Mitsubishi 2003 Annual Report Download - page 50

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48
ANNUAL REPORT 2003 POWER TO CHANGE
CONSOLIDATED STATEMENTS OF CASH FLOWS
Mitsubishi Motors Corporation and Consolidated Subsidiaries
Years ended March 31, 2003 and 2002
(In thousands of
U.S. dollars)
(In millions of yen) (Note 4)
2003 2002 2003
Operating activities:
Net income ¥ 37,361 ¥ 11,256 $ 310,824
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 192,387 174,919 1,600,557
Allowance for doubtful receivables, net of reversal 50,709 (5,184) 421,872
Accrued retirement benefits, net of reversal 8,321 (24,888) 69,226
Gain on sales of investment in securities, net (20,624) (3,998) (171,581)
Loss on devaluation of investment in securities 10,401 1,377 86,531
Gain on exchange of stocks (1,399) –(11,639)
Gain (loss) on sales and disposal of property, plant and
equipment, net 3,358 (187) 27,937
Income from affiliated companies (2,373) (4,352) (19,742)
Deferred income taxes (19,121) (52,547) (159,077)
Minority interests 1,798 (477) 14,958
Changes in operating assets and liabilities:
Trade notes and accounts receivable (23,725) 107,132 (197,379)
Inventories (44,595) 65,361 (371,007)
Finance receivables (114,009) –(948,494)
Retained interests in transferred receivables (89,891) (10,615) (747,845)
Other assets (38,014) (19,036) (316,256)
Trade notes and accounts payable 59,563 (162,793) 495,532
Other liabilities (21,141) 13,283 (175,882)
Other 28,591 2,734 237,862
Net cash provided by operating activities 17,596 91,982 146,389
Investing activities:
Decrease in short-term investments (189) (184) (1,572)
Purchase of property, plant and equipment (188,935) (155,840) (1,571,839)
Proceeds from sales of property, plant and equipment 123,013 124,899 1,023,403
Decrease in investment in securities 18,156 7,798 151,048
Proceed from sales of stock due to spin off of truck and bus business 59,257 –492,987
Loans made (2,876) (795,174) (23,927)
Collection of loans receivable 3,877 821,927 32,255
Purchase of minority interests (1,993) –(16,581)
Other 7,236 (8,309) 60,200
Net cash provided by (used in) investing activities 17,546 (4,882) 145,973
Financing activities:
Increase in short-term borrowings 89,601 137,871 745,433
Proceeds from issuance of long-term debt 193,255 226,500 1,607,779
Repayment or redemption of long-term debt (312,497) (476,770) (2,599,809)
Dividend paid to minority (2,358) –(19,617)
Other (43) (245) (358)
Net cash used in financing activities (32,042) (112,643) (266,572)
Effect of exchange rate changes on cash and cash equivalents (14,263) 4,870 (118,661)
Net decrease in cash and cash equivalents (11,162) (20,673) (92,862)
Cash and cash equivalents at beginning of year 95,189 115,863 791,922
Adjustments to beginning balance for inclusion of subsidiaries
in consolidation 517 –4,301
Cash and cash equivalents at end of year ¥ 84,544 ¥ 95,189 $ 703,361
See accompanying notes to consolidated financial statements.