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54 NIKON REPORT 2016
Millions of Yen
Thousands of U.S.
Dollars (Note 1)
2015 2016 2016
Operating activities:
Income before income taxes ¥ 35,153 ¥ 33,581 $ 298,023
Adjustments for:
Income taxes—paid (11,108) (12,783) (113,443)
Depreciation and amortization 38,458 37,739 334,918
Loss on impairment of long-lived assets 16,230 8,449 74,984
Provision (reversal) for doubtful receivables 3 (1,425) (12,649)
Provision (reversal) for product warranties (863) (1,984) (17,605)
Interest and dividends income (2,713) (3,246) (28,805)
Interest expenses 1,406 1,385 12,289
Loss (gain) on sales of property, plant and equipment (35) (3,146) (27,924)
Loss (gain) on sales of investment securities (4,982) (573) (5,083)
Loss (gain) on valuation of investment securities 3
Equity in earnings of associated companies (1,421) (1,449) (12,860)
Other—net 32 19,028 168,869
Change in assets and liabilities:
Decrease (increase) in notes and accounts receivable—trade (3,777) 30,813 273,458
Decrease (increase) in inventories 15,103 (17,099) (151,748)
Increase (decrease) in notes and accounts payable—trade (4,892) 3,555 31,549
Increase (decrease) in accrued expenses 1,669 (4,330) (38,424)
Increase (decrease) in advances received (4,044) 21,215 188,273
Increase (decrease) in net dened benet liability (875) (223) (1,981)
Other—net (2,038) (4,292) (38,091)
Total adjustments 36,156 71,634 635,727
Net cash provided by operating activities 71,309 105,215 933,750
Investing activities:
Purchases of property, plant and equipment (22,337) (21,957) (194,863)
Proceeds from sales of property, plant and equipment 377 3,678 32,645
Purchases of investment securities (1,028) (6,791) (60,270)
Proceeds from sales of investment securities 6,947 1,009 8,955
P urchases of investments in subsidiaries resulting in change in scope of
consolidation (Note 22) (43,563) (386,604)
Net decrease (increase) in loans receivable (20) (162) (1,442)
Other—net (8,884) (13,095) (116,212)
Net cash used in investing activities (24,945) (80,881) (717,791)
Financing activities:
Net increase (decrease) in short-term borrowings (896) (0) (2)
Proceeds from long-term debt 12,500 110,934
Repayments of long-term debt (10,000) (15,000) (133,120)
Dividends paid (12,686) (11,910) (105,700)
Dividends paid to non-controlling interests (35) (24) (213)
Other—net (1,338) (3,740) (33,183)
Net cash used in nancing activities (24,955) (18,174) (161,284)
Foreign currency translation adjustments on cash and cash equivalents 14,196 (14,575) (129,353)
Net increase (decrease) in cash and cash equivalents 35,605 (8,415) (74,678)
C ash and cash equivalents of newly consolidated subsidiaries,
beginning of year 2,652
Cash and cash equivalents, beginning of year 221,368 259,625 2,304,092
Cash and cash equivalents, end of year ¥259,625 ¥251,210 $2,229,414
See notes to consolidated nancial statements.
Consolidated Statement of Cash Flows
Nikon Corporation and Consolidated Subsidiaries
Year ended March 31, 2016