Alpine 2008 Annual Report Download - page 20

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See accompanying notes
20
2008 2007 2006 2008
Cash flows from operating activities:
Income before income taxes and minority interests ¥ 6,345 ¥ 10,302 ¥ 10,152 $ 63,330
Adjustments to reconcile income before income taxes
and minority interests to cash provided by operating activities:
Depreciation and amortization (Note 14) 10,655 9,326 8,616 106,348
Increase (Decrease) in employees' severance and
retirement benefits 45 8 (1,699) 449
Increase (Decrease) in directors' severance and retirement benefits (14) 83 52 (140)
Interest and dividend income (930) (735) (317) (9,282)
Interest expense 169 126 134 1,687
Equity in earnings of affiliated companies (1,047) (677) (460) (10,450)
Loss on sales of fixed assets 6 11 113 60
Prior compensation expenses for products — 935 — —
Decrease (Increase) in notes and accounts receivable 5,779 3,504 (2,788) 57,680
Decrease (Increase) in inventories (1,020) 1,129 3,778 (10,181)
Decrease in notes and accounts payable (1,624) (2,307) (3,357) (16,210)
Increase (Decrease) in warranty reserve (501) 903 901 (5,000)
Other—net (3,383) (2,191) 3,311 (33,766)
Total 14,480 20,417 18,436 144,525
Interest and dividend received 927 735 511 9,252
Interest paid (169) (126) (135) (1,687)
Income taxes paid (5,275) (3,692) (5,925) (52,649)
Payments for Prior compensation expense for products — (935) — —
Net cash provided by operating activities 9,963 16,399 12,887 99,441
Cash flows from investing activities:
Payments for acquisition of property, plant and equipment (11,029) (8,573) (8,488) (110,081)
Proceeds from sale of property, plant and equipment 27 100 567 269
Payments for acquisition of intangible fixed assets (2,945) (3,593) (2,418) (29,394)
Proceeds from sale of investments in securities 247 0 111 2,465
Payments for investment — — (131) —
Gain on sale of investments in affiliated companies — — 577 —
Payments for loans (61) (47) (172) (609)
Collection of loans receivable 38 49 253 379
Other—net (378) 177 (154) (3,772)
Net cash used in investing activities (14,101) (11,887) (9,855) (140,743)
Cash flows from financing activities:
Increase (Decrease) in short-term borrowings 34 (113) (190) 339
Repayments of long-term debt — (7) (13) —
Cash dividends paid (1,744) (1,395) (1,270) (17,407)
Cash dividends paid to minority interests (189) (82) (40) (1,886)
Liquidating dividends paid to minority interests (452) — — (4,511)
Paid-in capital from minority interests 63 59 — 628
Other—net (2) (3) (24) (20)
Net cash used in financing activities (2,290) (1,541) (1,537) (22,857)
Effect of exchange rate changes on cash and cash equivalents (1,017) 1,139 1,057 (10,150)
Net increase (decrease) in cash and cash equivalents (7,445) 4,110 2,552 (74,309)
Cash and cash equivalents at beginning of year 37,507 33,207 30,476 374,359
Increase in cash and cash equivalents due to inclusion of
additional subsidiaries in the consolidation — 163 179 —
Increase in cash and cash equivalents acquired due to merger
of consolidated and nonconsolidated subsidiaries 97 27 — 968
Cash and cash equivalents at end of year ¥ 30,159 ¥ 37,507 ¥ 33,207 $ 301,018
Thousands of U.S.
Dollars (Note 1)Millions of Yen
Years ended March 31, 2008, 2007 and 2006
ALPINE ELECTRONICS, INC.
Consolidated Statements of Cash Flows