Panasonic 2003 Annual Report Download - page 48

46 Matsushita Electric Industrial 2003
2. Basis of Translating Financial Statements
The consolidated financial statements are expressed in
yen. However, solely for the convenience of the reader,
the consolidated financial statements as of and for the
year ended March 31, 2003 have been translated into
United States dollars at the rate of ¥120=U.S.$1, the
approximate exchange rate on the Tokyo Foreign
Exchange Market on March 31, 2003. This translation
should not be construed as a representation that all the
amounts shown could be converted into U.S. dollars.
3. Restatement of Consolidated Financial Statements
During the year ended March 31, 2003, the Company
began consolidating certain previously unconsolidated
subsidiaries, primarily overseas subsidiaries of Victor
Company of Japan, Ltd., a consolidated subsidiary of the
Company, due to the increased materiality of these sub-
sidiaries. The decision to consolidate these subsidiaries
was also consistent with the Company’s new domain-
based global consolidated management policy
implemented through the groupwide business and orga-
nizational restructuring in January 2003. As a result of
the consolidation of these subsidiaries in the current
year, the consolidated financial statements of all prior
periods presented have been restated.
As a result of the restatement, net loss for the year
ended March 31, 2002 decreased by ¥3,228 million and
net income for the year ended March 31, 2001 increased
by ¥3 million. Net loss per share for the year ended March
31, 2002 decreased by ¥1.56. Net income per share for the
year ended March 31, 2001 did not change. Stockholders’
equity as of April 1, 2000 decreased by ¥6,775 million.
The effect of the restatement on the consolidated balance
sheet as of March 31, 2002 is as follows:
Millions of yen
2002
Previously
reported Restated
Assets
Current assets:
Cash and cash equivalents...................... ¥ 899,769 ¥ 933,132
Time deposits ....................................... 521,333 526,438
Short-term investments ......................... 11,849 11,849
Trade receivables:
Notes ................................................. 72,159 78,969
Accounts ............................................ 1,055,076 1,103,589
Allowance for doubtful receivables...... (40,298) (43,265)
Net trade receivables ........................ 1,086,937 1,139,293
Inventories ............................................ 834,608 903,377
Other current assets............................... 487,535 492,801
Total current assets........................... 3,842,031 4,006,890
Noncurrent receivables............................. 316,230 316,230
Investments and advances......................... 1,331,401 1,251,795
Property, plant and equipment:
Land...................................................... 221,823 231,017
Buildings............................................... 1,314,122 1,359,246
Machinery and equipment..................... 3,148,408 3,225,710
Construction in progress........................ 66,578 67,128
4,750,931 4,883,101
Less accumulated depreciation ............... 3,310,660 3,389,393
Net property, plant and equipment .... 1,440,271 1,493,708
Other assets:
Goodwill............................................... 95,802 95,838
Intangible assets ..................................... 56,341 58,119
Other assets ........................................... 545,083 545,877
Total other assets.............................. 697,226 699,834
¥7,627,159 ¥7,768,457
Millions of yen
2002
Previously
reported Restated
Liabilities and Stockholders’ Equity
Current liabilities:
Short-term borrowings,
including current portion
of long-term debt ................................... ¥ 508,064 ¥ 553,651
Trade payables:
Notes .................................................... 33,331 35,100
Accounts............................................... 513,114 533,376
Total trade payables ............................ 546,445 568,476
Accrued income taxes .............................. 25,184 29,123
Accrued payroll ....................................... 147,897 151,923
Other accrued expenses ........................... 647,237 674,460
Deposits and advances from customers ..... 109,263 111,197
Employees’ deposits ................................. 136,387 136,387
Other current liabilities ............................ 365,599 368,868
Total current liabilities........................ 2,486,076 2,594,085
Noncurrent liabilities:
Long-term debt ....................................... 691,892 708,173
Retirement and severance benefits ........... 718,501 722,857
Other liabilities ........................................ 21,375 23,160
Total noncurrent liabilities.................. 1,431,768 1,454,190
Minority interests ........................................ 466,231 472,322
Stockholders’ equity:
Common stock........................................ 258,737 258,737
Capital surplus ......................................... 682,848 682,848
Legal reserve............................................ 82,354 82,647
Retained earnings .................................... 2,461,963 2,470,356
Accumulated other comprehensive
income (loss):
Cumulative translation adjustments........ (51,287) (55,121)
Unrealized holding gains of
available-for-sale securities.................... 50,888 50,812
Unrealized gains of derivative instruments .......... 128 128
Minimum pension liability adjustments ....... (150,362) (150,362)
Total accumulated other
comprehensive income (loss) ............. (150,633) (154,543)
Treasury stock, at cost.............................. (92,185) (92,185)
Total stockholders’ equity................... 3,243,084 3,247,860
¥7,627,159 ¥7,768,457