Yamaha 2003 Annual Report Download - page 32

Thousands of
Millions of Yen U.S. Dollars (Note 2)
2003 2002 2003
Cash flows from operating activities:
Income (loss) before income taxes and minority interests .............................. ¥22,612 ¥ (5,784) $188,120
Adjustments to reconcile income (loss) before income taxes
and minority interests to net cash provided
by operating activities:
Depreciation and amortization ................................................................... 17,699 18,919 147,246
Allowance for doubtful accounts................................................................ 395 (507) 3,286
Loss on revaluation of investment securities.............................................. 7,746 14,857 64,443
Employees’ retirement benefits, net of payments ....................................... (5,150) (8,210) (42,845)
Interest and dividend income..................................................................... (583) (736) (4,850)
Interest expense......................................................................................... 2,015 2,911 16,764
Equity in earnings of unconsolidated subsidiaries and affiliates................ (7,608) (2,993) (63,295)
Gain on sale of marketable and investment securities ............................... — (3,694) —
Loss on sale or disposal of properties, net.................................................. 974 1,672 8,103
Loss on foreign exchange, net .................................................................... 242 63 2,013
Structural reform expenses ........................................................................ 1,509 — 12,554
Changes in operating assets and liabilities:
Accounts and notes receivable—trade....................................................... (8,509) 18,794 (70,790)
Inventories................................................................................................. 3,233 18,532 26,897
Accounts and notes payable—trade........................................................... 2,894 (15,715) 24,077
Other, net....................................................................................................... (1,413) (4,748) (11,755)
Subtotal.................................................................................................. 36,061 33,360 300,008
Interest and dividends received ..................................................................... 1,181 746 9,825
Interest paid................................................................................................... (2,067) (2,918) (17,196)
Income taxes, net of payments ....................................................................... (2,123) (2,171) (17,662)
Net cash provided by operating activities.................................................. 33,052 29,016 274,975
Cash flows from investing activities:
Purchases of time deposits, net...................................................................... (1,125) — (9,359)
Purchases of property .................................................................................... (15,730) (14,876) (130,865)
Proceeds from sale of property....................................................................... 2,674 888 22,246
Purchases of investment securities ................................................................ (6,541) (858) (54,418)
Proceeds from sale of investment securities................................................... 187 4,074 1,556
Other, net....................................................................................................... (1,110) 336 (9,235)
Net cash used in investing activities............................................................ (21,645) (10,437) (180,075)
Cash flows from financing activities:
Decrease in short-term loans ......................................................................... (20,887) (13,241) (173,769)
Proceeds from long-term debt ........................................................................ 18,908 8,178 157,304
Repayment of long-term debt......................................................................... (3,065) (5,665) (25,499)
Cash dividends paid ...................................................................................... (1,857) (1,652) (15,449)
Repayment of resort membership deposits..................................................... (1,297) — (10,790)
Cash dividends paid to minority shareholders ............................................... (268) (468) (2,230)
Other, net....................................................................................................... (114) (31) (948)
Net cash used in financing activities ........................................................... (8,582) (12,880) (71,398)
Effect of exchange rate changes on cash and cash equivalents ............. (504) 1,122 (4,193)
Net increase in cash and cash equivalents ................................................. 2,319 6,821 19,293
Cash and cash equivalents at beginning of year........................................ 40,571 32,725 337,529
Increase in cash and cash equivalents arising from inclusion
of subsidiaries in consolidation ................................................................. 85 1,025 707
Cash and cash equivalents at end of year (Note 17)................................... ¥42,976 ¥40,571 $357,537
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YAMAHA CORPORATION and Consolidated Subsidiaries
Years ended March 31, 2003 and 2002
30 YAMAHA CORPORATION