Olympus 2006 Annual Report Download - page 36

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34 OLYMPUS 2006
Thousands of
Millions of yen U.S. dollars
2006 2005 2004 2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Income before provision for income taxes ......................................... ¥ 43,396 ¥ 5,974 ¥ 60,201 $ 377,356
Adjustments to reconcile income before provision for
income taxes to net cash provided by operating activities:
Depreciation and amortization...................................................... 27,022 29,758 24,249 234,974
Amortization of consolidated adjustment accounts............................ 5,674 ——49,339
Increase (decrease) in severance and retirement allowance................ (393) 758 (6,144) (3,417)
Decrease (increase) in prepaid pension cost.................................... 1,361 3,889 (8,692) 11,835
Interest income........................................................................... (977) (500) (291) (8,496)
Interest expense ......................................................................... 9,997 6,782 4,912 86,930
Loss (gain) on marketable and investment securities, net.................... 116 (1,640) (1,749) 1,009
Proceed from sale of beneficial interest in trust ................................ (1,522) ——(13,235)
Gain on sale of investment securities in subsidiaries and affiliates....... (2,199) ——(19,122)
Impairment loss on fixed assets ..................................................... 1,411 ——12,270
Loss on settlement of swap contracts .............................................. —— 5,447 —
Decrease (increase) in accounts receivable ..................................... (9,622) 1,898 (27,967) (83,670)
Decrease (increase) in inventories ................................................. 15,643 (1,749) (13,285) 136,026
Increase (decrease) in accounts payable......................................... (15,340) (12,775) 21,253 (133,391)
Increase (decrease) in other payable ............................................. —(3,488) 5,630 —
Increase (decrease) in accrued expense.......................................... 4,092 (3,756) 408 35,583
Other ....................................................................................... (1,271) 35 (2,265) (11,052)
Sub-total ............................................................................... 77,388 25,186 61,707 672,939
Interest and dividend received ...................................................... 1,974 1,566 1,129 17,165
Interest payments........................................................................ (9,242) (6,512) (5,040) (80,365)
Income taxes paid ...................................................................... (21,086) (10,215) (27,259) (183,356)
Net cash provided by operating activities................................... 49,034 10,025 30,537 426,383
CASH FLOWS FROM INVESTING ACTIVITIES:
Deposits in time deposits................................................................ (6,244) (6,669) (45,377) (54,296)
Withdrawals from time deposits ...................................................... 6,588 45,731 45,904 57,287
Purchases of marketable securities ................................................... (34,997) (35,000) (70,000) (304,322)
Sales of marketable securities ......................................................... 35,000 69,997 70,000 304,348
Payments for settlement of swap contracts ......................................... —— (5,447) —
Purchases of property, plant and equipment ...................................... (44,892) (46,727) (43,412) (390,365)
Sales of property, plant and equipment ............................................ 50 3,025 — 435
Purchases of investment securities.................................................... (36,896) (66,281) (8,215) (320,835)
Sales of investment securities .......................................................... 20,947 5,801 4,822 182,148
Proceeds from acquisition of new subsidiaries ................................... —12,460 — —
Payments for acquisition of new subsidiaries ..................................... (12,029) (3,308) (2,233) (104,600)
Net increase from sales of investment in subsidiaries
related to changes in scope of consolidation ................................... 1,431 ——12,443
Payments for additional stock investment in subsidiaries ...................... (12,297) (6,695) — (106,930)
Sales of the trust beneficiary right ................................................... 1,686 ——14,661
Other ......................................................................................... (102) 124 (1,253) (887)
Net cash used in investing activities .......................................... (81,755) (27,542) (55,211) (710,913)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in short-term borrowings ..................................... 14,925 7,051 28,370 129,783
Proceeds from long-term debt.......................................................... 71,994 56,342 21,455 626,035
Repayments of long-term debt ......................................................... (60,683) (20,633) (1,593) (527,678)
Proceeds from issuance of bonds..................................................... 39,833 20,134 29,877 346,374
Redemption of bonds..................................................................... —— (35,000) —
Proceed from issuance of common stock ........................................... 14,918 ——129,722
Stock issue to minority shareholders................................................. 472 1,289 250 4,104
Dividends paid............................................................................. (4,006) (3,953) (3,958) (34,835)
Dividends paid to minority shareholders ........................................... (21) (3) (1) (183)
Other ......................................................................................... (232) (212) (992) (2,018)
Net cash provided by financing activities ................................... 77,200 60,015 38,408 671,304
Effect of exchange rate changes on cash and cash equivalents ............... 1,166 877 (583) 10,139
Net increase in cash and cash equivalents .......................................... 45,645 43,375 13,151 396,913
Cash and cash equivalents at beginning of year .................................. 113,625 69,095 55,944 988,043
N
et increase in cash and cash equivalents associated with newly consolidated subsidiaries
... 46 1,155 — 400
Net decrease in cash and cash equivalents associated with exclusion from scope of consolidation
.. (9) ——(78)
Cash and cash equivalents at end of year (Note 16)............................. ¥ 159,307 ¥ 113,625 ¥ 69,095 $ 1,385,278
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Olympus Corporation and Consolidated Subsidiaries
For the years ended March 31, 2006, 2005 and 2004
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