Olympus 2007 Annual Report Download - page 37

OLYMPUS 2007 35
Thousands of
Millions of yen U.S. dollars
2007 2006 2005 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Income before provision for Income taxes .............................................. ¥ 73,580 ¥ 43,187 ¥ 5,807 $ 613,167
Adjustments to reconcile income before provision for income taxes
to net cash provided by operating activities:
Depreciation and amortization .......................................................... 30,404 27,022 29,758 253,367
Amortization of consolidated adjustment accounts ................................ — 5,674 — —
Amortization of goodwill .................................................................. 7,868 — — 65,567
Increase (decrease) in severance and retirement allowance .................... 183 (393) 758 1,525
Decrease (increase) in prepaid pension cost ........................................ 673 1,361 3,889 5,608
Increase (decrease) in provision for product warranties ......................... 3,481 — — 29,008
Interest income ............................................................................... (1,311) (977) (500) (10,925)
Interest expense .............................................................................. 12,567 9,997 6,782 104,725
Loss (gain) on marketable and investment securities, net ........................ 820 (116) (1,640) 6,833
Proceed from sale of beneficial interest in trust .................................... — (1,522) — —
Gain on sale of investment securities in subsidiaries and affiliates ........... (163) (2,199) — (1,358)
Impairment loss on fixed assets ......................................................... 1,619 1,411 — 13,492
Decrease (increase) in accounts receivable ......................................... (17,432) (9,622) 1,898 (145,267)
Decrease (increase) in inventories ...................................................... 6,821 15,643 (1,749) 56,842
Increase (decrease) in accounts payable ............................................. 11,528 (15,340) (12,775) 96,067
Increase (decrease) in other payable .................................................. — — (3,488) —
Increase (decrease) in accrued expense .............................................. 15,871 4,092 (3,756) 132,258
Other ............................................................................................ 309 (830) 202 2,574
Sub-total...................................................................................... 146,818 77,388 25,186 1,223,483
Interest and dividend received .......................................................... 2,341 1,974 1,566 19,508
Interest payments ............................................................................ (12,460) (9,242) (6,512) (103,833)
Income taxes paid ........................................................................... (28,299) (21,086) (10,215) (235,825)
Net cash provided by operating activities ......................................... 108,400 49,034 10,025 903,333
CASH FLOWS FROM INVESTING ACTIVITIES:
Deposits in time deposits .................................................................. (41,379) (6,244) (6,669) (344,825)
Withdrawals from time deposits ........................................................ 6,609 6,588 45,731 55,075
Purchases of securities ..................................................................... (8,365) (34,997) (35,000) (69,708)
Sales of securities ........................................................................... 1,266 35,000 69,997 10,550
Purchases of property, plant and equipment ........................................ (41,269) (44,892) (46,727) (343,908)
Sales of property, plant and equipment .............................................. 644 50 3,025 5,367
Purchases of investment securities ...................................................... (15,405) (36,896) (66,281) (128,375)
Sales of investment securities ............................................................ 4,360 20,947 5,801 36,333
Proceeds from acquisition of new consolidated subsidiaries ................... — — 12,460 —
Payments for acquisition of new consolidated subsidiaries ..................... (2,409) (12,029) (3,308) (20,075)
Net increase (decrease) from sales of investment in subsidiaries related
to changes in scope of consolidation ................................................. (231) 1,431 — (1,925)
Payments for additional acquisition of consolidated subsidiaries ............. — (12,297) (6,695) —
Sales of the trust beneficiary right ...................................................... — 1,686 — —
Other ............................................................................................ (302) (102) 124 (2,517)
Net cash used in investing activities ................................................. (96,481) (81,755) (27,542) (804,008)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in short-term borrowings ....................................... (20,025) 14,925 7,051 (166,875)
Proceeds from long-term debt ............................................................ 19,242 71,994 56,342 160,350
Repayments of long-term debt ........................................................... (10,141) (60,683) (20,633) (84,508)
Proceeds from issuance of bonds ....................................................... 44,384 39,833 20,134 369,867
Redemption of bonds ....................................................................... (25,092) — — (209,100)
Proceed from issuance of common stock ............................................. — 14,918 — —
Stock issue to minority shareholders ................................................... 1,099 472 1,289 9,158
Dividends paid ............................................................................... (6,895) (4,006) (3,953) (57,458)
Dividends paid to minority shareholders ............................................. — (21) (3) —
Other ............................................................................................ (380) (232) (212) (3,167)
Net cash provided by financing activities ......................................... 2,192 77,200 60,015 18,267
Effect of exchange rate changes on cash and cash equivalents ................. 1,298 1,166 877 10,816
Net increase in cash and cash equivalents ............................................ 15,409 45,645 43,375 128,408
Cash and cash equivalents at beginning of year .................................... 159,307 113,625 69,095 1,327,558
Net increase in cash and cash equivalents associated
with newly consolidated subsidiaries ................................................... 146 46 1,155 1,217
Net decrease in cash and cash equivalents associated
with exclusion from scope of consolidation ........................................... (60) (9) — (500)
Cash and cash equivalents at end of year (Note 18) ............................... ¥ 174,802 ¥ 159,307 ¥ 113,625 $ 1,456,683
See accompanying notes to consolidated financial statements.
Consolidated Statements of Cash Flows
Olympus Corporation and Consolidated Subsidiaries
For the years ended March 31, 2007, 2006 and 2005