Pentax 2008 Annual Report Download - page 49

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Retained earnings amounted to ¥373,888 million, partially based on
¥28,089 million in dividends paid from ¥81,725 million in net income.
Treasury stock declined ¥4,768 million, to ¥7,984 million. As a result,
total shareholders’ equity came to ¥388,067 million, and net assets
grew ¥27,481 million, compared with the previous fiscal year, to
¥394,626 million.
From the fiscal year ended March 31, 2007, the Company has
applied “Accounting Standard for Presentation of Net Assets in the
Balance Sheet” (Statement No. 5 issued by the Accounting Standards
Board of Japan on December 9, 2005) and “Guidance on Accounting
Standard for Presentation of Net Assets in the Balance Sheet”
(Guidance No. 8 issued by the Accounting Standards Board of Japan on
December 9, 2005), the Shareholders’ equity section has been replaced
by a net assets section, to which accumulated gains (losses) from
revaluation and translation adjustments, stock subscription rights and
minority interests have been added to shareholders’ equity. As a
replacement for the former shareholders’ equity, the Company uses
owners’ equity, which excludes stock subscription rights and minority
interests from net assets. The ratio of owners’ equity to total assets
(owners’ equity ratio; the former shareholders’ equity ratio) for the
fiscal year under review was 56.7%, a total of 24.9 percentage points
lower than the 81.6% in the previous fiscal year.
Shareholders’ Equity
Total assets as of March 31, 2008, stood at ¥689,444 million, a 54.0%
increase, compared with a year earlier. The primary factor in this
substantial gain was the addition of the total assets of Pentax (¥204,853
million as of March 31, 2008), based on the merger of Hoya and Pentax.
Current assets grew 48.8% year on year, to ¥410,273 million. Major
contributing factors included a 50.4% increase in cash and cash
equivalents, to ¥181,467 million; a 27.8% rise in notes and accounts
receivable–trade, to ¥120,522 million; and a 66.6% increase in
inventories, to ¥82,822 million.
Non-current assets increased ¥107,234 million to ¥279,171 million,
owing to a considerable increase in goodwill and deferred tax assets
based on the merger with Pentax.
Concerning liabilities, increases in notes and accounts
payable–trade and income taxes payable, as well as an issue of straight
bonds to raise funds for the tender offer on Pentax’s shares, brought
total liabilities to ¥294,818 million—a ¥214,319 increase.
Total interest-bearing debt—short-term loans, long-term debt with
current maturities, commercial paper, other long-term debt, and
corporate bonds—reached ¥136,192 million, resulting in a 19.8% rate
of leverage.
Financial Position
17,413
3.6
14,920
3.8
14,135
4.1
10,957
3.6
9,847
3.6
Research and Development Expenses
20,000
15,000
10,000
5,000
0
4.0
3.0
2.0
1.0
0
R&D expenses (Millions of yen)
R&D expenses/net sales (%)
2006 2007 200820052004
(%)(Millions of yen)
HOYA ANNUAL REPORT 2008 47