Casio 2004 Annual Report Download - page 22

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20 CASIO COMPUTER CO., LTD.
FINANCIAL CONDITION
Total assets increased 8.0%, to ¥496,039 million. Efforts to reduce the level of inventories
enabled a ¥8,604 million reduction in inventories and decreased inventories turnover by 0.7
month, to 2.0 months. However, due to a purchase of short-term Japanese government
bonds, investment in marketable securities exceeded the previous-year level by ¥18,451 mil-
lion. An increase in materials supplied for consignment production in line with a wider scope
of outsourcing resulted in a ¥12,451 million increase in accounts receivable
—
other.
Investment securities increased ¥10,512 million, as a result of the application of mark-to-
market accounting, reflecting a recovery in the stock market.
Total liabilities increased 7.4%, to ¥348,753 million. Trade notes and accounts payable
rose by ¥21,973 million, due to higher levels of production and consignment production. As
a result of the redemption of bonds on maturity, the convertible bonds (due for redemption
within one year) declined ¥23,811 million. On the other hand, we issued ¥20,000 million
worth of bonds with stock acquisition rights in December 2003.
Shareholders’ equity rose 9.4%, to ¥144,403 million. Shareholders’ equity ratio increased
0.4 percentage point to 29.1%.
CASH FLOW ANALYSIS
Net cash provided by operating activities amounted to ¥61,777 million from ¥55,131 million.
Income before income taxes and minority interests amounted to ¥22,536 million, deprecia-
tion totaled ¥19,465 million, and working funds grew by ¥20,791 million as a result of a
reduction in inventories etc.
Net cash used in investing activities amounted to ¥15,694 million from ¥21,311 million,
due largely to a payments of ¥13,365 million for the acquisition of tangible fixed assets.
Net cash used in financing activities totaled ¥17,693 million from ¥38,889 million. Of this
amount, ¥10,120 million was used to pay interest-bearing debt, ¥3,375 million was pay-
ments for cash dividends and ¥4,131 million was used for payments for acquisitions of trea-
sury stock.
Cash and cash equivalents as of March 31, 2004 were up ¥26,705 million over the previ-
ous term-end, at ¥123,141 million.
CAPITAL INVESTMENT
Capital investment amounted to ¥16,213 million, up 45.2%, in fiscal 2004. Broken down by
segment, Casio invested ¥9,301 million, up 49.3%, in the Electronics segment and ¥6,735
million, up 38.9%, in the Electronic Components and Others segment. The largest factor in
the increase was expenditure for renovation of the Hachioji Research & Development Center,
Tokyo. The remaining capital investment, made by the Company as a whole, cannot be
accounted for by segment.
RESEARCH & DEVELOPMENT
R&D expenses rose 0.5%, to ¥14,187 million. By segment, the Electronics segment increased
2.6%, to ¥8,846 million. The Electronic Components and Others segment declined 1.0% to
¥1,964 million. The remaining portion of R&D expenses, which were incurred by the
Company as a whole, cannot be accounted for by segment.