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33
Annual Report 2014
CONSOLIDATED STATEMENT OF CASH FLOWS
Oki Electric Industry Co., Ltd. and consolidated subsidiaries
Year ended March 31, 2014
The accompanying notes are an integral part of these statements.
Millions of yen
Thousands of U.S.
dollars (Note 2)
2014 2013 2014
Cash fl ows from operating activities:
Net income ¥ 27,359 ¥ 13,599 $ 268,225
Adjustments to reconcile net income to net cash (used in) provided
by operating activities:
Depreciation and amortization 14,249 13,021 139,696
Loss on impairment of fi xed assets 184 219 1,803
(Reversal of) provisions (20,352) (5,040) (199,529)
Write-downs loss of investment in securities — 225 —
Gain on sale of investments in securities (553) (672) (5,421)
Loss (gain) on sale and disposition of property, plant and equipment 634 (2,109) 6,215
Deferred income taxes 394 656 3,862
Other, net (4,990) (3,424) (48,921)
Changes in operating assets and liabilities:
Notes and accounts receivable 5,009 3,487 49,107
Inventories (371) (1,307) (3,637)
Notes and accounts payable (3,075) (17,963) (30,147)
Accrued income taxes 2,424 (1,520) 23,764
Other accrued expenses 586 (121) 5,745
Other assets and liabilities 10,370 (10,668) 101,666
Net cash provided (used in) by operating activities 31,868 (11,619) 312,431
Cash fl ows from investing activities:
Decrease in time deposits and marketable securities 484 1,007 4,745
(Increase) decrease in investments and other long-term receivables (279) 5,826 (2,735)
Purchases of property, plant and equipment (7,771) (11,881) (76,186)
Purchases of intangible assets (3,664) (2,977) (35,921)
Purchases of investment in subsidiaries resulting in change
in scope of consolidation (2,746) (1,188) (26,921)
Net cash used in investing activities (13,977) (9,214) (137,029)
Cash fl ows from fi nancing activities:
(Decrease) increase in short-term borrowings (2,056) 571 (20,156)
Issuance of long-term debt 20,440 4,325 200,392
Repayment of long-term debt (21,212) (22,867) (207,960)
Proceeds from sale and lease-back transactions 1,969 885 19,303
Repayment of lease obligations (2,338) (2,313) (22,921)
Cash dividends paid (1,032) (1,321) (10,117)
Other, net (41) (372) (401)
Net cash used in fi nancing activities (4,270) (21,093) (41,862)
Effect of exchange rate changes on cash and cash equivalents 1,084 1,368 10,627
Net increase (decrease) in cash and cash equivalents 14,703 (40,558) 144,147
Cash and cash equivalents at beginning of the year 35,894 74,996 351,901
Cash of newly consolidated subsidiaries at beginning of the year 32 1,426 313
Increase in cash and cash equivalents resulting from merger
with unconsolidated subsidiaries 235 29 2,303
Cash and cash equivalents at end of the year ¥ 50,866 ¥ 35,894 $ 498,686
Supplemental disclosures of cash fl ow information:
Cash paid during the year for:
Interest ¥ 2,546 ¥ 3,040 $ 24,960
Income taxes ¥ 1,396 ¥ 5,626 $ 13,686