JVC 2001 Annual Report Download - page 22

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Management’s Discussion and Analysis
< 20 VICTOR COMPANY OF JAPAN, LIMITED 21 >
NET SALES BY SEGMENT Billions of yen
Consumer Professional Components Entertainment
electronics electronics & Devices Softwares & Medias Other
business business business business business Total
2001
Sales . . . . . . . . . . . . . ¥598.6 ¥83.9 ¥61.5 ¥183.3 ¥7.0 ¥934.3
Percentage . . . . . . . . 64.1% 9.0% 6.6% 19.6% 0.7% 100.0%
Change . . . . . . . . . 5.5% (4.6)% (5.2)% 28.3% 1.4% 7.4%
Domestic Sales . . . . . ¥127.3 ¥57.8 ¥10 ¥165.3 ¥5.9 ¥366.3
Change . . . . . . . . . 10.6% (9.8)% (45.9)% 35.2% 20.4% 12.7%
Overseas Sales . . . . . ¥471.3 ¥26.1 ¥51.5 ¥18 ¥1.1 ¥568.0
Change . . . . . . . . . 4.2% (9.7)% 11.0% (12.6)% (45.0)% 4.2%
2000
Sales . . . . . . . . . . . . . ¥567.6 ¥87.9 ¥64.9 ¥142.9 ¥6.9 ¥870.2
Percentage . . . . . . . . 65.2% 10.1% 7.5% 16.4% 0.8% 100.0%
Major Products VCRs,
camcorders,
televisions,
stereo systems,
car audio
systems, CD
radio cassette
tape players and
telephones
Professional-use
and educational-
use systems,
information
systems,
karaoke
systems and
projectors
Components for
use in computer
displays, video
heads, motors
and “VIL” PWBs
Audio and visual
software
including CDs,
DVDs and
videotapes
Interior furniture
GROUP OVERVIEW
The JVC Group consists of Victor Company of Japan, Limited
(JVC), which is a subsidiary of Matsushita Electric Industrial
Co., Ltd., and 147 companies. The Group’s main lines of busi-
ness are the creation, production and marketing of audio-
visual (AV) equipment; information and communications
equipment; sound, image, data and other recording and play-
back media; and pre-recorded media.
JVC’s consolidated financial statements for fiscal 2000,
ended March 31, 2001, comprise the accounts of 78 consoli-
dated subsidiaries and 2 equity-method affiliates. In the year
under review, 6 subsidiaries were included within the scope
of consolidation for the first time: World Parts Co., Ltd., JVC
Logistics Europe N.V., P.T. JVC Indonesia, JVC Skandinavia
AB, JVC Korea Co., Ltd. and Fujian JVC Electronics Co., Ltd.
On the other hand, Victor Media Products Co., Ltd., which
was previously classified as a consolidated subsidiary, was
eliminated from the scope of consolidation, as was Univer-
sal Victor Co., Ltd., which was previously classified as an
equity-method affiliate.
NET SALES AND EARNINGS
Consolidated net sales increased 7.4% to ¥934.3 billion
(US$7,535.1 million) due to higher sales of digital and net-
working products and an increase in consignment sales for
Universal Music K.K.
By geographical segment, sales in Japan rose 9.2% to
¥454.6 billion (US$3,666 million) for similar reasons to the
overall increase in consolidated net sales. In the Americas,
sales increased 4.7% to ¥261.2 billion (US$2,106 million), sup-
ported by the vibrant U.S. economy in the year’s first half.
Sales in Europe increased 3.8% to ¥151.3 billion (US$1,220
million) and sales in Asia rose 14.4% to ¥67.3 billion (US$543
million), both on account of healthy market conditions.
During the year, the average yen exchange rate against
the U.S. dollar and euro changed from ¥112 to ¥111 and ¥115
to ¥100, respectively, due to the yen’s appreciation. The ap-
preciation of the yen had the net effect of reducing consoli-
dated net sales by ¥28.0 billion in relation to the previous
fiscal year.