Bridgestone 2003 Annual Report Download - page 32

30
BRIDGESTONE
Thousands of
Millions of yen U.S. dollars (Note 2)
2003 2002 2001 2003
Cash Flows from Operating Activities:
Income (loss) before income taxes and minority interests ¥162,035 ¥110,936 ¥(128,762) $1,512,508
Adjustments to reconcile income (loss) before income taxes and
minority interests to net cash provided by operating activities:
Depreciation and amortization 104,383 119,466 132,920 974,358
Increase in accrued pension and liability for retirement benefits 3,711 35,042 15,895 34,640
Interest and dividend income (5,356) (4,822) (4,572) (49,995)
Interest expense 11,962 16,205 26,835 111,659
Gain on sales of property, plant and equipment (2,047) (1,379) (1,829) (19,108)
Gain on sales of investments in securities (284) (263) (354) (2,651)
Impairment losses on assets 5,768 36,935 93,019 53,841
North American plant restructuring costs — — 29,753 —
Loss on voluntary tire recall — — 80,392 —
Loss on fire incident 3,833 ——35,779
Insurance claims received (4,340) ——(40,512)
Change in assets and liabilities:
(Increase) decrease in notes and accounts receivable 37,940 (43,241) 13,029 354,149
(Increase) decrease in inventories (35,885) (1,709) 54,245 (334,967)
Increase (decrease) in notes and accounts payable (2,628) 26,756 (17,228) (24,531)
Bonuses paid to directors (641) (526) (623) (5,983)
Other 14,849 (1,549) (23,003) 138,608
Subtotal 293,300 291,851 269,717 2,737,795
Interest and dividends received 4,946 4,881 4,600 46,168
Interest paid (12,935) (15,861) (26,541) (120,741)
Payments for North American plant restructuring (989) (2,720) (1,606) (9,232)
Payments for voluntary tire recall (11,088) (30,737) (58,214) (103,500)
Payments for fire incident (171) ——(1,597)
Insurance claims received 4,340 ——40,512
Income taxes received (paid) (19,277) 21,668 (42,023) (179,940)
Net Cash Provided by Operating Activities 258,126 269,082 145,933 2,409,465
Cash Flows from Investing Activities:
Payments for purchase of property, plant and equipment (141,606) (107,799) (107,408) (1,321,815)
Proceeds from sales of property, plant and equipment 3,409 9,487 8,313 31,821
Payments for investments in securities, subsidiaries
and affiliated companies (20,049) (7,388) (8,195) (187,146)
Proceeds from sales of investments in securities 3,935 1,091 1,515 36,731
Other 7,353 (268) (17,003) 68,636
Net Cash Used in Investing Activities (146,958) (104,877) (122,778) (1,371,773)
Cash Flows from Financing Activities:
Decrease in short-term debt (29,984) (29,066) (148,804) (279,884)
Proceeds from long-term debt 135,254 25,306 403,381 1,262,522
Repayments of long-term debt (68,820) (220,542) (106,667) (642,397)
Cash dividends paid (13,493) (13,764) (13,743) (125,950)
Sale (payments for repurchase) of accounts receivable — 36,987 (35,884) —
Sale-leaseback transactions — 26,368 — —
Payments for purchase of treasury stock (32,376) (750) (301) (302,212)
Repayments of lease obligations under capital lease (6,442) (859) (772) (60,133)
Other (2,966) (6,584) (4,254) (27,686)
Net Cash Provided by (Used in) Financing Activities (18,827) (182,904) 92,956 (175,740)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (596) (13,694) 6,727 (5,562)
Net Increase (Decrease) in Cash and Cash Equivalents 91,745 (32,393) 122,838 856,390
Cash and Cash Equivalents at Beginning of Year 206,520 238,913 116,075 1,927,751
Cash and Cash Equivalents at End of Year ¥298,265 ¥206,520 ¥ 238,913 $2,784,141
See notes to consolidated financial statements.
Consolidated Statements of Cash Flows
Bridgestone Corporation and Subsidiaries
For the years ended December 31, 2003, 2002 and 2001