Panasonic 2012 Annual Report Download - page 53

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Panasonic Annual Report 2012 Search Contents Return Next
page 52
Financial Review Consolidated Financial Statements Stock Information Company Information Quarterly Financial Results and
Investor Relations Offices
The Company’s consolidated total assets
as of March 31, 2012 decreased by 1,222
billion yen to 6,601 billion yen from the end
of fiscal 2011. This was due mainly to a
decrease in property, plant and equipment,
net of accumulated depreciation, intangible
assets, goodwill and other assets affected
by impairment losses of goodwill and fixed
assets, in addition to a decrease in cash
and cash equivalents.
Total liabilities were 4,623 billion yen due
to a decrease in account payables and
other factors.
Panasonic Corporation shareholders’ equity
decreased by 629 billion yen compared
with the end of fiscal 2011 to 1,930
billion yen as of March 31, 2012. This
was due mainly to net loss attributable to
Panasonic Corporation.
Noncontrolling interests decreased by 340
billion yen from the end of fiscal 2011 to 48
billion yen due mainly to the share exchanges
for making PEW and SANYO wholly
owned subsidiaries.
Capital investment (excluding intangibles)
during fiscal 2012 totaled 295 billion yen,
down 27% from the previous fiscal year’s
total of 404 billion yen, reflecting efforts
to channel investment activities to specific
priority businesses.
Principal capital investments were directed
mainly to solar cell and rechargeable battery
manufacturing facilities (Kasai City, Hyogo
Prefecture, etc.) and facilities in Taiwan
that manufacture electronic components
for highly functional terminals including
smartphones.
Depreciation (excluding intangibles) during
fiscal 2012 amounted to 259 billion yen,
down 9% compared with 284 billion yen in
the previous fiscal year.
Net cash used in operating activities in fiscal
2012 amounted to 37 billion yen, compared
with 469 billion yen of net cash provided by
operating activities in the previous fiscal
year. This result was attributable primarily
to a net loss of fiscal 2012 and a decrease
in trade payables. Net cash used in investing
activities amounted to 303 billion yen,
compared with 203 billion yen in fiscal 2011.
This result was due mainly to a decrease in
proceeds from disposals of property, plant
and equipment. Net cash used in financing
activities was 53 billion yen, compared with
355 billion yen in fiscal 2011. This result
was due mainly to expenditures from the
tender offer for PEW and SANYO in fiscal
2011, despite an increase in bonds and
loans through the issuance of unsecured
straight bonds and others in fiscal 2011.
Free cash flow in fiscal 2012 amounted to
an outflow of 340 billion yen, compared
with an inflow of 266 billion yen in fiscal
2011, due primarily to a net loss of fiscal
2012 and a decrease in proceeds from
disposals of property‚ plant and equipment.
Financial Position and Liquidity