JVC 1998 Annual Report Download - page 25

JVC 1998 23
Thousands of
Millions of yen U.S. dollars (Note 1)
1998 1997 1996 1998
Cash flows from operating activities:
Net income (loss)........................................................................ ¥ (4,703) ¥ 4,586 ¥ 4,343 $ (35,629)
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization ................................................ 24,008 27,212 28,475 181,879
Equity in loss (income) of unconsolidated subsidiaries and .....
affiliated companies............................................................... (295) (1,754) 1,366 (2,235)
Loss (gain) on disposal of property, plant and
equipment, net ...................................................................... 199 (180) (1,765) 1,508
Loss on liquidation and dissolution of subsidiaries.................. —255 43 —
Loss on support of affiliated companies ................................. —529 2,674 —
Gain on subsidy for restructuring of a subsidiary .................... —— (3,744) —
Deferred income taxes............................................................ 3,755 (57) (1,385) 28,447
Bonuses to directors and statutory auditors........................... (94) (71) (1) (712)
Changes in assets and liabilities:
Increase in notes and accounts receivable ............................. (2,074) (9,666) (21,736) (15,712)
Decrease (increase) in inventories ........................................... (20,689) 13,695 (21,046) (156,735)
Increase in other current assets.............................................. (532) (1,549) (5,281) (4,030)
Increase (decrease) in notes and accounts payable................ 15,108 (9,607) 19,972 114,455
Increase in accrued income taxes........................................... 1,420 1,079 25 10,758
Increase (decrease) in other current liabilities .......................... 2,448 (290) 1,238 18,545
Effect of changes in number of consolidated subsidiaries,
unconsolidated subsidiaries and affiliated companies............ 1,480 634 (4,764) 11,212
Other ...................................................................................... 2,068 2,924 3,826 15,666
Net cash provided by operating activities ............................... 22,099 27,740 2,240 167,417
Cash flows from investing activities:
Capital expenditures ................................................................... (36,651) (31,552) (30,479) (277,659)
Proceeds from sales of fixed assets............................................ 2,027 1,834 5,560 15,356
Decrease (increase) in marketable securities............................... (1,776) (4,019) 10,438 (13,455)
Decrease (increase) in investment securities ............................... 3,079 (8,866) (1,398) 23,326
Decrease (increase) in investment in and advances to
unconsolidated subsidiaries and affiliated companies................ (4,137) 151 (4,799) (31,341)
Other........................................................................................... 754 3,285 (4,339) 5,712
Net cash used in investing activities ........................................ (36,704) (39,167) (25,017) (278,061)
Cash flows from financing activities:
Proceeds from long-term loans................................................... —1,813 — —
Repayments of long-term loans.................................................. (2,572) (3,697) (1,622) (19,485)
Proceeds from issuance of bonds .............................................. —40,000 — —
Repayments of bonds................................................................. (1,494) (5,827) — (11,318)
Increase (decrease) in short-term bank loans.............................. 13,357 (551) 15,487 101,190
Increase (decrease) in commercial paper.................................... (6,869) 3,662 (833) (52,038)
Cash dividends paid ................................................................... (2,033) (1,907) (23) (15,402)
Net cash provided by financing activities ................................ 389 33,493 13,009 2,947
Effect of exchange rate changes on cash ............................... 567 1,452 (3,621) 4,295
Net increase (decrease) in cash ................................................ (13,649) 23,518 (13,389) (103,402)
Cash at beginning of the year ................................................... 84,797 61,279 74,668 642,402
Cash at end of the year .............................................................. ¥ 71,148 ¥ 84,797 ¥ 61,279 $ 539,000
See accompanying notes.
Consolidated Statements of Cash Flows
Victor Company of Japan, Limited
Years ended March 31, 1998, 1997 and 1996
Financial Section