Olympus 2011 Annual Report Download - page 41

OLYMPUS 2011 39
Millions of yen
Thousands of
U.S. dollars (Note 1)
2011 2010 2009 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Income (loss) before provision for income taxes ......................................... ¥ 22,759 ¥ 86,204 ¥ (91,301) $ 284,487
Adjustments to reconcile income (loss) before provision for income taxes
to net cash provided by operating activities:
Depreciation and amortization ................................................................. 34,413 43,275 44,804 430,163
Impairment loss on fixed assets (Note 17) ................................................ — 1,353 1,815 —
Amortization of goodwill (Note 18) ........................................................... 14,388 14,998 101,459 179,850
Amortization of negative goodwill ............................................................ (2,408) — —(30,100)
Increase (decrease) in severance and retirement allowance .................... (150) 2,376 9,003 (1,875)
Decrease (increase) in prepaid pension cost ............................................ (1,581) (814) (8,853) (19,763)
Increase (decrease) in provision for product warranties ........................... (1,170) 970 366 (14,625)
Interest income ........................................................................................ (831) (1,035) (2,222) (10,387)
Interest expense ...................................................................................... 12,744 12,413 16,192 159,300
Net loss (gain) of investment in affiliated companies accounted for
by the equity method .............................................................................. (574) (306) 1,704 (7,175)
Gain on transfer of business (Notes 22) .................................................... (2,696) (47,674) —(33,700)
Loss on prior period adjustment (Note 19) ................................................ — —15,516 —
Loss (gain) on available-for-sale securities, net ....................................... (387) 4,942 14,564 (4,838)
Loss (gain) on sale of investment securities in subsidiaries and
affiliates, net .......................................................................................... 77 (2,429) —963
Decrease (increase) in accounts receivable.............................................. 9,969 (10,663) 16,794 124,613
Decrease (increase) in inventories ........................................................... (3,452) (2,747) 6,022 (43,150)
Increase (decrease) in accounts payable .................................................. (5,731) 13,196 (14,340) (71,638)
Increase (decrease) in other payables ...................................................... (3,825) (1,385) (5,669) (47,813)
Increase (decrease) in accrued expense ................................................... 1,565 (1,253) (12,618) 19,563
Other ....................................................................................................... 1,839 (4,140) (2,253) 22,988
Sub-total ............................................................................................... 74,949 107,281 90,983 936,863
Interest and dividends received ............................................................... 1,708 1,934 3,439 21,350
Interest payments.................................................................................... (13,081) (12,465) (16,139) (163,513)
Income taxes paid .................................................................................... (30,659) (20,505) (36,655) (383,237)
Net cash provided by operating activities .............................................. 32,917 76,245 41,628 411,463
CASH FLOWS FROM INVESTING ACTIVITIES:
Deposits in time deposits ........................................................................ (4,810) (4,729) (5,626) (60,125)
Withdrawals from time deposits .............................................................. 5,227 5,709 38,440 65,338
Purchases of property, plant and equipment ........................................... (20,243) (39,498) (43,829) (253,038)
Purchases of intangible assets ................................................................ (9,381) (5,400) (5,617) (117,263)
Purchases of investment securities ......................................................... (3,745) (4,965) (5,332) (46,813)
Sales of investment securities ................................................................. 70,861 3,705 40,538 885,763
Payments for acquisition of newly consolidated subsidiaries (Note 21) .... (12,328) (372) (128) (154,100)
Net increase (decrease) from sales of investments in subsidiaries
related to changes in scope of consolidation ........................................... 201 17,536 (123) 2,513
Payments for acquisition of subsidiaries ................................................. (5,817) (59,895) (40,390) (72,713)
Payments for loans receivable ................................................................. (3,578) (1,907) (1,531) (44,725)
Proceeds from loans receivable ............................................................... 120 337 3,073 1,500
Payments for transfer of business ........................................................... (6,529) (6,851) —(81,613)
Proceeds from transfer of business (Note 22) .......................................... 5,797 74,402 —72,463
Other ....................................................................................................... 780 961 (203) 9,751
Net cash provided by (used in) investing activities ................................. 16,555 (20,967) (20,728) 206,938
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in short-term borrowings .......................................... (13,980) (4,533) (218,220) (174,750)
Proceeds from long-term debt ................................................................. 34,501 95,631 259,719 431,263
Repayments of long-term debt ................................................................ (18,908) (48,870) (33,603) (236,350)
Proceeds from issuance of bonds ............................................................ — 200 45,166 —
Redemption of bonds ............................................................................... (20,040) (20,300) (35,199) (250,500)
Stock issue to minority shareholders ....................................................... — —147 —
Payments for purchase of treasury stock (Note 3a) .................................. (10,006) —(10,240) (125,075)
Dividends paid ......................................................................................... (8,099) (4,050) (10,749) (101,237)
Dividends paid to minority shareholders .................................................. (40) (171) (114) (500)
Other ....................................................................................................... (787) (552) (658) (9,839)
Net cash provided by (used in) financing activities ................................ (37,359) 17,355 (3,751) (466,988)
Effect of exchange rate changes on cash and cash equivalents ................. (5,931) (2,905) (4,435) (74,138)
Net increase (decrease) in cash and cash equivalents ............................... 6,182 69,728 12,714 77,275
Cash and cash equivalents at beginning of year ......................................... 203,013 132,720 119,842 2,537,663
Net increase in cash and cash equivalents associated with newly
consolidated subsidiaries ......................................................................... 1,190 477 —14,875
Net decrease in cash and cash equivalents associated with exclusion
from scope of consolidation ...................................................................... — —(6) —
Net increase in cash and cash equivalents resulting from merger with
unconsolidated subsidiaries ..................................................................... — 88 170 —
Cash and cash equivalents at end of year (Note 20).................................... ¥ 210,385 ¥ 203,013 ¥ 132,720 $ 2,629,813
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Olympus Corporation and Consolidated Subsidiaries
For the years ended March 31, 2011, 2010 and 2009