Nikon 2010 Annual Report Download - page 34

32
Millions of Yen
Thousands of
U.S. Dollars
(Note 1)
2010 2009 2010
Operating activities:
Income (loss) before income taxes ¥(17,672) ¥ 39,180 $ (189,937)
Adjustments for:
Income taxes—refund (paid) 2,690 (53,287) 28,916
Loss on impairment of fi xed assets 546 721 5,864
Provision for doubtful receivables 448 4,306 4,812
Depreciation and amortization 35,170 32,892 378,013
Provision for employees’ retirement benefi ts 3,258 1,021 35,013
Provision for (reversal of) retirement allowance for directors and corporate auditors 133 (63) 1,427
Gain on sales of property, plant and equipment (68) (32) (734)
Loss on disposal of property, plant and equipment 564 1,891 6,059
Gain on sales of investment securities (85) (908)
Loss on valuation of investment securities 220 5,930 2,367
Other—net 8,755 2,636 94,101
Change in assets and liabilities:
Decrease in notes and accounts receivable—trade 9,135 26,694 98,180
Decrease (increase) in inventories 57,391 (7,849) 616,837
Increase (decrease) in notes and accounts payable—trade 5,219 (56,885) 56,094
Other—net (2,207) 12,957 (23,708)
Total adjustments 121,169 (29,068) 1,302,333
Net cash provided by operating activities 103,497 10,112 1,112,396
Investing activities:
Purchases of property, plant and equipment (33,636) (31,035) (361,519)
Proceeds from sales of property, plant and equipment 621 587 6,676
Purchases of investment securities (1,151) (3,441) (12,368)
Proceeds from sales of investment securities 771 8,287
Purchase of investments in subsidiaries resulting in change in scope of consolidation (9,429) (101,342)
Proceeds from compensation for expropriation 8,212 88,263
Net decrease (increase) in loans receivable 359 (325) 3,863
Other—net (12,855) (10,304) (138,179)
Net cash used in investing activities (47,108) (44,518) (506,319)
Financing activities:
Net (decrease) increase in short-term borrowings (25,335) 27,432 (272,307)
Proceeds from long-term debt 21,124 11,700 227,037
Repayments of long-term debt (20,200) (7,819) (217,106)
Purchase of treasury stock (46) (12,338) (493)
Dividends paid (3,771) (10,338) (40,536)
Other—net (3,249) (2,863) (34,909)
Net cash (used in) provided by fi nancing activities (31,477) 5,774 (338,314)
Foreign currency translation adjustments on cash and cash equivalents (48) (4,520) (533)
Net increase (decrease) in cash and cash equivalents 24,864 (33,152) 267,230
Cash and cash equivalents of merged previously non-consolidated subsidiary (0)
Cash and cash equivalents, beginning of year 79,806 112,958 857,765
Cash and cash equivalents, end of year ¥104,670 ¥ 79,806 $1,124,995
Non-cash investing and fi nancing activities
Convertible bonds converted into common stock ¥ 800
Convertible bonds converted into capital surplus 800
Lease assets recognized under “Accounting Standard for Lease Transactions” 11,921
Lease obligations recognized under “Accounting Standard for Lease Transactions” 11,921
(Additional information)
Nikon acquired the stock of Metris NV as of August 5, 2009. As a result, Metris NV and its 22 subsidiaries became consolidated subsidiaries of Nikon.
A reconciliation between assets and liabilities of newly consolidated subsidiaries at the date of acquisition, cash paid for the capital and payment for
acquisition of shares of newly consolidated subsidiaries, net of cash and cash equivalents acquired, are as follows:
Millions of Yen
Thousands of
U.S. Dollars
Current assets ¥ 5,202 $ 55,908
Fixed assets 7,797 83,806
Goodwill 15,498 166,578
Current liabilities (10,433) (112,139)
Long-term liabilities (8,052) (86,540)
Cost of acquisition 10,012 107,613
Cash and cash equivalents (583) (6,271)
Payment for acquisition of shares of newly consolidated subsidiaries ¥ 9,429 $101,342
See Notes to Consolidated Financial Statements.
Consolidated Statements of Cash Flows
Nikon Corporation and Consolidated Subsidiaries
Years ended March 31, 2010 and 2009