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34 Victor Company of Japan, Limited
Financial Section
Contents
34 Six-Year Summary
35 Financial Review
40 Consolidated Balance Sheets
42 Consolidated Statements of Operations
43 Consolidated Statements of Stockholders’ Equity
44 Consolidated Statements of Cash Flows
45 Notes to Consolidated Financial Statements
54 Independent Auditors’ Report
Thousands of
U.S. dollars
Millions of yen (Note 1)
2005 2004 2003 2002 2001 2000 2005
For the year:
Net sales ¥840,591 ¥921,978 ¥967,640 ¥954,172 ¥934,350 ¥870,235 $7,855,991
Overseas 567,565 619,962 638,092 626,209 567,977 545,316 5,304,346
Domestic 273,026 302,016 329,548 327,963 366,373 324,919 2,551,645
Cost of sales 564,977 629,125 668,821 684,458 641,209 600,506 5,280,159
Selling, general and administrative expenses 265,244 267,702 276,520 281,808 287,449 277,748 2,478,916
Operating income (loss) 10,370 25,151 22,299 (12,094) 5,692 (8,019) 96,916
Income (Loss) before income taxes
and minority interests 4,728 14,106 10,064 (38,446) 9,444 6,088 44,187
Income taxes 6,200 (1,926) 3,568 5,985 7,238 11,295 57,944
Net income (loss) (1,858) 15,609 6,336 (44,572) 2,498 (5,341) (17,364)
Depreciation and amortization 23,422 22,735 25,250 28,000 28,085 28,590 218,897
Capital expenditures 28,959 25,900 21,036 21,175 31,127 24,336 270,645
R&D expenditures 39,336 40,574 40,973 40,981 44,094 43,351 367,626
Thousands of
U.S. dollars
Millions of yen (Note 1)
2005 2004 2003 2002 2001 2000 2005
At year-end:
Working capital ¥087,825 ¥147,225 ¥149,172 ¥118,948 ¥150,067 ¥127,709 $0,820,794
Stockholders’ equity 158,236 159,326 146,410 146,246 180,515 199,164 1,478,841
Total assets 466,549 507,117 479,750 513,365 586,628 540,359 4,360,271
U.S. dollars
Yen (Note 1)
2005 2004 2003 2002 2001 2000 2005
Per share:
Net income (loss) (Note 2) ¥ (7.7) ¥ 61.1 ¥ 24.9 ¥ (175.3) ¥ 9.8 ¥ (21.0) $ (0.07)
Diluted net income (Note 2) —57.9 23.5 — — — —
Cash dividends (Note 3) 5.0 5.0 — — 3.0 — 0.05
Notes: 1. U.S. dollar amounts have been translated, for convenience only, at the exchange rate of ¥107 to U.S.$1, the approximate rate prevailing on March 31,
2005.
2. Net income (loss) per share of common stock for the years ended March 31, 2002, 2001 and 2000 have not been recalculated using the new accounting
standard, which was effective April 1, 2002.
3. Cash dividends represent amounts applicable to the respective years.
Six-Year Summary
Victor Company of Japan, Limited and its consolidated subsidiaries
Years ended March 31