Konica Minolta 2013 Annual Report Download - page 21

Business Technologies Business, and investment to increase production capacity in
the Optics Business. Depreciation decreased ¥3.3 billion, or 6.6%, year on year to
¥45.9 billion.
Research and Development Costs
Research and development (R&D) costs decreased ¥0.9 billion, or 1.4%, year on year
to ¥71.5 billion despite continued investment in future growth areas. By business
segment, R&D costs were ¥39.3 billion, down 10.9% year on year, in the Business
Technologies Business, ¥14.6 billion in the Industrial Business, and ¥2.8 billion, down
41.9% year on year, in the Healthcare Business. Basic research costs that were not
included in the business units were ¥14.6 billion, up 11.4% year on year.
Financial Position
Assets
Current assets in the form of cash and cash equivalents at March 31, 2013 decreased
¥18.0 billion from a year earlier to ¥213.9 billion. Cash on hand and in banks increased
¥2.7 billion to ¥93.4 billion, short-term investment securities decreased ¥20.7 billion to
¥120.5 billion. Notes and accounts receivable – trade increased ¥19.8 billion to
¥194.0 billion. Inventories increased ¥7.3 billion to ¥112.4 billion.
Property, plant and equipment as of March 31, 2013 decreased ¥0.9 billion from a
year earlier to ¥179.9 billion due to depreciation and capital expenditure in the Business
Technologies Business. Intangible assets increased ¥23.5 billion from a year earlier to
¥110.9 billion due to increased goodwill as a result of business acquisitions in the
Business Technologies Business and the Industrial Business. Investments and other
assets as of March 31, 2013 increased ¥0.3 billion from a year earlier to ¥70.1 billion.
As a result of these factors, total assets at March 31, 2013 increased ¥38.5
billion, or 4.3%, from a year earlier to ¥940.5 billion.
Liabilities
Notes and accounts payable – trade decreased ¥2.7 billion to ¥85.4 billion while
interest-bearing debt (total of short-term and long-term debt and bonds) decreased
¥3.0 billion to ¥224.8 billion. However, total liabilities as of March 31, 2013 were
¥474.1 billion due to an increase in accrued expenses and accounts payables.
Net Assets
Accumulated other comprehensive income recorded an increase of ¥2.1 billion in
unrealized gains on securities due to the effects of the stock market and an increase
of ¥21.9 billion in foreign currency translation adjustments as a result of changes in
foreign currency translation adjustments associated with the correction of the strong
yen, mainly the U.S. dollar and the euro.
As a result of the above, net assets at March 31, 2013 increased ¥31.4 billion, or
7.2%, from a year earlier to ¥466.4 billion.
At March 31, 2013, the equity ratio increased 1.4% percentage points from a year
earlier to 49.4%.
Dividend Policy
Basic Dividend Policy
The Company considers distribution of earnings to shareholders a management
priority under a basic policy of sustained distribution of earnings to shareholders after
comprehensive consideration of factors including consolidated business results and
strategic investment in growth areas. The Company’s specifi c medium-to-long-term
財務分析
(Billions
of yen)
192.5
227.9
231.9
224.8
213.9
Interest-bearing debt
Cash and short-term investment
securities
FY2011FY2010 FY2012
300
50
100
150
200
0
250
(%)
171.5
171.5
Net debt-equity ratio
0.10
0.00
0.02
0.06
-0.02
0.08
0.04
0.040.04 -0.01
-0.01
0.02
0.02
Cash dividends per share
and consolidated payout ratio
25
5
10
15
20
0
30
50
10
20
30
40
0
60
(Yen) (%)
30.7% 38.9%
52.6%
FY2011FY2010 FY2012
15.0 15.0 15.0
Net assets
428.9 434.9
0
466.4
FY2011FY2010 FY2012
(Billions of yen)
500
100
200
300
400
Management’s Discussion and Analysis
20