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32 Hitachi, Ltd. Annual Report 2005
Thousands of
Millions of yen U.S. dollars (note 3)
2005 2004 2003 2005
Cash flows from operating activities (note 24):
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 51,496 ¥ 15,876 ¥ 27,867 $ 481,271
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425,080 436,053 480,274 3,972,710
Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,370 117,561 86,095 1,237,103
Impairment losses for long-lived assets . . . . . . . . . . . . . . . . . 26,797 26,085 8,474 250,439
Deferred income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,310 77,056 (35,526) 423,458
Equity in (earnings) losses of affiliated companies, net . . . . . . 162 (10,120) 15,803 1,514
Gain on sale of investments and subsidiaries’
common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (54,741) (137,925) (54,849) (511,598)
Impairment of investments in securities . . . . . . . . . . . . . . . . . 9,665 12,893 65,828 90,327
Loss (gain) on disposal of rental assets and other property . . . . 15,202 13,274 (14,064) 142,075
Income applicable to minority interests . . . . . . . . . . . . . . . . . . 63,020 22,618 16,299 588,972
(Increase) decrease in receivables . . . . . . . . . . . . . . . . . . . . . . 103,246 (187,545) 2,280 964,916
(Increase) decrease in inventories . . . . . . . . . . . . . . . . . . . . . . (95,191) (67,026) 7,994 (889,636)
(Increase) decrease in prepaid expenses
and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29,973) (3,075) 3,170 (280,121)
Increase (decrease) in payables . . . . . . . . . . . . . . . . . . . . . . . (53,785) 145,234 96,777 (502,664)
Increase (decrease) in accrued expenses and retirement
and severance benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,823) 109,152 (71,969) (250,682)
Increase (decrease) in accrued income taxes . . . . . . . . . . . . . (18,861) 27,741 (5,825) (176,271)
Increase (decrease) in other liabilities . . . . . . . . . . . . . . . . . . . (408) 5,276 11,989 (3,813)
Net change in inventory-related receivables from
financial services (note 2 (y)) . . . . . . . . . . . . . . . . . . . . . . . . . (22,036) (3,140) 11,041 (205,944)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,174) 3,415 5,901 (48,355)
Net cash provided by operating activities . . . . . . . . . . . . . . 565,356 603,403 657,559 5,283,701
Cash flows from investing activities (note 24):
(Increase) decrease in short-term investments . . . . . . . . . . . . . . 47,179 10,035 (8,162) 440,925
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (368,896) (289,753) (323,825) (3,447,626)
Purchase of assets to be leased (note 2 (y)) . . . . . . . . . . . . . . . . (483,192) (439,047) (381,326) (4,515,813)
Collection of investments in leases (note 2 (y)) . . . . . . . . . . . . . . 301,614 340,376 307,392 2,818,823
Proceeds from disposal of rental assets and other property . . . 90,726 122,258 142,973 847,907
Proceeds from sale of investments and subsidiaries’
common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,932 301,553 167,350 1,055,439
Purchase of investments and subsidiaries’ common stock . . . . (61,711) (110,837) (262,424) (576,738)
Purchase of software (note 2 (y)) . . . . . . . . . . . . . . . . . . . . . . . . . (121,415) (117,896) (137,113) (1,134,720)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (44,225) (84,102) (135,191) (413,318)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . (526,988) (267,413) (630,326) (4,925,121)
Cash flows from financing activities (note 24):
Increase (decrease) in short-term debt, net . . . . . . . . . . . . . . . . 27,029 (193,286) (12,490) 252,608
Proceeds from long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . 533,442 460,144 375,802 4,985,439
Payments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . (599,637) (587,335) (547,759) (5,604,084)
Proceeds (payments) on subsidiaries’ common stock, net . . . . (8,431) 9,984 1,872 (78,794)
Dividends paid to stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . (34,815) (19,961) (9,973) (325,374)
Dividends paid to minority stockholders of subsidiaries. . . . . . . (16,671) (13,714) (13,108) (155,804)
Acquisition of common stock for treasury . . . . . . . . . . . . . . . . . (1,177) (30,464) (1,514) (11,000)
Proceeds from sales of treasury stock . . . . . . . . . . . . . . . . . . . . 831 197 – 7,766
Net cash used in financing activities . . . . . . . . . . . . . . . . . . (99,429) (374,435) (207,170) (929,243)
Effect of exchange rate changes on cash and cash equivalents . . . 5,380 (25,330) (21,266) 50,280
Net decrease in cash and cash equivalents . . . . . . . . . . . . . . . . . . (55,681) (63,775) (201,203) (520,383)
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . 764,396 828,171 1,029,374 7,143,888
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . ¥708,715 ¥764,396 ¥ 828,171 $6,623,505
See accompanying notes to consolidated financial statements.
Consolidated Statements of Cash Flows
Hitachi, Ltd. and Subsidiaries
Years ended March 31, 2005, 2004 and 2003