Bridgestone 2004 Annual Report Download - page 32

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30
Bridgestone Annual Report 2004
Cash flow
Cash and cash equivalents declined ¥34.5 billion ($331 million) from the previous year-end, to
¥263.7 billion ($2,531 million) at year-end. Net cash provided by operating activities totaled ¥238.7
billion ($2,291 million), including income before income taxes and minority interests of ¥180.9 bil-
lion ($1,736 million) and depreciation and amortization of ¥111.5 billion ($1,070 million). Net cash
used in investing activities totaled ¥179.9 billion ($1,726 million), principally payments for purchase
of property, plant and equipment, and net cash used in financing activities totaled ¥94.1 billion
($903 million), reflecting net repayments of debt and payments for the purchase of treasury stock.
The Company raised its annual dividends ¥3 ($0.03), to ¥19 ($0.18) per share. That comprised a
year-end dividend of ¥11 ($0.10) per share, including a special dividend of ¥5 ($0.05) per share, and
an interim dividend of ¥8 ($0.08) per share, including a special dividend of ¥2 ($0.02) per share.
Management projects that net income in 2005 will increase about 22%, to about ¥140 billion, on
a 3% increase in net sales, to about ¥2,500 billion. The projected increase in net income includes
a large extraordinary gain that the Company and its domestic subsidiaries will record on returning
the substituted governmental portion of its pension plan to the Japanese government. The projected
increase in net income is despite a projected decline in operating income of 14%, to about ¥170 bil-
lion. In preparing these projections, management has assumed an average yen/dollar exchange rate
of ¥105 to the U.S. dollar. Management has proposed to raise the annual dividends by ¥1, to ¥20
per share.
2004 2003 2002 2001
Net sales: ¥2,416,685 ¥2,303,917 ¥2,247,769 ¥2,133,825
Tires (net of inter-segment accounts) 1,927,989 1,836,395 1,797,598 1,687,235
Diversified products (net of inter-segment accounts) 488,696 467,522 450,171 446,590
Operating income 197,697 183,294 183,862 118,023
Net income 114,453 88,720 45,379 17,389
Net income per share (in yen):
Basic 138.96 102.75 51.97 20.20
Diluted 138.94 102.56 51.89 20.19
Total assets 2,333,708 2,220,613 2,143,928 2,443,793
Shareholders’ equity 934,981 887,987 796,013 835,144
Ratio of shareholders’ equity to total assets (%) 40.1 40.0 37.1 34.2
Additions to property, plant and equipment 191,000 155,742 116,764 104,313
Depreciation and amortization 111,491 104,383 119,466 132,920
Eleven-Year Summary
Bridgestone Corporation and Subsidiaries
Years ended December 31
Ratio of Shareholders’ Equity
to Total Assets
Net Assets per Share
Outlook
2000 2001 2002 2003 2004
%
40.1
38.2
34.2
37.1
40.0
2000 2001 2002 2003 2004
¥
1,163.8
904.4 970.2 924.5
1,056.5
Dividends