JVC 2001 Annual Report Download - page 25

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< 22 VICTOR COMPANY OF JAPAN, LIMITED 23 >
effective from the year under review. The other was the
recording of an unrealized holding gain of securities result-
ing from the application of accounting standards for finan-
cial instruments. As a result of these and other factors,
stockholders’ equity as a percentage of total assets fell 6.1
percentage points to 30.8%.
CASH FLOWS
Operating activities used net cash of ¥26.4 billion (US$213.0
million). This was mainly due to an increase in inventories,
reflecting the effects of the slowdown in the U.S. economy at
the start of 2001, and an increase in notes and accounts
receivable resulting from higher sales in March.
Investing activities used net cash of ¥7.9 billion (US$63.4
million), reflecting mainly cash used for the purchases of
property, plant and equipment offset to a large extent by
net proceeds from sales of marketable securities.
Financing activities provided net cash of ¥35.2 billion
(US$283.9 million). This reflected a net increase in short-term
bank loans and proceeds from the issuance of bonds to fund
upcoming redemptions of bonds, offset in part by a decrease
in commercial paper.
As a result of the foregoing, cash and cash equivalents at
end of the year were ¥79.3 billion (US$639.1 million), ¥7.7
billion higher than a year ago.
Notes: 1. Effective from the fiscal year ended March 31, 2001, JVC has 5 busi-
ness segments—Consumers Electronics, Professional Electronics,
Components & Devices, Entertainment Softwares & Medias, and
Other—reflecting the adoption of a “Company-in-Company” system
in April 2000. Previously, there were 2 business segments: Audiovisual
and Information-related Businesses, and Entertainment Business.
Segment information for the previous fiscal year has been restated
to conform with the presentation in the year under review.
2. The Company prepared the 2001 and 2000 consolidated statements
of cash flows in accordance with accounting standards that took
effect on April 1, 1999. The 1999 consolidated statement of cash
flows has not been restated.
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STOCKHOLDERS’ EQUITY/
TOTAL ASSETS
(Billions of yen)
DEPRECIATION AND
AMORTIZATION/
CAPITAL EXPENDITURES
(Billions of yen)
R&D EXPENDITURES
(Billions of yen)
Stockholders’ equity
Total assets
Depreciation & amortization
Capital expenditures