Panasonic 2008 Annual Report Download - page 68

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Financial Position and Liquidity
Financial Position and Liquidity Millions of yen
2008 2007 2006
Total assets (at year-end) ................................................................................. ¥7,443,614 ¥7,896,958 ¥7,964,640
Stockholders’ equity (at year-end) .................................................................... 3,742,329 3,916,741 3,787,621
Capital investment* **
Purchases of property, plant and equipment shown as capital expenditures
in the consolidated statements of cash flows ............................................. 418,730 411,309 356,751
Effect of timing difference between acquisition dates and payment dates ..... 30,618 7,025 (10,932)
449,348 418,334 345,819
Depreciation* ................................................................................................... 282,102 280,177 275,213
* Excluding intangibles
** Reconciliation of Non U.S. GAAP capital investment figures
The Company defines capital investment as purchases of property, plant and equipment on an accrual basis which reflects the effects of timing
differences between acquisition dates and payment dates. The Company has included the information concerning capital investment because its
management uses this indicator to manage its capital expenditures and it believes that such indicator is useful to investors to present accrual
basis capital investments in addition to the cash basis information in the consolidated statements of cash flows.
The above table shows a reconciliation of capital investment to purchases of property, plant and equipment shown as capital expenditures in the
consolidated statements of cash flows.
Total Assets, Liabilities, Minority Interests and
Shareholders’ Equity
The Company’s consolidated total assets as of the end
of fiscal 2008 decreased to 7,444 billion yen, as com-
pared with 7,897 billion yen at the end of the last fiscal
year. This result was due primarily to a decrease in
investments and advances, and the deconsolidation of
JVC. A steep loss in value in the Japanese stock market
in the second half of fiscal 2008 led to a decrease in
unrealized holding gains of available-for-sale securities.
The Company’s consolidated total liabilities as of
March 31, 2008 also decreased 242 billion yen to 3,187
billion yen, attributable to a decrease in retirement and
severance benefits and repayments of short-term
borrowings. (For further details, see Notes 8 and 9 of the
Notes to Consolidated Financial Statements.)
Minority interests increased 37 billion yen, to 515
billion yen.
Stockholders’ equity decreased 174 billion yen to
3,742 billion yen, from the previous year’s 3,917 billion
yen. Although retained earnings increased by 211 billion
yen, total stockholders’ equity decreased by 174 billion
yen due mainly to the repurchase of the Company’s own
shares of 103 billion yen as part of Matsushita’s financial
strategy to enhance shareholder value, as well as a
decrease of 281 billion yen in accumulated other com-
prehensive income (loss), which reflects decreases in
cumulative translation adjustments due primarily to the
appreciation of the yen against the U.S. dollar and unreal-
ized holding gains of available-for-sale securities, amount-
ing to 129 billion yen and 115 billion yen, respectively.
Profit Distribution
During fiscal 2008, the Company distributed an interim
(semiannual) cash dividend of 17.50 yen per common
share. As for the year-end dividend for fiscal 2008, upon
the resolution of the Board of Directors’ Meeting, the
Company also distributed 17.50 yen per common share.
Accordingly, total dividends for fiscal 2008, including the
interim cash dividend, amounted to 35.00 yen per
common share.
66 Matsushita Electric Industrial Co., Ltd. 2008