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32 Nikon Annual Report 2008
Consolidated Statements of Cash Flows
Nikon Corporation and Consolidated Subsidiaries
Years ended March 31, 2008 and 2007
Thousands of
U.S. Dollars
Millions of Yen (Note 1)
2008 2007 2008
Operating activities:
Income before income taxes and minority interests ¥ 116,704 ¥ 87,813 $ 1,164,827
Adjustments for:
Income taxes-paid (43,428) (15,066) (433,455)
Loss on impairment of fi xed assets 274 589 2,730
Depreciation and amortization 25,548 22,536 254,993
Provision for employees’ retirement benefi ts (2,383) (4,190) (23,782)
Provision for retirement allowance for directors and corporate auditors 77 117 767
Loss on sales or disposals of property, plant and equipment 950 808 9,486
Gain on sales of property, plant and equipment (179) (825) (1,789)
Gain on sales of investment securities (1,635) (24) (16,314)
Other-net 6,688 320 66,753
Change in assets and liabilities:
Increase in notes and accounts receivable-trade (16,982) (6,298) (169,495)
Increase in inventories (26,285) (1,491) (262,351)
Increase (decrease) in notes and accounts payable-trade 40,705 (10,543) 406,273
Other-net 20,786 9,455 207,4 64
Total adjustments 4,136 (4,612) 41,280
Net cash provided by operating activities 120,840 83,201 1,206,107
Investing activities:
Purchases of property, plant and equipment (28,434) (21,516) (283,800)
Proceeds from sales of property, plant and equipment 1,501 1,818 14,984
Purchases of investment securities (12,387) (914) (123,639)
Proceeds from sales of investment securities 2,477 3,599 24,726
Net decrease (Increase) in loans receivable 59 (27) 592
Other-net (12,999) (4,858) (129,749)
Net cash used in investing activities (49,783) (21,898) (496,886)
Financing activities:
Net increase (decrease) in short-term borrowings (6,965) 2,219 (69,518)
Proceeds from long-term debt 501 4,896 5,004
Repayments of long-term debt (22,048) (25,842) (220,062)
Dividends paid (9,187) (4,613) (91,700)
Other-net (965) (333) (9,634)
Net cash used in fi nancing activities (38,664) (23,673) (385,910)
Foreign currency translation adjustments on cash and cash equivalents (3,753) 1,234 ( 37,4 62 )
Net increase in cash and cash equivalents 28,640 38,864 285,849
Cash and cash equivalents of newly consolidated subsidiaries, beginning of year 469 513 4,692
Cash and cash equivalents, beginning of year 83,849 44,472 836,896
Cash and cash equivalents, end of year ¥ 112,958 ¥ 83,849 $ 1,127,437
Non-cash investing and fi nancing activities
Convertible bonds converted into common stock ¥ ¥ 28,015 $
Convertible bonds converted into capital surplus 27,985
See Notes to Consolidated Financial Statements.