Toshiba 2006 Annual Report Download - page 56

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FINANCIAL POSITION AND CASH FLOWS
Total assets increased by ¥155.7 billion from the end of March 2005 to ¥4,727.1 billion (US$40,402.7 million), mainly as a
result of increased notes and accounts receivable, reflecting higher sales.
Shareholders’ equity increased by ¥186.7 billion from the end of March 2005 to ¥1,002.2 billion (US$8,565.5 million), on
significant improvement in net income and improved accumulated other comprehensive loss.
Total debt decreased by ¥193.9 billion from the end of March 2005 to ¥917.5 billion (US$7,842.0 million), falling well
below ¥1,000 billion.
Free cash flow was plus ¥198.0 billion, an improvement of ¥135.6 billion from the year-earlier period.
As a result of the foregoing, the debt-to-equity ratio as of the end of March 2006 was 92%, below 100% and a 44-point
improvement from the end of March 2005. The shareholder’s equity ratio improved by 3.4 points from the end of March
2005 to 21.2%, and ROE improved by 2.7 points to 8.6%.
CASH FLOWS
In the fiscal year under review, net cash provided by operating activities amounted to ¥501.4 billion, an increase of ¥195.9 bil-
lion from the previous fiscal year.
Net cash used in investing activities totaled ¥303.4 billion, up ¥60.3 billion from the previous fiscal year. This was due to
costs incurred from the transfer of the power transmission and distribution business, and to increased capital investments in
the semiconductor business.
Net cash used in financing activities increased ¥143.0 billion to ¥235.3 billion during the fiscal year under review, due to
the repayment of debts towards reducing interest bearing debt.
The effect of exchange rate movements was to increase cash by ¥13.2 billion. After accounting for the aforementioned and
other factors, cash and cash equivalents at the fiscal year-end decreased by ¥24.1 billion to ¥270.9 billion.
PRINCIPAL SUBSIDIARIES AND AFFILIATED COMPANIES
As of March 31, 2006 Percentage held by the Group
Subsidiaries: Affiliated Companies:
Japan Japan
Toshiba Building Co., Ltd. 100 MT Picture Display Co., Ltd. 36
Toshiba Elevator and Building Toshiba Ceramics Co., Ltd. 41
Systems Corporation 80 Toshiba Machine Co., Ltd. 34
Toshiba Medical Systems Corporation 100
Toshiba Plant Systems & Services
Corporation 69
Toshiba TEC Corporation 52
U.S.A.
Toshiba America Information Systems, Inc. 100
Toshiba America, Inc. 100
Management’s Discussion and Analysis