Nikon 2011 Annual Report Download - page 37

Download and view the complete annual report

Please find page 37 of the 2011 Nikon annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 68

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68

35Consolidated Statements of Cash Flows
Nikon Corporation and Consolidated Subsidiaries
Years ended March 31, 2010 and 2011
Millions of Yen
Thousands of
U.S. Dollars
(Note 1)
2010 2011 2011
Operating activities:
Income (loss) before income taxes ¥ (17,672) ¥ 46,506 $559,301
Adjustments for:
Income taxes—refund (paid) 2,690 (11,587) (139,354)
Loss on impairment of fixed assets 546 399 4,800
Provision for (reversal of) doubtful receivables 448 (603) (7,251)
Allowance for warranty reserve (226) 1,042 12,532
Depreciation and amortization 35,170 34,034 409,303
Provision for (reversal of) liability for employees’ retirement benefits 3,258 (2,135) (25,674)
Provision for retirement allowance for directors and corporate auditors 133 4 47
Interest and dividend income (1,251) (1,695) (20,384)
Equity in earnings of non-consolidated subsidiaries and associated companies (992) (1,232) (14,812)
Interest expense 1,226 946 11,373
Gain on sales of property, plant and equipment (68) (43) (523)
Loss on disposals of property, plant and equipment 564 1,008 12,118
Loss (gain) on sales of investment securities (85) 52 627
Loss on valuation of investment securities 220 4,512 54,268
Other—net 9,998 2,902 34,903
Change in assets and liabilities:
Decrease (increase) in notes and accounts receivable—trade 9,135 (14,844) (178,517)
Decrease (increase) in inventories 57,391 (34,033) (409,294)
Increase in notes and accounts payable—trade 5,219 47,028 565,577
Increase (decrease) in advances received (9,137) 29,304 352,422
Increase in accrued expenses 2,973 13,939 167,635
Other—net 3,957 8,110 97,536
Total adjustments 121,169 77,108 927,332
Net cash provided by operating activities 103,497 123,614 1,486,633
Investing activities:
Purchases of property, plant and equipment (33,636) (22,886) (275,234)
Proceeds from sales of property, plant and equipment 621 722 8,684
Purchases of investment securities (1,151) (434) (5,216)
Proceeds from sales of investment securities 771 686 8,245
Purchase of investments in subsidiaries resulting in change in scope of consolidation (9,429)
Proceeds from compensation for expropriation 8,212 2,317 4,790
Net decrease in loans receivable 359 398 27,865
Other—net (12,855) (4,393) (52,832)
Net cash used in investing activities (47,108) (23,590) (283,698)
Financing activities:
Net increase (decrease) in short-term borrowings (25,335) 122 1,465
Proceeds from long-term debt 21,124 29,892 359,497
Repayments of long-term debt (20,200) (43,430) (522,312)
Purchase of treasury stock (46) (13) (152)
Dividends paid (3,771) (3,574) (42,981)
Other—net (3,249) (3,119) (37,514)
Net cash used in financing activities (31,477) (20,122) (241,997)
Foreign currency translation adjustments on cash and cash equivalents (48) (3,742) (45,002)
Net increase in cash and cash equivalents 24,864 76,160 915,936
Cash and cash equivalents of newly consolidated subsidiaries, beginning of year 231 2,783
Cash and cash equivalents, beginning of year 79,806 104,670 1,258,804
Cash and cash equivalents, end of year ¥104,670 ¥181,061 $2,177,523
See Notes to Consolidated Financial Statements.