Yamaha 2009 Annual Report Download - page 46

Cash and deposits declined ¥32,246 million, or 43.8% year on
year, to ¥41,373 million. Notes and accounts receivable (after allow-
ance for doubtful accounts) declined by ¥14,590 million, or 22.4%,
to ¥50,536 million. Short-term investment securities amounted to
¥1,280 million, down ¥29,919 million, or 95.9%, due to a decrease
in negotiable deposits. Inventories amounted to ¥80,694 million, a
year-on-year increase of ¥4,390 million or 5.8%. This figure includes
a decrease in inventory of roughly ¥6.1 billion due to currency trans-
lation effects. Excluding this factor, the increase in inventory on a
real basis was roughly ¥10.5 billion, or 13.8%. Lower sales of musi-
cal instruments and semiconductors led to the increase in inventory.
Inventory in other segments was at close to appropriate levels.
Deferred tax assets declined by ¥6,736 million, or 38.2%, to
¥10,905 million. Other current assets rose by ¥5,446 million, or
45.9%, to ¥17,307 million. The current ratio at the fiscal 2009 year-
end was 224%, virtually on a par with the figure of 229% from a
year earlier, sustaining liquidity at a high level during fiscal 2009.
Net Property, Plant and Equipment
Net property, plant and equipment as of March 31, 2009 was
¥127,613 million, down ¥11,962 million or 8.6% compared to the
end of the previous fiscal year. The primary contributor was impair-
ment measures largely targeting land and manufacturing facilities.
Construction in progress presently consists mainly of the
Company’s Ginza Building under reconstruction, Kakegawa piano
factory, where plans to consolidate piano factories in Japan are to
be completed in the summer of 2010, and the piano factory in
Hangzhou, China to expand floor space.
Investments and Other Assets
Investments and other assets excluding intangible assets as of
March 31, 2009 amounted to ¥75,667 million, a year-on-year
decrease of ¥46,877 million or 38.3%. This primarily reflects a
decrease in investment securities compared with the previous
fiscal year.
Investment securities decreased by ¥52,812 million, or 48.0%
year on year, to ¥57,131 million. This was primarily due to a
decrease in the value of Yamaha Motor Co., Ltd. stock and other
listed stocks held. Deferred tax assets increased ¥7,501 million to
¥9,566 million.
Intangible assets as of March 31, 2009 increased by ¥1,125
million, or 45.5% year on year, to ¥3,596 million.
Goodwill was ¥306 million, down ¥998 million, or 76.5%, from
¥1,304 million at the previous fiscal year-end. Other intangible
assets, however, increased ¥2,123 million from ¥1,166 million a
year earlier, to ¥3,290 million. The increase in other intangible
assets resulted from the posting as intangible assets of land
usage rights of certain subsidiaries, reported as “land” until the
end of previous fiscal year, accompanying the application of
“Practical Solution on Unification of Accounting Policies Applied to
Foreign Subsidiaries for Consolidated Financial Statements.”
Liabilities
Total liabilities as of March 31, 2009 amounted to ¥157,133 million,
a decrease of ¥40,184 million, or 20.4%, from the previous year-
end figure of ¥197,318 million. Current liabilities decreased by
¥30,124 million, or 25.1%, to ¥90,050 million. Noncurrent liabilities
decreased by ¥10,060 million, or 13.0% to ¥67,083 million.
Current Liabilities
Current liabilities as of March 31, 2009 were ¥90,050 million, a
decrease of ¥30,124 million, or 25.1%, compared to the figure at
the end of the previous fiscal year. Major contributors to this
decrease were declines in notes and accounts payable and
accrued expenses and income taxes payable.
Notes and accounts payable were ¥25,625 million, ¥9,391
million, or 26.8%, less than at the end of the previous fiscal year.
Short-term loans payable and the current portion of long-term
loans payable decreased by ¥3,191 million to ¥15,700 million,
down 16.9% compared to the end of fiscal 2008. Total accrued
expenses amounted to ¥34,012 million, down by ¥7,430 million,
or 17.9% year on year. Due to the payment of corporation tax,
income taxes payable totaled ¥2,090 million, a decrease of
¥12,826 million, or 86.0%, from the previous year. The Company
also posted ¥3,161 million as a provision for charges related to
the closure of piano factories in the U.K. and Taiwan.
Noncurrent Liabilities
Noncurrent liabilities as of March 31, 2009 amounted to ¥67,083
million, down ¥10,060 million, or 13.0%, compared to the end of
the previous fiscal year, primarily due to a decrease in noncurrent
deferred tax liabilities accompanying the lower market valuation of
investment securities.
Long-term loans payable rose ¥1,345 million to ¥3,491 million,
representing a year-on-year increase of 62.7%. Noncurrent
deferred tax liabilities declined by ¥13,872 million, or 99.1%, to
¥126 million. Similarly, long-term deposits received decreased by
¥316 million, or 1.9%, to ¥16,723 million following the refund of
resort membership deposits in the recreation business.
44 Yamaha Corporation