Casio 2012 Annual Report Download - page 16

Management’s Discussion and Analysis
Net Sales
Consolidated net sales for the business year ended March 31, 2012 came to ¥301,660 million,
a decrease of 11.7% from the previous year.
Millions of Yen
2012 2011
Consumer ............................................................................... ¥215,327 ¥252,083
System Equipment .................................................................. 43,103 46,511
Others .................................................................................... 43,230 43,084
Total ....................................................................................... ¥301,660 ¥341,678
Results by Segment
In the Consumer segment, sales decreased 14.6% year-on-year to ¥215,327 million. This
segment accounted for 71.4% of net sales.
In the timepiece business, G-SHOCK and EDIFICE sales grew on a continued strong perfor-
mance in overseas markets, primarily China and North America, as a result of stepping up our
global brand strategy. Sales also rose, mainly in overseas markets, for brands such as Baby-G
and SHEEN, after we expanded our lineup of watches for women.
Casio continued to command the No. 1 share of the Japanese market for electronic
dictionaries, by an overwhelming margin, on continued strong sales of the EX-word series, in
particular models for students.
Results of Operations
Operating income for the Consumer segment came to ¥14,643 million, with timepieces and
electronic dictionaries remaining highly profitable. The System Equipment segment recorded
an operating loss of ¥2,350 million, due mainly to cooling corporate demand. The Others seg-
ment recorded operating income of ¥299 million. As a result, Casio posted total consolidated
operating income of ¥9,065 million after adjustments.
The financial account balance for the reporting year fell to ¥225 million from ¥488 million
in the previous year. Net other expenses increased to ¥8,575 million, from ¥2,197 million in
the previous year.
Net income came to ¥2,556 million.
Financial Condition
Total assets at the end of March 2012 declined 9.0% year-on-year to ¥366,212 million.
Current assets declined by ¥25,128 million to ¥244,022 million, largely as a result of a decline
in cash and deposits on repayment of interest-bearing liabilities. Noncurrent assets declined by
¥11,116 million to ¥122,190 million, largely as a result of a decrease in investment securities.
Total liabilities fell 12.9% year-on-year to ¥216,958 million. Current liabilities fell ¥26,301
million year-on-year to ¥91,585 million, due primarily to a decrease in interest-bearing liabili-
ties. Noncurrent liabilities decreased by ¥5,965 million year-on-year to ¥125,373 million, due
chiefly to redemption of convertible bonds and other factors, which outweighed an increase
in bonds and long-term loans payable.
Net assets at the year-end fell 2.6% year-on-year to ¥149,254 million due largely to the
payment of dividends.
Cash Flow Analysis
Cash and cash equivalents at the reporting year-end came to ¥100,710 million, a decrease of
¥16,409 million.
Net cash provided by operating activities amounted to ¥10,793 million, a decrease of
¥2,920 million from the previous year. This was chiefly attributable to a decrease in notes and
accounts payable-trade.
Net cash provided by investing activities amounted to ¥3,107 million, an increase of
¥28,636 million from a net cash outflow of ¥25,529 million in the previous year. This was
mainly due to a net cash inflow where proceeds from sales and redemption of investment
securities exceeded purchase of investment securities.
Net cash used in financing activities amounted to ¥30,729 million, a ¥53,713 million
worsening from ¥22,984 million in net cash inflows in the previous year. This was chiefly
attributable to redemption of bonds.
Capital Investment
Capital investment increased 8.0% year-on-year to ¥6,678 million. By segment, capital
investment came to ¥4,246 million in the Consumer segment, ¥1,407 million in the System
Equipment segment, and ¥952 million in the Others segment.
Research & Development
R&D expenses came to ¥7,414 million. By segment, R&D expenses were ¥3,568 million in the
Consumer segment, ¥1,018 million in the System Equipment segment, and ¥92 million in the
Others segment.
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CASIO Annual Report 2012
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