Bridgestone 2004 Annual Report Download - page 38

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Bridgestone Annual Report 2004
Consolidated Statements of Cash Flows
Bridgestone Corporation and Subsidiaries
Years ended December 31, 2004, 2003 and 2002
Thousands of
Millions of yen U.S. dollars (Note 2)
2004 2003 2002 2004
Cash Flows from Operating Activities:
Income before income taxes and minority interests ¥180,877 ¥162,035 ¥110,936 $1,735,697
Adjustments to reconcile income before income taxes and
minority interests to net cash provided by operating activities:
Depreciation and amortization 111,491 104,383 119,466 1,069,869
Increase in accrued pension and liability for retirement benefits 12,452 3,711 35,042 119,490
Interest and dividend income (4,936) (5,356) (4,822) (47,366)
Interest expense 11,331 11,962 16,205 108,732
Foreign currency exchange loss 226 — 133 2,169
Gain on sales of property, plant and equipment (2,523) (2,047) (1,379) (24,211)
Gain on sales of investments in securities (102) (284) (263) (979)
Insurance claims received — (4,340) — —
Impairment losses on assets — 5,768 36,935 —
Loss on fire incident — 3,833 — —
Loss on voluntary tire replacement 3,240 ——31,091
Change in assets and liabilities:
(Increase) decrease in notes and accounts receivable (39,873) 37,940 (43,241) (382,622)
Increase in inventories (21,991) (35,885) (1,709) (211,026)
Increase (decrease) in notes and accounts payable 17,461 (2,628) 26,756 167,556
Bonuses paid to directors (645) (641) (526) (6,189)
Other 13,231 14,849 (1,682) 126,965
Subtotal 280,239 293,300 291,851 2,689,176
Interest and dividends received 5,624 4,946 4,881 53,968
Interest paid (11,357) (12,935) (15,861) (108,982)
Payments for North American plant restructuring — (989) (2,720) —
Payments for voluntary tire recall (6,371) (11,088) (30,737) (61,136)
Insurance claims received — 4,340 — —
Payments for fire incident (1,568) (171) — (15,047)
Income taxes received (paid) (27,838) (19,277) 21,668 (267,134)
Net Cash Provided by Operating Activities 238,729 258,126 269,082 2,290,845
Cash Flows from Investing Activities:
Payments for purchase of property, plant and equipment (179,565) (141,606) (107,799) (1,723,107)
Proceeds from sales of property, plant and equipment 6,482 3,409 9,487 62,201
Payments for investments in securities, subsidiaries
and affiliated companies (15,737) (20,049) (7,388) (151,012)
Proceeds from sales of investments in securities 5,773 3,935 1,091 55,398
Other 3,131 7,353 (268) 30,045
Net Cash Used in Investing Activities (179,916) (146,958) (104,877) (1,726,475)
Cash Flows from Financing Activities:
Decrease in short-term debt (8,750) (29,984) (29,066) (83,965)
Proceeds from long-term debt 72,112 135,254 25,306 691,987
Repayments of long-term debt (77,899) (68,820) (220,542) (747,519)
Cash dividends paid (13,258) (13,493) (13,764) (127,224)
Sale of accounts receivable — — 36,987 —
Proceeds from sale of assets on sale-leaseback transactions 15,815 — 26,368 151,761
Payments for repurchase of assets on sale-leaseback transactions (5,911) ——(56,722)
Payments for purchase of treasury stock (67,935) (32,376) (750) (651,905)
Repayments of lease obligations under capital lease (6,076) (6,442) (859) (58,305)
Other (2,241) (2,966) (6,584) (21,505)
Net Cash Used in Financing Activities (94,143) (18,827) (182,904) (903,397)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 791 (596) (13,694) 7,591
Net Increase (Decrease) in Cash and Cash Equivalents (34,539) 91,745 (32,393) (331,436)
Cash and Cash Equivalents at Beginning of Year 298,265 206,520 238,913 2,862,153
Cash and Cash Equivalents at End of Year ¥263,726 ¥298,265 ¥206,520 $2,530,717
See notes to consolidated financial statements.