leading to the rise in current
liabilities.
In total long-term liabilities, we redeemed ¥13.5 billion
in long-term bonds while procuring an additional ¥2.9
billion in long-term debt. As a result, total long-term liabili-
ties declined ¥10.6 billion. We reduced long-term liabilities
by an amount that exceeded the rise in current assets,
enabling us to progress with flexible fund raising. Thus,
total short- and long-term interest-bearing debt decreased
¥5.8 billion to ¥176.1 billion. Although this amount
surpasses the reduction target of our SAN Plan 2004
medium-term management plan, we aim to further reduce
interest-bearing debt to ¥160.0 billion or less—equivalent to
one-third of total assets—under our new SAN Plan 2005.
Total shareholders’ equity increased ¥11.0 billion from
the previous year-end due to a ¥7.4 billion expansion in
retained earnings and a ¥3.8 billion increase in foreign cur-
rency translation adjustments. Although both total assets
and total shareholders’ equity rose from the previous fiscal
year-end, since the rate of increase in shareholders’ equity
was higher than for total assets, the shareholders’ equity
ratio for the year under review was up 1.6 percentage points,
to 32.5%.
CAPITAL EXPENDITURE
In accordance with its policy of “selection and concentration,”
Konica concentrated its capital expenditure on production
divisions with aims that include strengthening and increasing
production capabilities as well as rationalizing and achieving
コニカAR財務9.6H最新 02.9.25 10:03 ページ 6