Oki 2009 Annual Report Download - page 33

Annual Report 2009 31
Millions of yen
Thousands of U.S.
dollars (Note 2)
2009 2008 2007 2009
Cash flows from operating activities:
Net income (loss) ¥(45,011) ¥ 567 ¥(36,446) $(459,295)
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Depreciation and amortization 25,886 34,743 34,957 264,142
(Reversal of) provision for retirement benefits, net of payments 2,747 (5,340) 2,821 28,030
Foreign exchange gain (loss) 9,313 ——95,030
Contribution of securities to a pension trust (Note 7) —6,324 — —
Gain on contribution of securities to a pension trust (Note 7) —(3,822) — —
Write-downs loss of marketable securities and investment
in unconsolidated subsidiaries and other securities 801 — 2,130 8,173
Gain on sale of investments in unconsolidated subsidiaries and other
securities (509) (4,238) (3,362) (5,193)
(Gain) loss on sale and disposition of property, plant and equipment 1,701 (5,216) 785 17,357
Deferred income taxes 5,410 1,281 17,813 55,204
Loss on disposition of foreign currency translation adjustments 7,361 ——75,112
Other, net 3,850 7,354 (1,779) 39,285
Changes in operating assets and liabilities:
Notes and accounts receivable 16,783 (6,914) (7,379) 171,255
Inventories 20,052 24,346 2,686 204,612
Notes and accounts payable (19,249) (11,821) (95) (196,418)
Accrued income taxes 652 (461) 798 6,653
Other accrued expenses (9,998) (506) 2,340 (102,020)
Other assets and liabilities (851) 6,248 833 (8,683)
Net cash provided by operating activities 18,941 42,543 16,105 193,275
Cash flows from investing activities:
(Increase) decrease in time deposits and marketable securities 146 (148) 500 1,489
Increase in investments and other long-term receivables (5,590) (6,423) (8,862) (57,040)
Purchases of property, plant and equipment (17,258) (25,401) (26,729) (176,102)
Proceeds from sale of property, plant and equipment 371 9,185 646 3,785
Purchases of businesses —(89) (455) —
Proceeds from purchase of and sales of investments in subsidiaries
resulting in change in scope of consolidation 79,787 ——814,153
Net cash used in investing activities 57,457 (22,876) (34,900) 586,295
Cash flows from financing activities:
Increase (decrease) in short-term borrowings (13,891) (4,898) 15,765 (141,744)
Issuance of long-term debt 19,198 31,394 39,648 195,897
Repayment of long-term debt (67,237) (47,302) (56,826) (686,091)
Issuance of bonds —— 29,988 —
Cash dividends paid —— (1,817) —
Other, net 2,464 1,404 1,371 25,142
Net cash (used in) provided by financing activities (59,466) (19,401) 28,130 (606,795)
Effect of exchange rate changes on cash and cash equivalents (2,350) (1,377) 947 (23,979)
Net increase (decrease) in cash and cash equivalents 14,581 (1,111) 10,283 148,785
Cash and cash equivalents at beginning of the year 49,846 49,800 38,419 508,632
Cash and cash equivalents of initially consolidated subsidiaries at beginning
of the year —1,316 1,090 —
Cash and cash equivalents of subsidiaries excluded from consolidation —(158) — —
Increase in cash and cash equivalents upon merger of an unconsolidated
subsidiary with a consolidated subsidiary ——7 —
Cash and cash equivalents at end of the year ¥ 64,428 ¥ 49,846 ¥ 49,800 $ 657,428
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest ¥ 6,137 ¥ 7,084 ¥ 6,993 $ 62,622
Income taxes 1,713 3,245 1,353 17,479
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, 2009, 2008 and 2007