JVC 2003 Annual Report Download - page 39

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Victor Company of Japan, Limited
Annual Report 2003 37
CAPITAL EXPENDITURES/
DEPRECIATION AND AMORTIZATION
Capital expenditures totaled ¥21.0 bil-
lion, a 0.7%, or ¥0.1 billion, decrease
compared with the previous fiscal year.
This decline represented greater selec-
tivity in the company’s investment
strategy.
As a result, depreciation decreased
9.8%, or ¥2.7 billion, to ¥25.2 billion.
R&D COSTS
R&D costs for fiscal 2003 were ¥41.0
billion, the same as in fiscal 2002.
Consequently, the ratio of R&D costs
to net sales was 4.2%.
The company’s R&D organization
comprises the Technology Development
Division, which functions as the JVC
Group’s corporate laboratory, and a
Development Division and an Engineer-
ing Division in each Group company.
The Technology Development Division
is responsible for developing group-
wide core technology, systems technol-
ogy and next-generation devices that
embody the company’s long-term
vision, and for accumulating LSI de-
sign and development technologies
needed for future products. Each
Development Division is responsible for
next-generation product development
in five priority business areas: high-
definition displays, digital high-density
storage, network AV systems, Compo-
nents & Devices, and Software & Media.
The Engineering Division is responsible
for the design and commercialization
of products. Overseas, the JVC North
America R&D Center and the JVC
Singapore R&D Center are mainly in-
volved in the development of software
for digital AV equipment based on
market developments in their respec-
tive operating regions. JVC is currently
implementing initiatives to strengthen
its international R&D network.
PERSONNEL
Owing to new consolidations during
fiscal 2003, which resulted in the ad-
dition of 2,087 personnel to the JVC
Group, the number of employees on a
consolidated basis at fiscal year-end
stood at 34,492, an aggregate increase
of 309 employees compared to the pre-
vious fiscal year-end.