Nikon 1998 Annual Report Download - page 22

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20 Nikon Corporation
Thousands of
U.S. Dollars
Millions of Yen (Note 1)
1998 1997 1996 1998
Cash flows from operating activities
Net income ¥8,318 ¥19,936 ¥18,581 $ 62,971
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 18,407 15,635 13,715 139,346
Loss on sales or disposal of property, plant and equipment 546 910 1,228 4,140
Deferred income taxes (880) 72 (1,080) (6,665)
Equity in earnings of unconsolidated subsidiaries
and associated companies (116) (29) (79) (881)
Other 2,571 (452) 853 19,468
Total adjustments 20,529 16,137 14,637 155,408
Changes in assets and liabilities:
Increase in notes and accounts receivable—trade (14,434) (3,219) (32,930) (109,267)
Increase in inventories (34,193) (3,946) (17,384) (258,847)
Increase (decrease) in notes and accounts payable—trade
and accrued expenses 13,987 (445) 15,810 105,882
Increase (decrease) in accrued income taxes (3,603) (6,060) 10,878 (27,279)
Other (3,521) 475 5,950 (26,659)
Total change in assets and liabilities (41,766) (13,197) (17,675) (316,170)
Total reconciling items (21,236) 2,940 (3,038) (160,762)
Net cash provided by (used in) operating activities (12,918) 22,877 15,543 (97,791)
Cash flows from investing activities
Capital expenditures (26,168) (33,757) (14,740) (198,098)
Decrease (increase) in loans receivable 708 1,848 (1,521) 5,362
Payment for purchase of investments in securities (1,948) (3,280) (10,411) (14,753)
Other (2,969) 6,323 16,586 (22,477)
Net cash used in investing activities (30,378) (28,866) (10,087) (229,966)
Cash flows from financing activities
Proceeds from long-term debt 26,252 18,346 21,591 198,731
Repayment of long-term debt (24,790) (23,089) (9,180) (187,667)
Increase (decrease) in short-term borrowings 33,646 21,402 (704) 254,707
Dividends paid (2,959) (2,774) (2,959) (22,403)
Other (40) (40) (12,708) (303)
Net cash provided by (used in) financing activities 32,108 13,845 (3,961) 243,065
Net increase (decrease) in cash and cash equivalents (11,187) 7,856 1,494 (84,692)
Cash and cash equivalents of newly consolidated
subsidiaries at beginning of year 768 — 177 5,821
Cash and cash equivalents at beginning of year 50,561 42,705 41,034 382,754
Cash and cash equivalents at end of year ¥40,142 ¥50,561 ¥42,705 $303,883
Supplemental information of cash flows
Cash paid during the year for:
Interest expense ¥4,693 ¥6,284 ¥6,663 $ 35,530
Income taxes 13,025 23,488 8,557 98,601
Non-cash financing activities
Assets increased by newly consolidated subsidiaries ¥00,959 ¥ —¥00,154 $ 7,262
Liabilities increased by newly consolidated subsidiaries 69 — 24 523
See accompanying Notes to Consolidated Financial Statements.
20 Nikon Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nikon Corporation and Consolidated Subsidiaries
For the years ended March 31, 1998, 1997 and 1996
QX /NIKON AR 98 9/21 00.4.11 7:39 PM ページ 20