Bridgestone 2002 Annual Report Download - page 30

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28
Thousands of
Millions of yen U.S. dollars (Note 2)
2002 2001 2000 2002
Cash Flows from Operating Activities:
Income (loss) before income taxes and minority interests ¥110,936 ¥(128,762) ¥ 47,882 $925,238
Adjustments to reconcile income (loss) before income taxes and
minority interests to net cash provided by operating activities:
Depreciation and amortization 119,466 132,920 119,925 996,380
Increase in accrued pension and liability for
retirement benefits 35,042 15,895 3,933 292,260
Interest and dividend income (4,822) (4,572) (4,760) (40,217)
Interest expense 16,205 26,835 20,561 135,154
Gain on sales of property, plant and equipment (1,379) (1,829) (2,438) (11,501)
Gain on sales of investments in securities (263) (354) (2,074) (2,193)
Impairment losses on assets 36,935 93,019 — 308,049
North American plant restructuring costs —29,753 — —
Loss on voluntary tire recall —80,392 81,424 —
Changes in assets and liabilities:
(Increase) decrease in notes and accounts receivable (43,241) 13,029 (12,642) (360,643)
(Increase) decrease in inventories (1,709) 54,245 (26,165) (14,254)
Increase (decrease) in notes and accounts payable 26,756 (17,228) (14,678) 223,152
Bonuses paid to directors (526) (623) (758) (4,387)
Other (1,549) (23,003) (2,579) (12,919)
Subtotal 291,851 269,717 207,631 2,434,119
Interest and dividends received 4,881 4,600 4,660 40,709
Interest paid (15,861) (26,541) (21,021) (132,285)
Payment for North American plant restructuring (2,720) (1,606) — (22,686)
Payment for voluntary tire recall (30,737) (58,214) (43,876) (256,355)
Income taxes received (paid) 21,668 (42,023) (79,935) 180,717
Net Cash Provided by Operating Activities 269,082 145,933 67,459 2,244,219
Cash Flows from Investing Activities:
Payments for purchase of property, plant and equipment (107,799) (107,408) (144,632) (899,074)
Proceeds from sales of property, plant and equipment 9,487 8,313 8,000 79,124
Payments for investments in securities, subsidiaries
and affiliated companies (7,388) (8,195) (24,246) (61,618)
Proceeds from sales of investments in securities 1,091 1,515 3,132 9,099
Other (268) (17,003) (4,822) (2,235)
Net Cash Used in Investing Activities (104,877) (122,778) (162,568) (874,704)
Cash Flows from Financing Activities:
Net increase (decrease) in short-term borrowings (36,512) (157,460) 99,337 (304,520)
Proceeds from long-term debt 42,584 414,504 89,545 355,163
Repayments of long-term debt (230,374) (109,134) (38,302) (1,921,384)
Cash dividends paid (13,764) (13,743) (12,913) (114,796)
Sale (payments for repurchase) of accounts receivable 36,987 (35,884) — 308,482
Sale-leaseback transactions 26,368 ——219,917
Other (8,193) (5,327) (2,256) (68,332)
Net Cash Provided by (Used in) Financing Activities (182,904) 92,956 135,411 (1,525,470)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (13,694) 6,727 (674) (114,212)
Net Increase (Decrease) in Cash and Cash Equivalents (32,393) 122,838 39,628 (270,167)
Cash and Cash Equivalents at Beginning of Year 238,913 116,075 76,447 1,992,602
Cash and Cash Equivalents at End of Year ¥ 206,520 ¥238,913 ¥116,075 $1,722,435
See notes to consolidated financial statements.
Consolidated Statements of Cash Flows
Bridgestone Corporation and Subsidiaries
For the years ended December 31, 2002, 2001 and 2000