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50 mitsubishi motors corporation annual report 2008
In millions of yen
In thousands of
U.S. dollars
(Note 2)
2008 2007 2008
Operating activities:
Net income ¥ 34,710 ¥ 8,745 $ 346,447
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 75,090 75,330 749,482
Allowance for doubtful accounts, net of reversal (14,664) (15,201) (146,369)
Accrued retirement benefits, net of reversal 2,485 (650) 24,810
Gain from affiliates accounted for by the equity method, net (4,447) (2,166) (44,389)
Deferred income taxes 1,558 5,066 15,560
Minority interest 952 2,055 9,502
Loss on sales and disposal of property, plant and equipment, net 2,602 2,003 25,976
Loss on impairment of fixed assets 21,318 7,465 212,783
Gain on sales of investments in securities, net (74) (5,036) (741)
Loss on impairment of investments in securities 508 451 5,077
Gain on liquidation of anonymous association (4,655) (13,885) (46,461)
Early retirement expense 10,154 3,073 101,354
Change in trade notes and accounts receivable 5,348 5,618 53,384
Change in inventories 52,955 (55,334) 528,549
Change in finance receivables (Note 12) 31,368 58,249 313,088
Change in retained interests in securitized assets —(1,717) —
Change in trade notes and accounts payable (24,114) 69,297 (240,686)
Other (2,819) 18,978 (28,142)
Net cash provided by operating activities 188,279 162,345 1,879,227
Investing activities:
Decrease in investments in term deposits 5,523 12,085 55,127
Purchase of property, plant and equipment (Note 12) (86,622) (111,594) (864,580)
Proceeds from sales of property, plant and equipment (Note 12) 28,549 40,274 284,950
Net decrease in investments in securities 1,289 9,294 12,872
Acquisition of capital investments in affiliates —(8,750) —
Decrease (increase) in short-term loans receivable 2,613 (2,646) 26,090
Loans made (1,738) (68) (17,351)
Collection of loans receivable 1,076 1,974 10,744
Proceeds from liquidation of anonymous association 5,035 19,451 50,256
Other (4,592) (6,039) (45,841)
Net cash used in investing activities (48,865) (46,017) (487,731)
Financing activities:
Increase (decrease) in short-term borrowings 508 (13,564) 5,078
Proceeds from issuance of long-term debt 4,542 68,823 45,333
Repayment or redemption of long-term debt (136,634) (66,464) (1,363,755)
Dividend paid to minority interest (98) (79) (984)
Other (911) (3) (9,094)
Net cash used in financing activities (132,593) (11,287) (1,323,422)
Effect of exchange rate changes on cash and cash equivalents (10,186) 11,326 (101,667)
Net change in cash and cash equivalents (3,365) 116,367 (33,593)
Cash and cash equivalents at beginning of year 364,268 248,069 3,635,778
Change in cash and cash equivalents due to inclusion and
exclusion of subsidiaries in consolidation —(167) —
Cash and cash equivalents at end of year (Note 12) ¥ 360,902 ¥ 364,268 $ 3,602,184
See accompanying notes to consolidated financial statements.
Consolidated Statements of Cash Flows
Mitsubishi Motors Corporation and Consolidated Subsidiaries
For the years ended March 31, 2008 and 2007