Annual Report 2012 [PDF:5300KB] - FUNAI Global

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Consolidated Statement of Cash Flows Funai Electric Co., Ltd. and Consolidated Subsidiaries Year Ended March 31, 2012 (Millions of yen) Years ended March 31, (Thousands of U.S. dollars) (Note 1) Year ended March 31, 2012 2011 2012 OPERATING ACTIVITIES: Net (loss) income before income taxes and minority interests ¥ (561) ¥ 1,453 $ (6,842) Adjustments for: Income taxes – paid (3,578) (2,970) (43,634) Prior years’ income taxes – paid (935) (11,402) Income taxes – refund 1,353 246 16,500 Depreciation and amortization 6,548 6,367 79,854 Gain on sale or disposal of property, plant and equipment (8) (1) (97) Loss on impairment of long-lived assets 397 4,841 Equity in losses (earnings) of associates 28 (28) 341 Loss (gain) on sales of investment securities – net 311 (283) 3,793 Changes in assets and liabilities: Decrease (increase) in trade receivable 3,473 (5,248) 42,354 Decrease (increase) in inventories 9,098 (8,950) 110,951 Increase in trade payable 1,087 2,289 13,256 Decrease in liability for employees’ retirement benefits (316) (32) (3,854) Other – net (481) 1,991 (5,866) Total adjustments 16,977 (6,619) 207,037 Net cash provided by (used in) operating activities 16,416 (5,166) 200,195 INVESTING ACTIVITIES: Payments for time deposits (96,744) (71,744) (1,179,805) Proceeds from time deposits 96,372 82,008 1,175,268 Proceeds from sale of property, plant and equipment 102 44 1,244 Purchases of property, plant and equipment (3,608) (6,400) (44,000) Purchases of intangible assets (2,678) (235) (32,658) Proceeds from sales of investment securities 486 482 5,927 Purchases of investment securities (290) (139) (3,536) Payments for loans receivable (4) (3) (49) Proceeds from collection of loans receivable 11 45 134 Other – net (82) 13 (1,000) Net cash (used in) provided by investing activities (6,435) 4,071 (78,475) FINANCING ACTIVITIES: (Decrease) increase in short-term bank loans – net (5,068) 4,496 (61,805) Repayments of long-term debt (33) (533) (403) Purchase of treasury stock (0) Dividends paid (1,364) (1,364) (16,634) Other – net (252) (133) (3,073) Net cash (used in) provided by financing activities (6,717) 2,466 (81,915) FOREIGN CURRENCY TRANSLATION ADJUSTMENTS ON CASH AND CASH EQUIVALENTS 227 (1,629) 2,768 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,491 (258) 42,573 DECREASE IN CASH AND CASH EQUIVALENTS DUE TO EXCLUSION OF SUBSIDIARIES FROM CONSOLIDATION (669) (60) (8,158) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 33,745 34,063 411,524 CASH AND CASH EQUIVALENTS, END OF YEAR ¥36,567 ¥33,745 $445,939 See notes to consolidated financial statements. 33 Annual Report 2012
Notes to Consolidated Financial Statements Funai Electric Co., Ltd. and Consolidated Subsidiaries Year Ended March 31, 2012 1. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS The accompanying consolidated financial statements have been prepared in accordance with the provisions set forth in the Japanese Financial Instruments and Exchange Act and its related accounting regulations and in conformity with accounting principles generally accepted in Japan (“Japanese GAAP”), which are different in certain respects as to the application and disclosure requirements of International Financial Reporting Standards. In preparing these consolidated financial statements, certain reclassifications and rearrangements have been made to the consolidated financial statements issued domestically in order to present them in a form that is more familiar to readers outside Japan. In addition, certain reclassifications have been made in the 2011 consolidated financial statements to conform to the classifications used in 2012. The consolidated financial statements are stated in Japanese yen, the currency of the country in which Funai Electric Co., Ltd. (the “Company”), is incorporated and operates. The translations of Japanese yen amounts into U.S. dollar amounts are included solely for the convenience of readers outside Japan and have been made at the rate of ¥82 to $1, the approximate rate of exchange at March 31, 2012. Such translations should not be construed as representations that the Japanese yen amounts could be converted into U.S. dollars at that or any other rate. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Consolidation—The consolidated financial statements as of March 31, 2012 include the accounts of the Company and its 13 significant (14 in 2011) subsidiaries (together, the “Group”. Funai Electric (Malaysia) Sdn. Bhd. is excluded from the scope of consolidation from fiscal year beginning on April 1, 2011 as its liquidation has been completed. Under the control or influence concept, those companies where the Company, directly or indirectly, is able to exercise control over operations are fully consolidated, and those companies over which the Group has the ability to exercise significant influence are accounted for by the equity method. Investments in 1 (1 in 2011) unconsolidated subsidiary is accounted for by the equity method. Investments in the remaining unconsolidated subsidiaries and associated companies are stated at cost. If the equity method of accounting had been applied to the investments in these companies, the effect on the accompanying consolidated financial statements would not be material. All significant intercompany balances and transactions have been eliminated in consolidation. All material unrealized profit included in assets resulting from transactions within the Group is also eliminated. b. Unification of Accounting Policies Applied to Foreign Subsidiaries for the Consolidated Financial Statements—In May 2006, the Accounting Standards Board of Japan (the “ASBJ”) issued ASBJ Practical Issues Task Force (PITF) No. 18, “Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries for the Consolidated Financial Statements.” PITF No. 18 prescribes that (1) the accounting policies and procedures applied to a parent company and its subsidiaries for similar transactions and events under similar circumstances should, in principle, be unified for the preparation of the consolidated financial statements; (2) financial statements prepared by foreign subsidiaries in accordance with either International Financial Reporting Standards or the generally accepted accounting principles in the United States of America tentatively may be used for the consolidation process; (3) however, the following items should be adjusted in the consolidation process so that net income is accounted for in accordance with Japanese GAAP, unless they are not material: (a) amortization of goodwill; (b) scheduled amortization of actuarial gain or loss of pensions that has been directly recorded in the equity; (c) expensing capitalized development costs of R&D; (d) cancellation of the fair value model accounting for property, plant and equipment and investment properties and incorporation of the cost model accounting; and (e) exclusion of minority interests from net income, if included in net income. c. Unification of Accounting Policies Applied to Foreign Associated Companies for the Equity Method—In March 2008, the ASBJ issued ASBJ Statement No. 16, “Accounting Standard for Equity Method of Accounting for Investments.” The new standard requires adjustments to be made to conform the associate’s accounting policies for similar transactions and events under similar circumstances to those of the parent company when the associate’s financial statements are used in applying the equity method, unless it is impracticable to determine such adjustments. In addition, financial statements prepared by foreign associated companies in accordance with either International Financial Reporting Standards or the generally accepted accounting principles in the United States of America tentatively may be used in applying the equity method if the following items are adjusted so that net income is accounted for in accordance with Japanese GAAP, unless they are not material: (1) amortization of goodwill; (2) scheduled amortization of actuarial gain or loss of pensions that has been directly recorded in the equity; (3) expensing capitalized development costs of R&D; (4) cancellation of the fair value model accounting for property, plant and equipment and investment properties and incorporation of the cost model accounting; and (5) exclusion of minority interests from net income, if included in net income. d. Cash Equivalents—Cash equivalents are short-term investments that are readily convertible into cash and that are exposed to insignificant risk of changes in value. Cash equivalents include time deposits, certificates of deposit, commercial paper and bond funds, all of which mature or become due within three months of the date of acquisition. Annual Report 2012 34
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Page 3 and 4: Funai’s Strengths Cutting Costs b
Page 5 and 6: 2007 2008 2009 2010 2011 2012 396,7
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Page 9 and 10: Results for the Year Ended March 31
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