JVC 2001 Annual Report Download - page 24

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< 22 VICTOR COMPANY OF JAPAN, LIMITED 23 >
FINANCIAL POSITION
Total assets as of March 31, 2001 stood at ¥586.6 billion
(US$4,730.9 million), up ¥46.3 billion from a year ago. Total
current assets were ¥411.1 billion (US$3,315.5 million), an
increase of ¥60.6 billion. Marketable securities decreased
¥17.8 billion, reflecting the reclassification of ¥6.0 billion to
investment securities due to the application of new accounting
standards for financial instruments. Inventories increased
¥38.3 billion to ¥155.3 billion (US$1,252.8 million).
Investments and advances and other assets increased
¥11.1 billion to ¥55.4 billion (US$446.8 million). This chiefly
reflected the previously mentioned reclassification of mar-
ketable securities of ¥6.0 billion as investment securities,
which totaled ¥32.6 billion (US$262.9 million) as of March 31,
2001. Furthermore, foreign currency translation adjustments,
which were included in assets in fiscal 1999, were transferred
to stockholders’ equity and minority interests due to revi-
sions to rules governing the preparation of consolidated
financial statements. This change had the effect of reducing
foreign currency translation adjustments in assets by ¥29.6
billion (US$238.7 million).
Property, plant and equipment increased ¥4.5 billion to
¥117.6 billion (US$948.3 million), due partly to a ¥2.0 billion
increase in machinery and equipment and vehicles as JVC
made investments in the digital and networking area with the
view to transforming the structure of its operations.
Total current liabilities rose ¥38.2 billion to ¥261.0 billion
(US$2,105.2 million), mainly due to an increase in notes and
accounts payable as well as the transfer of ¥10.3 billion in
bonds that are due for redemption within a year to current
portion of long-term debt. The current ratio was 1.57, the
same as in the previous fiscal year.
Long-term liabilities were ¥140.0 billion (US$1,129 million),
up ¥27.3 billion, and interest-bearing debt was ¥183.8 billion
(US$1,482.3 million).
Consequently, total liabilities were ¥401.0 billion (US$3,234
million), a ¥65.5 billion year-on-year increase.
Stockholders’ equity decreased ¥18.7 billion to ¥180.5
billion (US$1,455.8 billion), reflecting two main factors. One
was the inclusion of foreign currency translation adjustments
in stockholders’ equity due to the adoption of an accounting
standard for foreign currency-denominated transactions
NET SALES
(Billions of yen)
Domestic
Overseas
OPERATING INCOME (LOSS)
(Billions of yen)
NET INCOME (LOSS)
(Billions of yen)