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ANNUAL REPORT 2 0 0 23 2
Thousands of
U.S. dollars
Millions of yen (Note 1)
2 0 0 2 2001 2000 2 0 0 2
Cash flows from operating activities:
Income (Loss) before income taxes and minority interests ¥(38,446) ¥ 9,444 ¥ 6,088 $(289,068)
Depreciation and amortization 2 6 ,8 2 6 27,047 28,953 2 0 1 ,6 9 9
Interest and dividend income (1,108) (2,509) (2,408) (8 ,3 3 1 )
Interest expense 4 ,4 4 7 5,383 6,178 33,436
Unrealized loss (gain) from changes in fair market values of trading securities 280 (9,749) (16,386) 2 ,1 0 5
Increase in accrued restructuring charges 1 3 ,4 2 3 ——1 0 0 ,9 2 5
Gain on sales of investment securities (1,099) (1,450) (6,330) (8 ,2 6 3 )
Decrease (Increase) in notes and accounts receivable 1 2 ,0 5 5 (18,046) 5,069 90,639
Decrease (Increase) in inventories 3 5 ,3 7 0 (29,751) 3,667 2 6 5 ,9 4 0
Increase (Decrease) in notes and accounts payable (1 8 ,2 2 4 ) 8,737 10,634 (1 3 7 ,0 2 3 )
Other 4 ,9 2 0 1,527 (5,441) 36,994
Sub-total 3 8 ,4 4 4 (9,367) 30,024 2 8 9 ,0 5 3
Interest and dividends received 1 ,1 7 8 2,433 2,307 8 ,8 5 7
Interest paid (4,539) (5,143) (6,180) (3 4 ,1 2 8 )
Income taxes paid (7,001) (14,330) (7,389) (5 2 ,6 3 9 )
Net cash provided by (used in) operating activities 2 8 ,0 8 2 (26,407) 18,762 2 1 1 ,1 4 3
Cash flows from investing activities:
Purchases of time deposits —(8,150) ——
Sales of time deposits 3 ,0 0 0 ——22,556
Purchases of property, plant and equipment (2 2 ,8 5 3 ) (28 ,942) (23,121) (1 7 1 ,8 2 7 )
Proceeds from sales of property, plant and equipment 2 ,7 1 0 4,883 319 20,376
Purchases of marketable securities (1 3 ,0 0 6 ) (43,687) (59,983) (9 7 ,7 8 9 )
Sales of marketable securities 1 8 ,1 6 6 63,612 66,813 1 3 6 ,5 8 6
Purchases of investment securities (7 1 9 ) (3,552) (10,809) (5 ,4 0 6 )
Sales of investment securities 5 ,2 8 5 6,714 11,999 39,737
Other 1 ,7 9 9 1,255 614 13,526
Net cash used in investing activities (5 ,6 1 8 ) (7,867) (14,168) (4 2 ,2 4 1 )
Cash flows from financing activities:
Proceeds from long-term debt 1 ,2 3 0 1 3,603 9 ,2 4 8
Repayments of long-term debt (4,254) (1,577) (316) (3 1 ,9 8 5 )
Proceeds from issuance of bonds —37,372 ——
Redemption of bonds (1 0 ,1 0 1 ) —(9,040) (7 5 ,9 4 7 )
Increase (Decrease) in short-term bank loans, net (1 5 ,2 0 8 ) 6,300 (15,549) (1 1 4 ,3 4 6 )
Increase (Decrease) in commercial paper, net (5,527) (7,661) 10,884 (4 1 ,5 5 6 )
Cash dividends paid (9 7 0 ) (255) (632) (7 ,2 9 3 )
Other 121 1,025 315 909
Net cash provided by (used in) financing activities (34 ,7 0 9 ) 35,205 (10,735) (2 6 0 , 9 7 0 )
Effect of exchange rate changes on cash and cash equivalents 2 ,13 6 6,675 (4,188) 16,060
Effect of changes in number of consolidated subsidiaries
and companies accounted for based on the equity method 1 2 9 60 1,764 970
Net increase (decrease) in cash and cash equivalents (9,9 8 0 ) 7,666 (8,565) (7 5 ,0 3 8 )
Cash and cash equivalents at beginning of the year 7 9 ,2 51 71,585 80,150 5 9 5 ,8 7 3
Cash and cash equivalents at end of the year ¥ 69 ,2 7 1 ¥ 79,251 ¥ 71,585 $ 520,835
See accompanying notes.
CONSOLIDATED STATEM ENTS OF CASH FLOW S
Victor Company of Japan, Limited and its consolidated subsidiaries
Years ended March 3 1, 2002, 2001 and 20 00