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23
FINANCIAL REVIEW AND ANALYSIS
At fiscal year-end, total assets amounted to ¥633,426 million, up ¥26,913 million, or 4.4%, relative to the previous fiscal year-end. This
increase primarily reflected higher levels of accounts receivable and inventories. Current assets totaled ¥431,126 million, up 5.3%.
Although income taxes payable rose significantly, a decrease in interest-bearing debt led to total liabilities increasing by only ¥2,069 million.
Total cash dividends for the year amounted to ¥2,954 million. Meanwhile, net income of ¥24,141 million and an increase in retained earn-
ings in line with improvements made at consolidated subsidiaries resulted in a net increase in total shareholders’ equity of ¥24,836 million.
In terms of cash flows, cash and cash equivalents at year-end amounted to ¥21,507 million. Net cash provided by operating activities
totaled ¥47,129 million, mainly owing to a relatively high level of income before income taxes and an increase in advance receipts. Net cash
used in investing activities amounted to ¥10,543 million, reflecting a decrease in proceeds from sales of property, plant and equipment and an
increase in payments for purchases of tangible fixed assets. Net cash used in financial activities totaled ¥31,786 million, due primarily to a
decrease in short-term borrowings and an increase in repayments of long-term debt and redemption of bonds.
Net Sales
(¥ Million)
Operating Income
(¥ Million)
Net Income (Loss)
(¥ Million)
Balance Sheet Analysis
March 31, 2005 and 2004
Total assets
Total current assets
Inventories
Property, plant and equipment
Investments and other assets
Total current liabilities
Short-term borrowings
Long-term debt, less current portion
Shareholders’ equity
2004
100.0%
67.5
39.2
17.6
14.9
41.1
7.2
27.0
28.2
2005
100.0%
68.1
38.8
17.3
14.6
42.0
6.0
23.7
30.9
(% of Total Assets)
483,957
482,975
468,959
506,378
638,468
61,423
22,239
4,187
3,675
30,545
20,911
(6,004)
(8,143)
2,410
24,141
56.53
(16.23)
(22.03)
6.52
65.19
6.02
57.84
22,794
27,313
27,506
30,165
33,561
186,119
176,961
162,464
171,194
196,030
11.9
(3.3)
(4.8)
1.4
13.1
25,996
33,546
20,226
22,267
22,459
2001
2002
2003
2004
2005
2001
2002
2003
2004
2005
2001
2002
2003
2004
2005
2001
2002
2003
2004
2005
2001
2002
2003
2004
2005
2001
2002
2003
2004
2005
2001
2002
2003
2004
2005
2001
2002
2003
2004
2005
2001
2002
2003
2004
2005
Net Income (Loss) per Share
(¥)
Diluted Net Iincome Per Share
(¥)
R&D Costs
(¥ Million)
Shareholders’ Equity
(¥ Million)
Return on Equity
(%)
Capital Expenditures
(¥ Million)