Epson 2015 Annual Report Download - page 29

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28
from net defined benefit liabilities, a ¥17.6 billion effect from increased inventories, a ¥16.9 billion effect
caused by higher income taxes paid, and a ¥12.1 billion effect from a decrease in trade payables. Net cash used
in investing activities totaled ¥32.7 billion, a year-over-year decrease of ¥8.5 billion. This was primarily due to
a ¥13.7 billion increase in income on the sale of an investment property.
Net cash used in financing activities totaled ¥55.3 billion, a year-over-year decrease of ¥1.1 billion. Although
dividends paid increased by ¥9.3 billion, net cash used in financing activities decreased mainly because the net
change in interest-bearing liabilities decreased by ¥10.4 billion.
As a result of the foregoing factors, cash and cash equivalents at the end of the fiscal year stood at ¥245.3
billion, an increase of ¥33.8 billion compared with the end of the previous fiscal year, giving Epson sufficient
liquidity.
The combined total of short-term loans payable, long-term loans payable, and bonds payable was ¥185.9 billion,
a decrease of ¥34.5 billion compared with the previous period, owing to progress in repaying general
interest-bearing liabilities.
Long-term loans payable (excluding the current portion) at the end of the period totaled ¥50.5 billion, at a
weighted average interest rate of 0.70% due in 2017. These borrowings were obtained as unsecured loans
primarily from banks.
Financial condition
Total assets were ¥1,006.2 billion, an increase of ¥97.3 billion compared with the end of the previous fiscal year.
This increase was primarily due to a ¥38.8 billion increase in inventories, a ¥33.8 billion increase in cash and
cash equivalents, and a ¥13.1 billion increase in trade and other receivables.
Total liabilities were ¥508.9 billion, down ¥35.1 billion compared with the end of the previous fiscal year.
While trade and other payables increased by ¥16.5 billion, total liabilities decreased mainly because of a ¥36.2
billion decrease in other financial liabilities included in current and non-current liabilities accompanying a net
reduction in short-term and long-term loans payable and bonds payable, as well as a ¥25.1 billion decrease in
net defined benefit liabilities accompanying changes to Epson’s defined-benefit plan for employees in Japan.
The equity attributable to owners of the parent company totaled ¥494.3 billion, a ¥131.9 billion increase
compared with the previous fiscal year-end. This was primarily due to a ¥98.6 billion increase in retained
earnings and a ¥33.3 billion increase in other components of equity, including changes in the exchange
differences on translation of foreign operations associated with the depreciation of the yen.
Working capital, defined as current assets less current liabilities, was ¥294.9 billion, an increase of ¥70.3 billion
compared with the end of the previous fiscal year.
The ratio of interest-bearing liabilities to total assets declined to 18.5% from 24.3% at the end of the previous
fiscal year.