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35
NIKON CORPORATION ANNUAL REPORT 2012
CONSOLIDATED STATEMENT OF CASH FLOWS
Nikon Corporation and Consolidated Subsidiaries
Year ended March 31, 2012
Millions of Yen
Thousands of
U.S. Dollars
(Note 1)
2011 2012 2012
Operating activities:
Income before income taxes ¥ 46,506 ¥ 86,168 $1,048,406
Adjustments for:
Income taxes—paid (11,587) (14,098) (171,534)
Loss on impairment of fixed assets 399 12,128 147,557
Decrease in allowance for doubtful receivables (603) (2,424) (29,498)
Increase in provision for product warranties 1,042 366 4,458
Depreciation and amortization 34,034 32,570 396,279
Decrease in provision for liability for employees’ retirement benefits (2,135) (11,186) (136,103)
Increase (decrease) in retirement allowances for directors and corporate auditors 4 (606) (7,377)
Interest and dividends income (1,695) (2,072) (25,210)
Equity in earnings of unconsolidated subsidiaries and associated companies (1,232) (1,535) (18,678)
Interest expenses 946 1,038 12,629
Gain on sales of property, plant and equipment (43) (155) (1,889)
Loss on disposal of property, plant and equipment 1,008 1,022 12,435
Loss on sales of investment securities 52 31 377
Loss on valuation of investment securities 4,512 1 10
Other—net 2,902 2,568 31,240
Change in assets and liabilities:
Increase in notes and accounts receivable—trade (14,844) (18,681) (227,292)
Increase in inventories (34,033) (27,703) (337,066)
Increase (decrease) in notes and accounts payable—trade 47,028 (15,530) (188,953)
Increase (decrease) in advances received 29,304 (9,609) (116,908)
Increase in accrued expenses 13,939 29 358
Other—net 8,110 (17,249) (209,845)
Total adjustments 77,108 (71,095) (865,010)
Net cash provided by operating activities 123,614 15,073 183,396
Investing activities:
Purchases of property, plant and equipment (22,886) (35,773) (435,252)
Proceeds from sales of property, plant and equipment 722 1,304 15,863
Purchases of investment securities (434) (789) (9,601)
Proceeds from sales of investment securities 686 393 4,777
Proceeds from compensation for land expropriation 2,317
Net decrease (increase) in loans receivable 398 (1,225) (14,906)
Other—net (4,393) (13,055) (158,819)
Net cash used in investing activities (23,590) (49,145) (597,938)
Financing activities:
Net increase (decrease) in short-term borrowings 122 (1,549) (18,844)
Proceeds from long-term debt 29,892 2,900 35,284
Repayments of long-term debt (46,626) (4,290) (52,205)
Dividends paid (3,574) (12,278) (149,390)
O t h e r — n e t 64 67 825
Net cash used in financing activities (20,122) (15,150) (184,330)
Foreign currency translation adjustments on cash and cash equivalents (3,742) (665) (8,094)
Net increase (decrease) in cash and cash equivalents 76,160 (49,887) (606,966)
Cash and cash equivalents of newly consolidated subsidiaries, beginning of year 231 537 6,530
Cash and cash equivalents, beginning of year 104,670 181,061 2,202,957
Cash and cash equivalents, end of year ¥181,061 ¥131,711 $1,602,521
See notes to consolidated financial statements.