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8
Management’s Discussion and Analysis
FINANCIAL POSITION
Total assets decreased by 71.9 billion yen from the end of March 2010 to 5,379.3 billion yen.
Equity attributable to the shareholders of the Company, increased to 868.1 billion yen, an increase of 70.7 billion yen
against the end of March 2010, despite a deterioration in accumulated other comprehensive loss of 57.1 billion yen, due to
impacts from fluctuations in foreign exchange rates and a downturn in stock market prices. This reflects a net income
attributable to shareholders of the Company of 137.8 billion yen.
Total debt decreased by 137.0 billion yen from the end of March 2010 to 1,081.3 billion yen.
As a result of the foregoing, the shareholders’ equity ratio at the end of March 2011 was 16.1%, a 1.5-point
improvement from the end of March 2010, and the debt-to-equity ratio at the end of March 2011 was 125%, a 28-point
improvement from the end of March 2010.
CASH FLOWS
In the fiscal year under review, net cash provided by operating activities amounted to 374.1 billion yen, a decrease of 77.3
billion yen from net cash provided by operating activities of 451.4 billion yen in the previous fiscal year, due to an decrease
of working capital compared with the previous fiscal year despite the improved net income attributable to shareholders of
the Company.
Net cash used in investing activities amounted to 214.7 billion yen, a decrease of 38.2 billion yen from 252.9 billion yen
in the previous fiscal year.
As a result of the foregoing, free cash flow amounted to 159.4 billion yen, an decrease of 39.1 billion yen from 198.5
billion yen in the previous fiscal year.
Net cash used in financing activities amounted to 154.7 billion yen, a decrease of 123.2 billion yen from 277.9 billion
yen of net cash used in financing activities in the previous fiscal year. This was mainly due to a decrease of repayment
of borrowings compared with the previous fiscal year.
The effect of exchange rate changes was to decrease cash by 13.3 billion yen. Cash and cash equivalents at the end of the
fiscal year declined by 8.6 billion yen, from 267.4 billion yen of the end of the previous fiscal year to 258.8 billion yen.
billions of yen As of March 31, 2011
Business Segment
Planned Capital
Investments for
FY2011
Major Contents and Purposes
Digital Products 35.0 Manufacturing facilities for HDDs, etc.
Electronic Devices 165.0 Manufacturing facilities for NAND fl ash memories, power devices, etc.
Social
Infrastructures 100.0 Manufacturing facilities of rechargeable battery and enhancement of
Power systems businesses
Home Appliances 15.0 Manufacturing facilities for Home appliances, etc.
Others 60.0 —
Total 375.0 —
Notes: 1) Consumption taxes are not included in these capital investment plans.
2) Retiring material facilities is not planned except for routine renewal of facilities and the transfer of manufacturing facilities for semiconductors used by NSM as written in “CAPITAL
EXPENDITURE OVERVIEW”.
3) The major planned new facilities and equipment upgrades in FY2011 are as follows:
As of March 31, 2011
Name of
Company and
Office
Place Business
Segment Type of Facility Planned
Beginning
Capacity
Improvement
after Completion
of Construction
Flash Forward
LLC., and others Yokkaichi, Mie Electronic
Devices
Manufacturing
facilities for
semiconductors
May 2011
Enhancement of
manufacturing
facilities, etc.