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50 NIKON REPORT 2015
Millions of Yen
Thousands of U.S.
Dollars (Note 1)
2014 2015 2015
Operating activities:
Income before income taxes and minority interests ¥ 74,692 ¥ 35,153 $ 292,529
Adjustments for:
Income taxes—paid (5,777) (11,108) (92,432)
Depreciation and amortization 42,477 38,458 320,033
Loss on impairment of long-lived assets 2,320 16,230 135,056
(Reversal) provision for doubtful receivables (248) 3 24
Provision (reversal) for product warranties 1,559 (863) (7,178)
Interest and dividends income (2,073) (2,713) (22,575)
Interest expenses 1,352 1,406 11,696
Gain on sales of property, plant and equipment (215) (35) (293)
Gain on sales of investment securities (1,473) (4,982) (41,458)
Loss on valuation of investment securities 459 3 28
Equity in earnings of associated companies (2,328) (1,421) (11,822)
Compensation income for expropriation (15,006)
Other—net 8,792 32 263
Change in assets and liabilities:
Decrease (increase) in notes and accounts receivable—trade 13,925 (3,777) (31,430)
Decrease in inventories 34,684 15,103 125,683
Decrease in notes and accounts payable—trade (13,942) (4,892) (40,706)
Increase (decrease) in accrued expenses (3,227) 1,669 13,886
Decrease in advances received (6,126) (4,044) (33,649)
Decrease in net dened benet liability (531) (875) (7,277)
Other—net (15,129) (2,038) (16,975)
Total adjustments 39,493 36,156 300,874
Net cash provided by operating activities 114,185 71,309 593,403
Investing activities:
Purchases of property, plant and equipment (32,681) (22,337) (185,882)
Proceeds from sales of property, plant and equipment 738 377 3,138
Purchases of investment securities (4,629) (1,028) (8,552)
Proceeds from sales of investment securities 4,118 6,947 57,806
Proceeds from compensation for expropriation 4,492
Net increase (decrease) in loans receivable 23 (20) (167)
Other—net (15,255) (8,884) (73,924)
Net cash used in investing activities (43,194) (24,945) (207,581)
Financing activities:
Net increase (decrease) in short-term borrowings 762 (896) (7,460)
Proceeds from long-term debt 46,889
Repayments of long-term debt (7,113) (10,000) (83,215)
Dividends paid (8,722) (12,686) (105,563)
Dividends paid to minority (35) (291)
Other—net 53 (1,338) (11,131)
Net cash provided (used in) by nancing activities 31,869 (24,955) (207,660)
Foreign currency translation adjustments on cash and cash equivalents 7,331 14,196 118,129
Net increase in cash and cash equivalents 110,191 35,605 296,291
C ash and cash equivalents of newly consolidated subsidiaries,
beginning of year 1,082 2,652 22,070
Cash and cash equivalents, beginning of year 110,095 221,368 1,842,121
Cash and cash equivalents, end of year ¥221,368 ¥259,625 $2,160,482
See notes to consolidated nancial statements.
Consolidated Statement of Cash Flows
Nikon Corporation and Consolidated Subsidiaries
Year ended March 31, 2015