JVC 2006 Annual Report Download - page 42

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40 Victor Company of Japan, Limited
Total liabilities edged up 0.9%, or ¥2.9 billion, to ¥307.3
billion.
Although current liabilities declined ¥6.5 billion, to ¥248.6
billion, notes and accounts payable rose ¥9.9 billion.
Convertible bonds and bonds due within one year fell ¥19.5
billion due to the redemption of convertible bonds. Total
long-term liabilities increased ¥9.4 billion, to ¥58.7 billion, as
a ¥20.0 billion drop due to the shift of bonds to the “due
within one year” item was more than offset by a ¥29.9 bil-
lion rise due to new borrowings.
Stockholders’ equity decreased 13.9%, or ¥21.9 billion,
to ¥136.3 billion, and stockholders’ equity as a percentage
of total assets declined to 30.5%, compared with 33.9% at
the previous fiscal year-end.
Cash Flows
Net cash provided by operating activities amounted to ¥23.6
billion, compared with an outflow of ¥6.2 billion in the previ-
ous fiscal year, as the loss before income taxes and minority
interests was offset by depreciation and decreases in inven-
tories and notes and accounts receivable.
Software & Media
Sales grew 8.4%, to ¥103.9 billion, and operating income
rose ¥0.2 billion, to ¥2.6 billion. Despite severe challenges
stemming from falls in recordable media product selling
prices, a continued series of hits by popular artists support-
ed a rise in segment sales.
Other
Sales in the Other segment dropped 19.2%, to ¥4.8 billion.
Financial Position
Total assets as of March 31, 2006, were ¥446.8 billion,
down ¥19.7 billion, or 4.2%, from the end of the previous
fiscal year. Total current assets declined ¥24.4 billion, to
¥318.5 billion, mainly because notes and accounts receiv-
able decreased ¥5.8 billion and inventories declined ¥5.6
billion. Property, plant and equipment rose ¥1.1 billion, to
¥97.4 billion, mainly reflecting investments related to the
new technology center building in the Company’s Head
Office complex in Yokohama. Investments and advances
increased ¥4.9 billion, largely as a result of changes in the
market prices of investment securities.
’02 ’03 ’04 ’05 ’06 ’02 ’03 ’04 ’05 ’06’02 ’03 ’04 ’05 ’06
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Net Sales
(Billions of yen)
Net Income (Loss)
(Billions of yen)
Operating Income (Loss)
(Billions of yen)
Overseas
Domestic