Casio 2009 Annual Report Download - page 21

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Results by Region
Sales in Japan recorded a year-on-year decline of 18.4% to ¥267,748 million, accounting for 51.7% of total sales.
Sales in North America increased 5.6% to ¥85,312 million for 16.5% of total sales, while European sales declined
24.5% to ¥71,212 million, for 13.7% of the total. Sales in Asia (excluding Japan) and other regions fell 21.8%
to ¥93,764 million, accounting for 18.1% of total sales. Overall, overseas sales declined 15.2% year-on-year to
¥250,288 million.
Results of Operations
The Electronics segment posted a 66.5% decline in operating income to ¥15,606 million, while Electronic
Components and Others segment registered an operating loss of ¥5,850 million. Total operating income on a
consolidated basis, after adjustments for elimination for unallocated amount, fell 89.4% to ¥4,016 million. Although
stable businesses, such as timepieces and electronic dictionaries maintained high levels of profitability, profit
deterioration in digital camera operations weighed heavily from the second half, when business conditions worsened
and European currencies declined. Lower sales of TFT-LCDs also contributed to a fall in profitability. The operating
income margin for the reporting term stood at 0.8%.
The financial account balance for the reporting term rose slightly from ¥1,502 million in the previous term to
¥1,532 million. Net other expenses increased from ¥15,367 million to ¥34,596 million. The principal factor in this
change was the recognition of impairment loss on noncurrent assets under a business structure improvement
expenses, and the posting of an extraordinary loss as non-recurring depreciation on noncurrent assets primarily on
software and facilities to improve the earnings structure.
As a result of the foregoing, the Company posted a net loss for the term of ¥23,149 million.
Financial Condition
Total assets as at the end of March 2009 stood at ¥444,653 million, representing a decline of ¥7,182 million
from the previous term-end. Current assets declined by ¥6,411 million to ¥278,199 million, largely as a result of a
decrease in notes and accounts receivable—trade. Noncurrent assets decreased by ¥771 million to ¥166,454 million.
Major changes included a decrease in property, plant and equipment, such as buildings and structures and an
increase in investment securities.
Total liabilities increased ¥39,050 million year-on-year to ¥259,672 million. Current liabilities decreased ¥17,567
million to ¥169,601 million due primarily to decreases in notes and accounts payable—trade. Noncurrent liabilities
increased by ¥56,617 million year-on-year to ¥90,071 million due to issuance of euro-yen convertible bonds with
stock warrants.
Net assets at the term-end amounted to ¥184,981 million, down ¥46,232 million from one year earlier, owing
to decreases in retained earnings, foreign currency translation adjustments and minority interests. Consequently, the
equity ratio fell 8.2 percentage points, to 41.2%, while debt-equity ratio was 0.53.
19
Annual Report 2009