Oki 2002 Annual Report Download - page 23

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Oki Electric Industry Co., Ltd. Annual Report 2002 21
Thousands of
Millions of yen U.S. dollars (Note 2)
.................................................................................................................................... 2002 2001 2000 2002
Cash flows from operating activities:
Net (loss) income ................................................................................................. ¥(34,077) ¥008,944 ¥001,146 $(256,222)
Adjustments to reconcile net (loss) income to net cash provided
by operating activities:
Depreciation and amortization ......................................................................... 48,053 49,251 47,854 361,302
Provision for retirement benefits, net of payments ......................................... 204 7,915 (772) 1,539
Write-downs of investments in subsidiaries
and other investments in securities ................................................................ 18,173 3,041 —136,641
Write-downs of inventories .............................................................................. 8,372 ——62,954
Gain on sale and disposition of marketable securities,
investments in subsidiaries and other investments in securities ................... (12,078) (4,687) (8,975) (90,812)
Loss on sale and disposition of property, plant and equipment ...................... 1,995 597 425 15,005
Deferred income taxes ...................................................................................... (25,179) 6,773 2,626 (189,320)
Other ................................................................................................................. (2,630) (1,567) 2,472 (19,778)
Changes in operating assets and liabilities:
Notes and accounts receivable ......................................................................... 44,811 (20,280) 2,436 336,928
Inventories ........................................................................................................ 8,696 (8,889) 8,263 65,389
Notes and accounts payable ............................................................................. (28,609) 14,621 11 (215,105)
Accrued income taxes ...................................................................................... (1,440) 2,140 (215) (10,831)
Other accrued expenses .................................................................................... (7,589) (93) (4,164) (57,066)
Other assets and liabilities ................................................................................ (1,775) 4,638 4,810 (13,348)
Net cash provided by operating activities ................................................ 16,927 62,405 55,919 127,274
Cash flows from investing activities:
Decrease (increase) in time deposits and marketable securities ......................... 2,710 20,518 (9,535) 20,378
Decrease (increase) in investments and other long-term receivables ................. 3,712 5,117 (7,850) 27,910
Purchases of property, plant and equipment ........................................................ (32,583) (40,865) (28,119) (244,989)
Proceeds from sale of property, plant and equipment ......................................... 312 1,291 2,042 2,349
Net cash used in investing activities ......................................................... (25,848) (13,938) (43,463) (194,351)
Cash flows from financing activities:
Decrease in short-term borrowings ...................................................................... (10,436) (8,110) (23,451) (78,467)
Issuance of long-term debt ................................................................................... 53,864 6,348 11,749 404,996
Repayment of long-term debt .............................................................................. (44,998) (61,754) (42,755) (338,334)
Other ..................................................................................................................... 1,890 (39) (51) 14,216
Net cash provided by (used in) financing activities ................................ 320 (63,557) (54,508) 2,410
Effect of exchange rate changes on cash ................................................................. 590 497 (1,440) 4,438
Decrease in cash and cash equivalents .................................................................... (8,010) (14,592) (43,492) (60,228)
Cash and cash equivalents at beginning of the year ............................................... 52,885 66,776 108,501 397,637
Cash of newly consolidated subsidiaries at beginning of the year ......................... 569 702 1,767 4,284
Cash and cash equivalents at end of the year .......................................... ¥(45,445 ¥052,885 ¥066,776 $(341,693
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest .................................................................................................................. ¥(08,254 ¥010,697 ¥012,360 $(062,064
Income taxes ......................................................................................................... 3,406 1,315 2,645 25,610
The accompanying notes are an integral part of these statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS Oki Electric Industry Co., Ltd., and consolidated subsidiaries
Years ended March 31, 2002, 2001 and 2000