JVC 2005 Annual Report Download - page 46

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44 Victor Company of Japan, Limited
Thousands of
U.S. dollars
Millions of yen (Note 1)
2005 2004 2003 2005
Cash flows from operating activities:
Income before income taxes and minority interests ¥04,728 ¥14,106 ¥10,064 $044,187
Depreciation 21,952 21,461 24,062 205,159
Interest and dividend income (688) (711) (949) (6,430)
Interest expense 3,092 2,840 3,403 28,897
Increase (Decrease) in accrued restructuring charges (3,136) 2,263 (12,550) (29,308)
Gain on sales of investment securities (3,911) (280) (318) (36,551)
Decrease in notes and accounts receivable 1,313 10,157 15,211 12,271
Decrease (Increase) in inventories 8,083 (23,463) 18,062 75,542
Increase (Decrease) in notes and accounts payable (22,478) 13,917 (6,983) (210,075)
Other (7,285) 6,971 (3,287) (68,085)
Sub-total 1,670 47,261 46,715 15,607
Interest and dividends received 700 721 962 6,542
Interest paid (3,108) (2,913) (3,447) (29,047)
Income taxes paid (5,495) (4,342) (8,452) (51,354)
Net cash provided by (used in) operating activities (6,233) 40,727 35,778 (58,252)
Cash flows from investing activities:
Purchases of time deposits (50) (9,100) (8,000) (467)
Withdrawal of time deposits 4,155 13,100 5,000 38,832
Purchases of property, plant and equipment (26,849) (21,124) (18,517) (250,925)
Proceeds from sales of property, plant and equipment 5,199 5,132 6,440 48,589
Proceeds from sales of marketable securities —— 2,804 —
Purchases of investment securities (114) (1,465) (53) (1,065)
Proceeds from sales of investment securities 5,541 886 3,468 51,785
Additional investment in newly consolidated entity —— (421) —
Other (1,744) (3,266) (3,208) (16,300)
Net cash used in investing activities (13,862) (15,837) (12,487) (129,551)
Cash flows from financing activities:
Proceeds from long-term loans —— 30,005 —
Repayments of long-term loans (5,987) (8,046) (1,715) (55,953)
Redemption of bonds (10,968) (6,519) (24,970) (102,505)
Increase (Decrease) in short-term bank loans, net 3,673 5,367 (9,719) 34,327
Decrease in commercial paper, net —— (734) —
Cash dividends paid (1,629) (144) (168) (15,224)
Other (703) (34) (36) (6,570)
Net cash used in financing activities (15,614) (9,376) (7,337) (145,925)
Effect of exchange rate changes on cash and cash equivalents 879 (2,571) (1,813) 8,214
Net increase (decrease) in cash and cash equivalents (34,830) 12,943 14,141 (325,514)
Cash and cash equivalents at beginning of the year 97,242 83,412 69,271 908,804
Effect of changes in the number of consolidated subsidiaries
and companies accounted for by the equity method 273 887 — 2,551
Cash and cash equivalents at end of the year ¥62,685 ¥97,242 ¥83,412 $585,841
See accompanying notes.
Consolidated Statements of Cash Flows
Victor Company of Japan, Limited and its consolidated subsidiaries
Years ended March 31, 2005, 2004 and 2003