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59
HOYA Annual Report 2009
Millions of Yen
Thousands of
U.S. Dollars
(Note 1)
2009 2008 2007 2009
OPERATING ACTIVITIES
Income before income taxes and minority interests ¥ 44,059 ¥ 94,553 ¥107,132 $ 448,527
Adjustment for:
Depreciation and amortization 50,031 44,876 36,339 509,324
Loss on impairment of long-lived assets 30,459 582 88 310,075
Provision for (reversal of) allowance for doubtful receivables 587 557 (243) 5,975
Provision for (reversal of) accrued bonuses to employees (2,716) 1,132 155 (27,653)
Provision for (reversal of) reserve for periodic repairs (18) 126 268 (187)
Reversal of reserve for retirement benefit (1,722) — — (17,527)
Interest and dividend income (4,081) (4,595) (2,922) (41,543)
Interest expense 2,348 1,451 87 23,901
Foreign exchange loss (gain) (8,032) (2,121) 4,783 (81,768)
Equity in (earnings) losses of associated companies 315 (5,926) (642) 3,207
Loss (gain) on sales of property, plant and equipment—net 180 (519) (9,629) 1,829
Loss on disposal of property, plant and equipment 603 1,125 3,327 6,135
Gain on sales of Investment securities (9,675) — — (98,497)
Loss on write down of investment securities 2,328 872 7 23,697
Received commission for previous years (3,200) — — (32,577)
Gain on transfer business (886) — — (9,021)
Additional retirement benefits paid to employees 6,743 1,921 1,055 68,645
Loss on remediation of soil pollution and others 65 1,612 767 658
Other—net (423) 11,568 1,962 (4,291)
Changes in assets and liabilities
Decrease (increase) in notes and accounts receivable 30,543 6,254 (13,801) 310,937
Decrease (increase) in inventories 6,240 (7,163) (4,799) 63,527
Decrease (increase) in other current assets (2,284) 1,039 2,250 (23,256)
Decrease in notes and accounts payable (23,466) (3,170) (1,208) (238,888)
Decrease in other current liabilities (1,020) 917 (781) (10,383)
Interest and dividends-received 3,476 4,419 2,557 35,381
Interest—paid (1,897) (1,397) (41) (19,314)
Received commission for previous years—received 3,200 — — 32,577
Additional retirement benefits paid to employees—paid (3,112) (2,797) (558) (31,679)
Loss on remediation of soil pollution and others—paid (65) (547) (3,998) (658)
Income taxes—paid (34,990) (24,960) (23,362) (356,207)
Refund of income taxes 7,387 — — 75,204
Total adjustments 46,918 25,256 (8,339) 477,623
Net cash provided by operating activities 90,977 119,809 98,793 926,150
FORWARD ¥ 90,977 ¥ 119,809 ¥ 98,793 $ 926,150
(Continued)
Consolidated Statements of Cash Flows
HOYA Corporation and Subsidiaries
Years Ended March 31, 2009, 2008 and 2007