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42 Matsushita Electric Industrial 2003
Consolidated Statements of Cash Flows
Matsushita Electric Industrial Co., Ltd. and Subsidiaries
Years ended March 31, 2003, 2002 and 2001
Thousands of
U.S. dollars
Millions of yen (Note 2)
2003 2002 2001 2003
(Restated—Note 3)
Cash flows from operating activities (Note 17):
Net income (loss) ....................................................... ¥ (19,453) ¥(427,779) ¥ 41,503 $ (162,108)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation and amortization................................. 302,141 362,052 382,547 2,517,841
Net gain on sale of investments................................ (93) (6,160) (11,294) (775)
Provision for doubtful receivables ............................ 17,621 4,428 17,165 146,842
Deferred income taxes............................................. 19,572 (87,177) (72,120) 163,100
Write-down of investment securities ....................... 52,611 92,297 5,455 438,425
Impairment loss on long-lived assets (Note 9) .......... 2,375 24,420 — 19,792
Minority interests .................................................... 5,505 (56,666) 21,839 45,875
(Increase) decrease in trade receivables ..................... (72,604) 200,966 (73,867) (605,033)
(Increase) decrease in inventories ............................. 82,573 270,360 (74,123) 688,108
(Increase) decrease in other current assets................. 27,996 (35,579) 34,231 233,300
Increase (decrease) in trade payables ......................... 162,378 (130,275) (1,770) 1,353,150
Increase (decrease) in accrued income taxes ............. 4,960 (31,505) (29,122) 41,333
Increase (decrease) in accrued expenses
and other current liabilities.................................... 79,252 9,199 96,710 660,433
Increase (decrease) in retirement
and severance benefits............................................ 16,622 (86,144) 25,732 138,517
Other ...................................................................... 16,861 10,509 3,894 140,508
Net cash provided by operating activities ................. 698,317 112,946 366,780 5,819,308
Cash flows from investing activities (Note 17):
Proceeds from sale of short-term investments.............. 10,523 36,976 156,944 87,692
Purchase of short-term investments ............................ —(27,509) (105,128) —
Proceeds from disposition of investments
and advances ............................................................ 121,001 172,763 111,326 1,008,342
Increase in investments and advances .......................... (80,774) (123,330) (59,503) (673,117)
Capital expenditures................................................... (246,603) (342,107) (491,730) (2,055,025)
Proceeds from disposals of property,
plant and equipment ................................................ 58,270 142,924 35,941 485,583
(Increase) decrease in finance receivables..................... 29,158 60,731 9,754 242,983
(Increase) decrease in time deposits............................. 96,371 29,742 (168,726) 803,092
Other......................................................................... 877 (24,662) (64,902) 7,308
Net cash used in investing activities ......................... (11,177) (74,472) (576,024) (93,142)
Cash flows from financing activities (Note 17):
Decrease in short-term borrowings............................. (106,630) (83,703) (45,934) (888,583)
Increase (decrease) in deposits and advances from
customers and employees.......................................... (20,589) (22,739) 4,447 (171,575)
Proceeds from long-term debt.................................... 122,288 447,458 387,559 1,019,067
Repayments of long-term debt................................... (293,088) (218,159) (417,415) (2,442,400)
Dividends paid ........................................................... (20,798) (25,990) (25,885) (173,317)
Dividends paid to minority interests ........................... (8,267) (10,112) (8,282) (68,892)
Repurchase of common stock (Note 14) .................... (115,770) (91,969) (307) (964,750)
Decrease of treasury stock (Note 14) .......................... —523 108 —
Other......................................................................... —5,107 (2,214) —
Net cash provided by (used in) financing activities
........... (442,854) 416 (107,923) (3,690,450)
Effect of exchange rate changes on cash
and cash equivalents ..................................................... (9,948) 16,541 42,153 (82,900)
Net increase (decrease) in cash and cash equivalents.......... 234,338 55,431 (275,014) 1,952,816
Cash and cash equivalents at beginning of year ................. 933,132 877,701 1,152,715 7,776,100
Cash and cash equivalents at end of year .......................... ¥1,167,470 ¥ 933,132 ¥ 877,701 $ 9,728,916
See accompanying Notes to Consolidated Financial Statements.