Casio 2005 Annual Report Download - page 20

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18 CASIO COMPUTER CO., LTD.
Total liabilities decreased 7.4% to ¥322,983 million, on declines in purchase liabilities and
interest-bearing debt. The debt-to-equity ratio was 0.95, compared with 1.15 for the previ-
ous year.
Shareholders’ equity rose 12.4% to ¥162,271 million. Shareholders’ equity ratio increased
3.6 percentage points to 32.7%.
CASH FLOW ANALYSIS
Net cash provided by operating activities amounted to ¥64,955 million. The main contribut-
ing factors are income before income taxes and minority interests of ¥33,093 million, and
depreciation of ¥22,927 million.
Net cash used in investing activities amounted to ¥28,836 million. This was largely the
result of payments of ¥20,065 million for the acquisitions of tangible fixed assets, as well as
of ¥9,187 million for the acquisitions of intangible fixed assets.
Net cash used in financing activities totaled ¥13,529 million. Of this amount, ¥11,000 mil-
lion was used for the redemption of bonds, and ¥3,992 million consisted of payments for
cash dividends.
Cash and cash equivalents as of March 31, 2005 were up ¥24,448 million over the previ-
ous term-end, at ¥147,589 million.
CAPITAL INVESTMENT
Capital investment amounted to ¥17,782 million, up 9.7% over the previous term. Broken
down by business segment, Casio invested ¥10,323 million, up 11.0%, in the Electronics
Segment, and ¥7,184 million, up 6.7%, in the Electronic Components and Others Segment.
The remaining capital investment, made by Company as a whole, cannot be accounted for
by business segment.
RESEARCH & DEVELOPMENT
R&D expenses rose 17.1% to ¥16,616 million. By business segment, the Electronics Segment
increased 10.6% to ¥9,784 million, while the Electronic Components and Others Segment
increased 26.9% to ¥2,493 million. The remaining R&D expenses were used throughout the
Company and cannot be accounted for by business segment.