Epson 2007 Annual Report Download - page 61

59
Annual Report 2007
Thousands of
Millions of yen U.S. dollars
Year ended March 31 Year ended March 31,
2005 2006 2007 2007
Cash flows from operating activities:
Net income (loss) ¥ 55,689 ¥ (17,917) ¥(7,094) $ (60,093)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities —
Depreciation and amortization 105,006 109,662 88,830 752,478
Reorganization costs 4,608 45,532 41,068 347,886
Accrual for net pension and severance costs, less payments 9,188 9,917 (5,102) (43,219)
Net loss on sales and disposal of fixed assets 3,566 2,250 3,363 28,488
Gain on change in interest due to business combination — (12,424) ——
Equity in net gains under the equity method (232) (168) (138) (1,169)
Deferred income taxes (1,493) (7,377) 6,837 57,916
Decrease in allowance for doubtful accounts (214) (537) (355) (3,007)
Provision for litigation and related expenses — 8,540 1,129 9,564
(Increase) decrease in notes and accounts receivable, trade (43,371) 23,987 29,897 253,257
(Increase) decrease in inventories (6,063) (1,695) 21,281 180,271
Increase (decrease) in notes and accounts payable, trade 11,221 (20,526) (10,864) (92,029)
Increase (decrease) in accrued income taxes 5,748 (1,932) (2,990) (25,328)
Other 18,836 (19,815) (5,633) (47,717)
Net cash provided by operating activities 162,489 117,497 160,229 1,357,298
Cash flows from investing activities:
Proceeds from maturities of short-term investments — 1,000 2,000 16,942
Payments for purchases of property, plant and equipment (92,441) (96,099) (67,803) (574,358)
Proceeds from sales of property, plant and equipment 1,978 1,315 7,317 61,982
Payments for purchases of intangible assets (7,439) (9,272) (11,513) (97,526)
Payments of long-term prepaid expenses (1,009) (3,296) (945) (8,005)
Payments for acquisition of additional stock of an affiliate — — (3,306) (28,005)
Payments for purchases of subsidiaries’ stock — (1,034) (2,000) (16,942)
Proceeds from business combination, net of payment 140 12,204 ——
Other (625) (84) (169) (1,432)
Net cash used in investing activities (99,396) (95,266) (76,419) (647,344)
Cash flows from financing activities:
Increase (decrease) in short-term borrowings (40,577) 18,471 (12,657) (107,217)
Proceeds from long-term debt 2,000 116,300 120,880 1,023,973
Repayments of long-term debt (52,745) (111,786) (131,119) (1,110,707)
Proceeds from issuance of subsidiaries’ stock — 2,674 ——
Cash dividends (4,320) (5,694) (6,284) (53,232)
Other (731) (842) (970) (8,217)
Net cash provided by (used in) financing activities (96,373) 19,123 (30,150) (255,400)
Effect of exchange rate fluctuations on cash and cash equivalents 3,001 3,687 1,099 9,309
Net increase (decrease) in cash and cash equivalents (30,279) 45,041 54,759 463,863
Cash and cash equivalents at the beginning of the year 265,183 234,904 280,114 2,372,842
Cash and cash equivalents increased by merger of
unconsolidated subsidiaries — 169 ——
Cash and cash equivalents at the end of the year ¥234,904 ¥280,114 ¥334,873 $2,836,705
Supplemental disclosures of cash flow information:
Cash received and paid during the year for —
Interest and dividend received ¥2,594 ¥3,794 ¥5,983 $50,682
Interest paid ¥(5,854) ¥(6,678) ¥(6,417) $(54,358)
Income taxes paid ¥(15,646) ¥(18,496) ¥(13,774) $(116,679)
The accompanying notes are an integral part of these financial statements.
Consolidated Statements of Cash Flows
Seiko Epson Corporation and Subsidiaries