Kia 2010 Annual Report Download - page 59

In millions of won
2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES ￦ 5,329,821 4,591,377
Net income 2,254,311 1,450,260
Adjustments for:
Depreciation 412,276 429,251
Amortization 217,656 254,185
Accrual for retirement and severance benefits 306,786 261,166
Salaries 36,244 -
Accrual for warranties 332,526 137,030
Allowance for doubtful accounts - 2,281
Foreign currency translation gain, net (10,949) (2,208)
Loss on scrapped inventories 4,612 5,300
Reserve for inventory obsolescence 2,379 2,465
Equity in earnings of equity method accounted investees, net (1,105,819) (813,703)
Dividend income from equity method accounted investees 69,334 44,227
Loss (gain) on disposition of investments, net 77 (58,306)
Impairment loss on investments 14 689
Loss on sale of property, plant and equipment, net 27,185 22,065
Interest income - reversal of present value discount (2,818) (883)
Reversal of allowance for doubtful accounts (10,182) -
Interest expense - amortization of discount on debentures 8,712 14,320
Loss (gain) on valuation of derivatives, net (6,651) 2,973
Loss on sale of accounts and notes receivable - trade 32,549 87,540
Loss on repayment of bonds - 164
Changes in assets and liabilities:
Accounts and notes receivable - trade 58,483 (246,048)
Accounts receivable - other 79,283 54,987
Inventories (152,962) 220,930
Other current assets (8,089) 43,700
Accounts and notes payable - trade 701,559 598,736
Accounts and notes payable - other 226,442 (27,458)
Other current liabilities (234,158) 485,772
Income taxes payable 156,744 21,511
Deferred tax assets 56,170 47,944
Deferred tax liabilities 269,081 160,189
Payment of warranty costs (236,905) (274,963)
Payment of retirement and severance benefits (216,304) (324,878)
Non-consolidated
Statements of Cash Flows
For the years ended December 31, 2010 and 2009
In millions of won
2010 2009
Other, net ￦ (230,788) (100,018)
NET CASH PROVIDED BY OPERATING ACTIVITIES ￦ 3,036,798 2,499,220
CASH FLOWS FROM INVESTING ACTIVITIES
Increase of short-term financial instruments (810,000) (365,000)
Disposition of long-term financial instruments 19 3,900
Proceeds from sale of available-for-sale securities 239 1,697
Proceeds from sale of held-to-maturity securities 672 2,539
Proceeds from sale of property, plant and equipment 17,177 19,924
Refund of security deposits 12,022 10,070
Long-term loans collected 101,955 354,390
Purchase of available-for-sale securities (345) (119)
Purchase of held-to-maturity securities (292) (7,243)
Purchase of equity method accounted investments (214,515) (297,495)
Purchase of property, plant and equipment (564,740) (313,417)
Additions to intangible assets (359,738) (356,400)
Payment of security deposits (28,268) (20,505)
Increase of long-term loans - (261,796)
NET CASH USED IN INVESTING ACTIVITIES (1,845,814) (1,229,455)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings 32,516 -
Proceeds from long-term debt 373,440 1,289,092
Repayment of short-term borrowings - (1,205,893)
Repayment of current portion of long-term debt (1,432,852) (806,304)
Repayment of long-term debt (510,531) (183,847)
Payment of current portion of capital lease obligation (80,215) (83,751)
Proceeds from repayment of deposits received, net 4,415 866
Proceeds from treasury stock 150,055 -
Payment of dividends (96,992) -
Exercise of stock option - 861
Exercise of stock warrants 64,976 249,370
Acquisition of treasury stock (162,321) -
NET CASH USED IN FINANCING ACTIVITIES (1,657,509) (739,606)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (466,525) 530,159
Cash and cash equivalents at beginning of year 1,442,031 911,872
CASH AND CASH EQUIVALENTS AT END OF YEAR ￦ 975,506 1,442,031
Non-consolidated
Statements of Cash Flows
For the years ended December 31, 2010 and 2009
118 COMPONENTS OF SUSTAINABLE GROWTH 119
KIA MOTORS ANNUAL REPORT 2010