Honda 2009 Annual Report Download - page 71

Consolidated Statements of Cash Flows
Honda Motor Co., Ltd. and Subsidiaries
Years ended March 31, 2007, 2008 and 2009 Yen
(millions)
U.S. dollars
(millions)
2007 2008 2009 2009
Cash fl ows from operating activities:
Net income
¥ 592,322 ¥ 600,039 ¥ 137,005 $ 1,395
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation excluding property on operating leases
361,747 417,393 441,868 4,498
Depreciation of property on operating leases 9,741 101,032 195,776 1,993
Deferred income taxes (16,448) 31,341 41,773 425
Minority interest in income 20,117 27,308 13,928 141
Equity in income of affi liates (103,417) (118,942) (99,034) (1,008)
Dividends from affi liates 54,849 67,764 65,140 663
Provision for credit and lease residual losses on fi nance subsidiaries—receivables 44,128 58,011 77,016 784
Impairment loss on investments in securities 798 577 26,001 265
Impairment loss on long-lived assets and goodwill excluding property on operating leases ——21,597 220
Impairment loss on property on operating leases 559 5,850 18,528 189
Loss (gain) on derivative instruments, net 56,836 70,251 (15,506) (158)
Decrease (increase) in assets:
Trade accounts and notes receivable
(49,529) (67,696) (30,025) (306)
Inventories (96,839) (100,622) (262,782) (2,675)
Other current assets (15,206) (2,609) (82,838) (843)
Other assets (5,523) (130,666) 8,640 88
Increase (decrease) in liabilities:
Trade accounts and notes payable
38,186 32,327 (133,662) (1,361)
Accrued expenses 41,898 (24,768) (102,711) (1,046)
Income taxes payable (37,282) 20 (12,861) (131)
Other current liabilities 1,103 2,301 10,630 108
Other liabilities 14,274 179,537 74,872 762
Other, net (7,789) (21,530) (9,714) (97)
Net cash provided by operating activities 904,525 1,126,918 383,641 3,906
Cash fl ows from investing activities:
Increase in investments and advances
(9,874) (6,417) (4,879) (50)
Decrease in investments and advances 3,829 1,270 1,921 20
Payments for purchases of available-for-sale securities (141,902) (158,426) (31,936) (325)
Proceeds from sales of available-for-sale securities 172,806 179,911 26,896 274
Payments for purchases of held-to-maturity securities (13,614) (39,482) (17,348) (177)
Proceeds from redemptions of held-to-maturity securities 41,109 32,557 32,667 333
Capital expenditures (597,958) (668,228) (635,190) (6,466)
Proceeds from sales of property, plant and equipment 20,641 26,868 18,843 192
Acquisitions of fi nance subsidiaries—receivables (2,857,024) (2,712,775) (2,303,930) (23,455)
Collections of fi nance subsidiaries—receivables 2,138,875 2,312,311 2,023,031 20,595
Proceeds from sales of fi nance subsidiaries—receivables 477,927 158,497 324,672 3,305
Purchases of operating lease assets (366,795) (839,261) (668,128) (6,802)
Proceeds from sales of operating lease assets 1,276 26,776 100,017 1,018
Net cash used in investing activities (1,130,704) (1,686,399) (1,133,364) (11,538)
Cash fl ows from fi nancing activities:
Increase (decrease) in short-term debt, net
306,063 601,957 270,795 2,757
Proceeds from long-term debt 969,491 1,061,792 1,299,984 13,233
Repayments of long-term debt (677,539) (782,749) (889,483) (9,055)
Cash dividends paid (140,482) (152,590) (139,724) (1,422)
Cash dividends paid to minority interests (7,434) (9,663) (10,841) (110)
Sales (purchases) of treasury stock, net (26,689) (30,746) 131 1
Net cash provided by fi nancing activities 423,410 688,001 530,862 5,404
Effect of exchange rate changes on cash and cash equivalents 31,527 (23,164) (141,672) (1,442)
Net change in cash and cash equivalents 228,758 105,356 (360,533) (3,670)
Cash and cash equivalents at beginning of year 716,788 945,546 1,050,902 10,698
Cash and cash equivalents at end of year ¥ 945,546 ¥1,050,902 ¥ 690,369 $ 7,028
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