JVC 2002 Annual Report Download - page 25

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ANNUAL REPORT 2 0 0 2
2 3
0
1 0
2 0
3 0
4 0
5 0
9 8 0 29 9 0 0 0 1
R&D EXPENDITURES
(Billions of yen)
DEPRECIATION AND
AMORTIZATION/
CAPITAL EXPENDITURES
(Billions of yen)
0
1 0
2 0
3 0
4 0
9 8 0 29 9 0 0 0 1
Depreciation & amortization
Capital expenditures
inventories, selling cross-shareholdings and reducing
debt by more effectively utilizing Group funds. Total
current assets fell 10.8%, or ¥44.5 billion, to ¥366.6
billion (US$2,756 million). This was primarily due to
an 18.8%, or ¥29.3 billion decline in inventories to
¥126.1 billion (US$948 million).
Investments and advances declined 50.9%, or
¥21.5 billion, to ¥20.8 billion (US$156 million). This
was mainly attributable to sales of cross-shareholdings.
Property, plant and equipment (less accumulated
depreciation) fell 5.9%, or ¥6.9 billion, to ¥110.6
billion (US$832 million), chiefly reflecting lower
capital expenditures.
Total current liabilities fell 5.1%, or ¥13.4 billion,
to ¥247.7 billion (US$1,862 million), as notes and
accounts payable-trade decreased 11.7%, or ¥16.1
billion, to ¥121.3 billion (US$912 million), and bank
loans were also lower, declining 25.4%, or ¥12.3
billion, to ¥36.0 billion (US$271 million). The current
portion of long-term debt increased ¥15.4 billion
(US$116 million) and accrued restructuring charges
were ¥13.4 billion (US$101 million).
Long-term debt was ¥89.9 billion (US$676
million), 23.6%, or ¥27.7 billion lower than one
year earlier. This mainly reflected the transfer
to current liabilities of convertible bonds due for
redemption within one year.
Stockholders’ equity decreased 19.0%, or ¥34.3
billion, to ¥146.2 billion (US$1,100 million), mainly
due to the net loss of ¥44.6 billion (US$335 million).
As a result of this and other factors, stockholders’
equity as a percentage of total assets fell from 30.8%
to 28.5%.
CASH FLOWS
Operating activities provided net cash of ¥28.1 billion
(US$211 million), compared with net cash used of
¥26.4 billion last year. This was mainly due to efforts
to reduce inventories, which largely offset the loss
before income taxes and minority interests.
Investing activities used net cash of ¥5.6 billion
(US$42 million), less than the ¥7.9 billion used
last year, mainly due to efforts to reduce capital
expenditures. Purchases of property, plant and
equipment during the year amounted to ¥22.9 billion
(US$172 million).
Financing activities used net cash of ¥34.7 billion
(US$261 million), compared with cash provided of
¥35.2 billion last year. This mainly reflects cash
used to reduce short-term bank loans by effectively
using JVC Group funds, the redemption of bonds and
net decrease in commercial paper. Consequently,
interest-bearing debt was reduced by ¥30.0 billion
(US$226 million).
As a result of the foregoing, cash and cash
equivalents at the end of the year were ¥69.3 billion
(US$521 million), 12.6%, or ¥10.0 billion lower
than a year ago.