Casio 2003 Annual Report Download - page 19

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Annual Report 2003 17
CASH FLOW ANALYSIS
Net cash provided by operating activities increased ¥56,362 million, to ¥55,131 million,
on efforts to limit the increase in working capital that accompanied the improvement in net
income and net sales. Net cash used in investing activities decreased ¥11,048 million, to
¥21,311 million, as investments were strategically channeled to capital to promote cost-
effectiveness. The redemption of straight corporate bonds and the repayment of short-
term debt triggered a ¥90,878 million drop in net cash flows from financing activities, to
¥38,889 million used in expenditures. Cash and cash equivalents as of March 31, 2003,
were down ¥5,246 million, at ¥96,436 million.
CAPITAL INVESTMENT
Capital investment amounted to ¥11,168 million in fiscal 2003. Capital spending was
reduced 29.0% as Casio strategically ratcheted down investments in the Electronic
Components category and made other spending revisions as a part of the drive to reinforce
corporate stability. Broken down by segment, Casio invested ¥6,231 million in the
Electronics segment and ¥4,849 million in the Electronic Components and Others segment.
The remaining capital investment was used throughout the Company and cannot be
accounted for by segment.
0
10
20
30
40
Capital Investment
Billions of yen
’03’02’01’00’99