Epson 2006 Annual Report Download - page 54

Seiko Epson Annual Report 2006
52
Thousands of
Millions of yen U.S. dollars
Year ended Year ended
March 31 March 31,
2004 2005 2006 2006
Cash flows from operating activities:
Net income (loss) ¥ 38,031 ¥ 55,689 ¥ (17,917) $ (152,524)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities –
Depreciation and amortization 111,018 105,006 109,662 933,532
Reorganization costs 2,044 4,608 45,532 387,605
Accrual for net pension and severance costs,
less payments (13,338) 9,188 9,917 84,421
Net loss on sales and disposal of fixed assets 5,511 3,566 2,250 19,154
Gain on change in interest due to business combination – – (12,424) (105,763)
Equity in net gains under the equity method (172) (232) (168) (1,430)
Deferred income taxes 11,363 (1,493) (7,377) (62,799)
Decrease in allowance for doubtful accounts (261) (214) (537) (4,571)
Provision for litigation and related expenses – – 8,540 72,699
(Increase) decrease in notes and accounts receivable, trade 6,224 (43,371) 23,987 204,197
(Increase) decrease in inventories 4,042 (6,063) (1,695) (14,429)
Increase (decrease) in notes and accounts payable, trade 13,247 11,221 (20,526) (174,734)
Increase (decrease) in accrued income taxes (1,826) 5,748 (1,932) (16,447)
Other 6,786 18,836 (19,815) (168,681)
Net cash provided by operating activities 182,669 162,489 117,497 1,000,230
Cash flows from investing activities:
Proceeds from maturities of short-term investments – – 1,000 8,513
Payments for purchases of property, plant and equipment (65,416) (92,441) (96,099) (818,073)
Proceeds from sales of property, plant and equipment 4,309 1,978 1,315 11,194
Payments for purchases of intangible assets (7,917) (7,439) (9,272) (78,931)
Payments of long-term prepaid expenses (441) (1,009) (3,296) (28,058)
Payments for purchases of subsidiaries’ stock – – (1,034) (8,802)
Proceeds from business combination, net of payment – 140 12,204 103,890
Other 4,136 (625) (84) (715)
Net cash used in investing activities (65,329) (99,396) (95,266) (810,982)
Cash flows from financing activities:
Increase (decrease) in short-term borrowings (76,076) (40,577) 18,471 157,240
Proceeds from long-term debt 92,530 2,000 116,300 990,040
Repayments of long-term debt (164,304) (52,745) (111,786) (951,613)
Issuance of common stock 109,915 – ––
Proceeds from issuance of subsidiaries’ stock – – 2,674 22,763
Cash dividends (3,134) (4,320) (5,694) (48,472)
Other 151 (731) (842) (7,168)
Net cash provided by (used in) financing activities (40,918) (96,373) 19,123 162,790
Effect of exchange rate fluctuations on cash and
cash equivalents (3,527) 3,001 3,687 31,387
Net increase (decrease) in cash and cash equivalents 72,895 (30,279) 45,041 383,425
Cash and cash equivalents at the beginning of the year 192,288 265,183 234,904 1,999,694
Cash and cash equivalents increased by merger of
unconsolidated subsidiaries ––169 1,439
Cash and cash equivalents at the end of the year ¥ 265,183 ¥234,904 ¥ 280,114 $2,384,558
Supplemental disclosures of cash flow information:
Cash received and paid during the year for –
Interest and dividend received ¥ 1,681 ¥ 2,594 ¥ 3,794 $ 32,298
Interest paid ¥ (6,610) ¥ (5,854) ¥ (6,678) $ (56,849)
Income taxes paid ¥ (17,036) ¥ (15,646) ¥ (18,496) $ (157,453)
The accompanying notes are an integral part of these financial statements.
Consolidated Statements of Cash Flows
SEIKO EPSON CORPORATION AND SUBSIDIARIES