Casio 2003 Annual Report Download - page 18

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16 CASIO COMPUTER CO., LTD.
RESULTS OF OPERATIONS
Fiscal 2003 operating income was ¥17,811 million for the Electronics segment and
¥4,813 million in the Electronic Components and Others segment. Consolidated Group
operating income was ¥17,914 million, thanks to Casio’s strategy to enhance value added
by strengthening product appeal and Companywide efforts to improve management
efficiency through business reform.
Net financial expenses increased slightly from ¥2,060 million to ¥2,211 million. Other
expenses dropped from ¥22,346 million in fiscal 2002 to ¥6,089 million in fiscal 2003.
Chief factors for other expenses were the elimination of ¥8,486 million in restructuring
charges and the broad reduction in disposal and devaluation of inventories from the
previous fiscal year.
Income before income taxes and minority interests went from a loss of ¥34,824 million
in fiscal 2002 to income of ¥9,614 million in fiscal 2003. Net income for the period was
¥5,647 million, up from a loss of ¥24,928 million in fiscal 2002.
Net income per share was ¥20.27.
FINANCIAL CONDITION
Total assets increased 2.2%, to ¥459,113 million.
Efforts to rationalize inventories permitted a ¥4,018 million reduction in inventories and
decreased inventories turnover by 0.5 month, to 2.7 months. However, healthy sales led to
an increase of ¥8,779 million in notes and accounts receivable. The increase in other receiv-
ables related to materials supplied that resulted from the corporate alliance with Flextronics
led other current assets to increase ¥13,957 million.
Liabilities rose on the ¥36,811 million increase in notes and accounts payable resulting
from increased materials procurement necessitated by production growth and the business
agreement with Flextronics. Casio decreased interest-bearing debt, which cut the ratio of
interest-bearing debt to total assets 8.8 percentage points, to 38.7%. However, overall, lia-
bilities increased 4.0% in fiscal 2003, to ¥324,575 million at year-end. Shareholders’ equity
dropped 1.8%, to ¥131,957 million. The equity ratio declined 1.2 percentage points, to
28.7%.
0
100
200
300
400
500
600
0
10
20
30
40
Total Assets
and Shareholders’ Equity
Billions of yen
’03’02’01’00’99
Total Assets
Shareholders’ Equity
Equity Ratio
%
-25
-20
-15
-10
-5
0
5
10
Net Income (Loss)
Billions of yen
’03’02’01’00’99