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Victor Company of Japan, Limited
36 Annual Report 2003
STOCKHOLDERS’ EQUITY/
TOTAL ASSETS
(Billions of yen)
0
200
300
500
600
100
400
99 0300 01 02
Stockholders’ equity
Total assets
DEPRECIATION & AMORTIZATION/
CAPITAL EXPENDITURES
(Billions of yen)
Depreciation & Amortization
Capital Expenditures
0
10
20
30
40
99 0300 01 02
R&D EXPENDITURES
(Billions of yen)
0
10
20
30
50
40
99 0300 01 02
Property, plant and equipment
(less accumulated depreciation) at
the end of the fiscal year was 10.6%,
or ¥11.8 billion, lower than the pre-
vious fiscal year-end, at ¥98.9 bil-
lion. This was chiefly attributable to
lower capital expenditures and the
sale of fixed assets.
Total current liabilities fell 16.5%,
or ¥40.7 billion, to ¥206.9 billion,
reflecting the redemption of bonds due
within one year, a decline in short-term
debt and a decrease in reserves for
business restructuring.
Total long-term liabilities increased
6.6%, or ¥7.6 billion, to ¥122.3 bil-
lion, mainly due to a rise in long-term
debt.
Stockholders’ equity was up 0.1%,
or ¥0.2 billion, to ¥146.4 billion.
Stockholders’ equity as a percentage
of total assets increased to 30.5%,
compared with 28.5% at the previous
fiscal year-end.
Cash Flows
Operating activities provided net cash
of ¥35.8 billion, reflecting the reduc-
tion of inventories and improvements
in working capital, and other factors
that generated funds.
Net cash used by investing activi-
ties rose ¥6.9 billion, to ¥12.5 billion.
This increase was mainly attributable
to payments of ¥18.5 billion for the
acquisition of property, plant and
equipment, which outweighed cash
inflows of ¥6.4 billion from the sale of
fixed assets.
Financing activities used net cash
of ¥7.3 billion, primarily for the re-
demption of bonds. This led to a re-
duction in interest-bearing debt of
¥10.3 billion.
As a result of the foregoing, cash and
cash equivalents at the end of the year
stood at ¥83.4 billion, 20.4%, or
¥14.1 billion, higher than a year ago.
LIQUIDITY AND SOURCES OF
FUNDS
Assets, Liabilities and Capital
Total assets as of March 31, 2003
stood at ¥479.7 billion, a 6.5%, or
¥33.6 billion decline from a year ago.
This was mainly the result of steps to
pare back total assets by reducing in-
ventories and improve working capital.
Total current assets fell 2.9%, or ¥10.5
billion, to ¥356.1 billion, mainly re-
flecting an 11.7%, or ¥14.8 billion,
reduction in inventories at the end of
the period, to ¥111.3 billion.
Investments and advances fell
55.0%, or ¥11.4 billion, to ¥9.3 bil-
lion, primarily reflecting the sale and
write down of investment securities.