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32 Nikon Annual Report 2009
Consolidated Statements of Cash Flows
Nikon Corporation and Consolidated Subsidiaries
Years ended March 31, 2009 and 2008
Millions of Yen
Thousands of
U.S. Dollars
(Note 1)
2009 2008 2009
Operating activities:
Income before income taxes ¥ 39,180 ¥116,704 $ 398,861
Adjustments for:
Income taxes-paid (53,287) (43,428) (542,469)
Loss on impairment of fixed assets 721 274 7,337
Provision for (reversal of) doubtful receivables 4,306 262 43,838
Depreciation and amortization 32,892 25,548 334,847
Provision for employees’ retirement benefits 1,021 (2,383) 10,399
Provision for retirement allowance for directors and corporate auditors (63) 77 (641)
Loss (Gain) on sales of property, plant and equipment (32) (149) (332)
Loss (Gain) on disposal of property, plant and equipment 1,891 920 19,255
Loss (Gain) on sales of investment securities (1,541)
Loss on valuation of investment securities 5,930 534 60,373
Other — net 2,636 5,798 26,823
Change in assets and liabilities:
Increase (decrease) in notes and accounts receivable — trade 26,694 (16,982) 271,753
Increase in inventories (7,849) (26,285) (79,911)
Increase (decrease) in notes and accounts payable — trade (56,885) 40,705 (579,095)
Other — net 12,957 20,786 131,905
Total adjustments (29,068) 4,136 (295,918)
Net cash provided by operating activities 10,112 120,840 102,943
Investing activities:
Purchases of property, plant and equipment (31,035) (28,434) (315,942)
Proceeds from sales of property, plant and equipment 587 1,501 5,972
Purchases of investment securities (3,441) (12,387) (35,027)
Proceeds from sales of investment securities 2,477
Net decrease (increase) in loans receivable (325) 59 (3,305)
Other — net (10,304) (12,999) (104,905)
Net cash used in investing activities (44,518) (49,783) (453,207)
Financing activities:
Net Increase (decrease) in short-term borrowings 27,432 (6,965) 279,264
Proceeds from long-term debt 11,700 501 119,108
Repayments of long-term debt (7,819) (22,048) (79,604)
Purchase of treasury stock (12,338) (125,603)
Dividends paid (10,338) (9,187) (105,243)
Other — net (2,863) (965) (29,141)
Net cash provided by (used in) financing activities 5,774 (38,664) 58,781
Foreign currency translation adjustments on cash and cash equivalents (4,520) (3,753) (46,003)
Net increase in cash and cash equivalents (33,152) 28,640 (337,486)
Cash and cash equivalents of newly consolidated subsidiaries, beginning of year 469
Cash and cash equivalents of merged previously non-consolidated subsidiary (0) (2)
Cash and cash equivalents, beginning of year 112,958 83,849 1,149,932
Cash and cash equivalents, end of year ¥ 79,806 ¥112,958 $ 812,444
Non-cash investing and financing activities
Convertible bonds converted into common stock ¥ 800 $ 8,144
Convertible bonds converted into capital surplus 800 8,144
Lease assets recognized under “Accounting Standard for Lease transactions” 11,921 121,361
Lease obligations recognized under “Accounting Standard for Lease transactions” 11,921 121,361
See Notes to Consolidated Financial Statements.