Mitsubishi 2003 Annual Report Download - page 45

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43 MITSUBISHI MOTORS CORPORATION
CASH FLOWS
Net cash provided by operating activities amounted to ¥17.6 billion, a reduction of ¥74.4 billion relative to the previous year.
This net decline in positive cash flow was largely due to a cash outflow of ¥114.0 billion associated with the change in classi-
fication of sales finance receivables from a component of loans to operating receivables. Offsetting this, pre-tax net income
and depreciation and amortization both increased, generating improved positive cash flows.
Net cash provided by investing activities amounted to ¥17.5 billion. The sale of shares in MFTBC generated cash inflows
of ¥118.1 billion, which was offset in part by a fall in cash, time deposits and other cash equivalents of ¥58.8 billion following
the deconsolidation of MFTBC, producing a net cash inflow of ¥59.3 billion associated with the demerger of commercial ve-
hicle operations. The sale of investment securities generated an additional cash inflow of ¥20.7 billion. Offsetting these gains
was a cash outflow caused by fixed assets. Free cash flows amounted to ¥35.1 billion, a significant decline compared with the
figure of ¥87.1 billion recorded in the previous year.
Net cash used in financing activities amounted to ¥32.0 billion. This was mainly attributable to repayment of long-debt
and short-term borrowings and to redemption of bonds.
The net effect of exchange rate changes on cash and cash equivalents was a reduction of ¥14.3 billion. The year-end
balance of cash and cash equivalents amounted to ¥84.5 billion, a reduction of ¥10.6 billion relative to the previous year-end.