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24 TOSHIBA Annual Report 2012
Toshiba Corporation and Subsidiaries
For the years ended March 31, 2012 and 2011
Consolidated Statements of Cash Flows
Millions of yen
Thousands of
U.S. dollars
(Note 3)
2012 2011 2012
Cash flows from operating activities
Net income before noncontrolling interests ¥ 86,146 ¥ 146,646 $ 1,050,561
Adjustments to reconcile net income before noncontrolling interests
to net cash provided by operating activities−
Depreciation and amortization 246,970 259,604 3,011,829
Provisions for pension and severance costs, less payments 5,301 8,611 64,646
Deferred income taxes 18,095 (22,771) 220,671
Equity in earnings of affiliates, net of dividends (13,926) (6,406) (169,829)
(Gain) loss from sales, disposal and impairment of property, plant
and equipment and intangible assets, net (2,372) 276 (28,927)
Loss from sales and impairment of securities and other investments, net
2,322 3,594 28,317
(Increase) decrease in notes and accounts receivable, trade (194,430) 96 (2,371,098)
Increase in inventories (20,917) (100,945) (255,085)
Increase in notes and accounts payable, trade 120,594 59,176 1,470,658
Increase (decrease) in accrued income and other taxes 4,391 (3,204) 53,549
Increase (decrease) in advance payments received 104,893 (22,363) 1,279,183
Other (22,070) 51,770 (269,146)
Net cash provided by operating activities 334,997 374,084 4,085,329
Cash flows from investing activities
Proceeds from sale of property, plant and equipment and intangible assets
103,818 58,391 1,266,073
Proceeds from sale of securities 9,638 5,427 117,537
Acquisition of property, plant and equipment (291,733) (229,229) (3,557,720)
Acquisition of intangible assets (39,426) (30,851) (480,805)
Purchase of securities (18,435) (6,201) (224,817)
(Increase) decrease in investments in affiliates 15,444 (38,424) 188,342
Acquisition of Landis+Gyr AG (129,450) − (1,578,659)
Other (27,083) 26,187 (330,280)
Net cash used in investing activities (377,227) (214,700) (4,600,329)
Cash flows from financing activities
Proceeds from long-term debt 370,911 159,807 4,523,305
Repayment of long-term debt (206,325) (406,846) (2,516,159)
Increase (decrease) in short-term borrowings, net (128,267) 109,895 (1,564,232)
Dividends paid (37,007) (17,601) (451,305)
Purchase of treasury stock, net (42) (159) (512)
Other 490 188 5,976
Net cash used in financing activities (240) (154,716) (2,927)
Effect of exchange rate changes on cash and cash equivalents (2,065) (13,277) (25,182)
Net decrease in cash and cash equivalents (44,535) (8,609) (543,109)
Cash and cash equivalents at beginning of year 258,840 267,449 3,156,585
Cash and cash equivalents at end of year ¥ 214,305 ¥ 258,840 $ 2,613,476
Supplemental disclosure of cash flow information
Cash paid during the year for−
Interest ¥ 31,759 ¥ 33,478 $ 387,305
Income taxes 43,912 61,342 535,512
Acquisition of Landis+Gyr AG (Note 28)−
Assets acquired (net of cash and cash equivalents) 231,284 − 2,820,537
Liabilities assumed 48,655 − 593,354
Noncontrolling interests assumed 53,179 − 648,524
Sale of Toshiba Mobile Display Co., Ltd. stock (Note 16)−
Assets transferred (net of cash and cash equivalents) 189,664 − 2,312,976
Liabilities relinquished 222,201 − 2,709,768
The accompanying notes are an integral part of these statements.