Yamaha 2009 Annual Report Download - page 56

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Consolidated Statements of Cash Flows
Yamaha Corporation and Consolidated Subsidiaries
Years ended March 31, 2009 and 2008
Millions of Yen
Thousands of
U.S. Dollars
(Note 3)
2009 2008 2009
Net cash provided by (used in) operating activities:
Income (loss) before income taxes and minority interests ¥ (12,159) ¥ 62,510 $ (123,781)
Depreciation and amortization 17,912 20,289 182,348
Loss on impairment of fixed assets 15,323 —155,991
Amortization of goodwill 1,422 539 14,476
Decrease in allowance for doubtful accounts (116) (366) (1,181)
Loss on sale of investments in capital of subsidiaries and affiliates —21 —
Loss on valuation of stocks of subsidiaries and affiliates 163 63 1,659
Loss on valuation of investments in capital of subsidiaries and affiliates 3,301 66 33,605
Loss on valuation of investment securities 277 263 2,820
Increase (decrease) in provision for retirement benefits 2,456 (1,276) 25,003
Interest and dividends income (2,601) (3,925) (26,479)
Interest expenses 615 1,068 6,261
Foreign exchange losses (gains) (144) 393 (1,466)
Equity in (earnings) losses of affiliates 7(145) 71
Gain on sales of investment securities (4) (763) (41)
Gain on sales of subsidiaries’ and affiliates’ stock, net —(29,057) —
Loss (gain) on sales or disposal of property, plant and equipment, net 621 (786) 6,322
Business restructuring expenses 4,863 —49,506
Special retirement expenses 96 814 977
Gain on liquidation of subsidiaries (231) —(2,352)
Decrease in notes and accounts receivable-trade 13,432 3,093 136,740
Increase in inventories (8,859) (3,844) (90,186)
Decrease in notes and accounts payable-trade (9,540) (1,800) (97,119)
Other, net (7,433) (4,040) (75,669)
Subtotal 19,399 43,118 197,485
Interest and dividend income received 2,649 3,912 26,967
Interest expenses paid (638) (1,079) (6,495)
Income taxes paid (23,646) (8,725) (240,721)
Net cash provided by (used in) operating activities (2,235) 37,225 (22,753)
Net cash provided by (used in) investing activities:
Net decrease (increase) in time deposits 423 (298) 4,306
Payments for purchases of property, plant and equipment (20,522) (25,364) (208,918)
Proceeds from sales of property, plant and equipment 1,397 6,316 14,222
Payments for purchase of investments in subsidiaries resulting in change in scope of consolidation (Note 16) (8,073) —(82,185)
Payments for purchase of investment securities (99) (84) (1,008)
Proceeds from sales and redemption of investment securities 3,015 811 30,693
Payments for purchase of subsidiaries’ and affiliates’ stock (630) (2,268) (6,414)
Proceeds from sales of subsidiaries’ and affiliates’ stock 60 67,778 611
Payments for purchase of investments in capital of subsidiaries and affiliates (869) (3,020) (8,847)
Decrease due to exclusion of subsidiaries from consolidation resulting from sales of equity investments —(3) —
Other, net (702) (1,866) (7,146)
Net cash provided by (used in) investing activities (25,999) 41,999 (264,675)
Net cash provided by (used in) financing activities:
Net increase in short-term loans payable 176 190 1,792
Proceeds from long-term loans payable 2,756 2,212 28,057
Repayment of long-term loans payable (4,622) (4,256) (47,053)
Proceeds from deposits received from membership 17 13 173
Repayments for deposits received from membership (485) (9,483) (4,937)
Purchases of treasury stock (18,032) (29) (183,569)
Cash dividends paid (10,581) (7,736) (107,717)
Cash dividends paid to minority shareholders (228) (224) (2,321)
Other, net (41) —(417)
Net cash used in financing activities (31,041) (19,314) (316,003)
Effect of exchange rate changes on cash and cash equivalents (3,668) (2,398) (37,341)
Net increase (decrease) in cash and cash equivalents (62,943) 57,512 (640,772)
Cash and cash equivalents at beginning of period 103,371 45,926 1,052,336
Increase in cash and cash equivalents from newly consolidated subsidiary 1,107 41 11,269
Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation (311) (108) (3,166)
Cash and cash equivalents at end of period (Note 16) ¥ 41,223 ¥103,371 $ 419,658
See notes to consolidated financial statements.
54 Yamaha Corporation