Casio 2002 Annual Report Download - page 14

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Aforeign exchange gain of ¥1,180 million was logged as opposed to a foreign exchange
loss of ¥3,420 million in the previous fiscal year, owing to fluctuating exchange rates. The
disposal and devaluation of inventories increased ¥6,597 million, loss on devaluation and
sales of investment securities increased ¥3,955 million, and restructuring charges were
¥8,486 million. As a result, income before income taxes and minority interests changed
from ¥9,201 million in income in the previous year to a ¥34,824 million loss. In fiscal 2001,
net income totaled ¥6,547 million, but, in fiscal 2002, the Company registered a net loss of
¥24,928 million.
FINANCIAL CONDITION
Total assets increased 0.7%, to ¥449,224 million.
Cash and time deposits climbed ¥29,416 million, but inventories fell ¥13,931 million.
Inventory turnover fell 0.2, to 3.2 months. Also, total investments and other assets
increased ¥10,688 million. However, liabilities increased 11.2%, to ¥312,165 million,
as a result of moving forward fund-raising initiatives in preparation for the repayment of
¥50,000 million in straight bonds in fiscal 2003, taking into consideration market trends
and interest rates. Excluding this temporary rise, the ratio of interest-bearing debt to total
assets amounted to 40.9%. Shareholders’ equity decreased 17.3%, to ¥134,317 million,
reflecting the net loss for the year under review. The equity ratio fell 6.5 percentage points,
to 29.9%.
CAPITAL INVESTMENT
In fiscal 2002, capital investment was ¥15,737 million. This reflects a 29% reduction from
fiscal 2001 due to the strategic reduction of capital investment in Electronic Components
in line with reforms to increase the strength of our business structure. A simple comparison
including capital investment from Casio Lease, which, until fiscal 2001, was accounted for
in the consolidated results, amounts to a 48% reduction in capital investment from fiscal
2001. In the Electronics segment, capital investment amounted to ¥5,781 million. In the
Electronic Components and Others segment capital investment amounted to ¥9,891 mil-
lion. The remaining capital investment was used throughout the Company and cannot be
accounted for by segment.
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