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Fujitsu annual report 1998
32
Financial Section
Consolidated Statements of Cash Flows
U.S. dollars
Yen (thousands)
(millions) (Note 2)
Years ended March 31 1996 1997 1998 1 998
Cash flows from operating activities:
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 1 27,686 ¥ 143,074 ¥104,891 $ 794,629
Adjustments to reconcile income before income taxes
to net cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . 241,543 2 99,892 350,675 2 ,656,629
Accrual for severance benefits, less payments . . . . . . . . . . . . 13 ,822 14,781 1 0,443 79 ,113
Provision for loss on repurchase of computers . . . . . . . . . . . 54,066 53,272 5 3 ,124 402 ,454
Reversal of provision for loss on repurchase of computers . . (61,846) (57,697) (53,31 3 ) (403,886)
Interest charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,589 49,276 5 6,615 428 ,901
Interest and dividend income . . . . . . . . . . . . . . . . . . . . . . . . . (10,976) (9,758) (12,76 0) (96,667)
Loss on disposal of property, plant and equipment . . . . . . . . 9,824 11,656 12,866 9 7 ,470
(Increase) in receivables, trade . . . . . . . . . . . . . . . . . . . . . . . . (146,983) (155,299) (9 6 ,607) (7 31,871 )
(Increase) in inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (177 ,681) (26,835) (65,771) (498,26 5 )
(Increase) decrease in other current assets . . . . . . . . . . . . . . (21,736) 9 41 1,709 12,947
Increase in payables, trade . . . . . . . . . . . . . . . . . . . . . . . . . . . 146,323 103,991 68,166 516,409
Increase (decrease) in other current liabilities . . . . . . . . . . . . 58,338 (31,831) 4,26 0 3 2 ,273
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,258) (5,505) 41,00 3 3 1 0,629
Cash generated from operations . . . . . . . . . . . . . . . . . . . . . . . . . 275,711 389,958 475,301 3 ,600,765
Interest paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (49,196) (48,113) (57,462) (435,31 8 )
Interest received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0,059 6,829 8,96 4 67,909
Dividends received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,095 2,808 976 7,394
Income taxes paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (66,967) (68,450 ) (1 0 2,920) (779,69 7 )
Net cash provided by operating activities . . . . . . . . . . . . . . . . 171 ,702 283,032 324,859 2,461,053
Cash flows from investing activities:
Acquisitions of property, plant and equipment . . . . . . . . . . . . . . (388,860) (438,96 9) (448 ,869) (3,40 0,523)
Proceeds from sales of equipment . . . . . . . . . . . . . . . . . . . . . . . 2,541 8,250 17,418 131,955
(Increase) in investments and long-term loans . . . . . . . . . . . . . . (41,761) (22,699) (14 ,209) (107,644)
(Increase) decrease in short-term investments . . . . . . . . . . . . . . 14,452 (11,153) 3 3 ,385 252,91 7
Acquisition of Amdahl Corporation, net of cash acquired . . . . . . – – (97,403) (737,902)
Other, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,998) 19,914 7,384 55,939
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . (429,626) (444,657) (502,29 4 ) (3,80 5,258)
Cash flows from financing activities:
Proceeds from long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . 206,483 274,100 466,540 3,534,39 4
Repayment of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . (88,564) (128,399) (27 9 ,700) (2,118,940)
Increase (decrease) in short-term borrowings . . . . . . . . . . . . . . 17 6,176 (1,416) (23,63 0 ) (179,015)
Increase (decrease) in minority interests . . . . . . . . . . . . . . . . . . 9,795 8,828 (4 ,483) (33,962)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18,289) (18,413) (18,508) (140,21 2 )
Other, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,367 (5,721) 13,386 101,409
Net cash provided by financing activities . . . . . . . . . . . . . . . . 293,968 128,979 153,605 1,163,674
Effect of exchange rate changes on cash and cash equivalents . . 8,843 12,608 2,120 16,061
Net increase (decrease) in cash and cash equivalents . . . . . . . 44,887 (20,038 ) (21,71 0 ) (164,470)
Cash and cash equivalents at beginning of year . . . . . . . . . . . . 3 89,051 433,938 413 ,900 3,135,606
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . ¥ 433,938 ¥ 413,90 0 ¥3 92,190 $2,971 ,136
Noncash financing activities:
Conversion of bonds into common stock and capital surplus . . ¥ 27,927 ¥ 1 2 7 ¥ 4,252 $ 32,212
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.