Consolidated Statements of Cash Flows

Year ended March 31

Millions of yen

	FY2003	FY2004	FY2005	FY2006	FY2007	FY2008
Operatings activities
Net income	48,579	82,317	84,500	37,016	34,446	104,431
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	173,986	172,622	182,286	225,434	215,429	226,753
Impairment losses for long-lived assets and goodwill				42,121	12,202	6,910
Decline in value of investment securities	17,038	466	304	122	23,946	864
Deffered income taxes	(1,737)	1,632	8,806	(17,732)	(3,377)	8,821
Minority interests	12,835	13,289	18,103	12,785	12,643	15,474
Equity in net earnings of affiliated companies, less dividends received	(944)	(667)	(2,031)	(3,899)	(1,987)	95
Subsidy related to transfer of substitutional portion of employee pension fund liabilities	(52,136)		(83,129)
Changes in operating assets and liabilities:
Notes and accounts receivable	(95)	(20,519)	19,593	(7,223)	(9,637)	(12,990)
Inventories	12,771	174	(5,964)	15,118	10,976	(30,479)
Notes and accounts payable - trade	16,819	19,719	(23,320)	(33,486)	12,700	10,169
Accrued income taxes and other liabilities	50,987	40,481	20,869	(9,909)	1,326	(52,001)
Other	25,397	17,844	(656)	12,211	(11,391)	20,063
Net cash provided by operating activities	303,500	327,358	219,361	272,558	297,276	298,110
Investing activities
Purchases of property, plant and equipment	(122,624)	(160,070)	(150,915)	(186,980)	(172,572)	(166,136)
Purchases of software	(37,553)	(37,367)	(33,050)	(16,693)	(20,483)	(20,714)
Proceeds from sales and maturities of marketable and investment securities and other investments	33,058	46,672	40,733	83,629	109,116	141,615
Purchases of marketable and investment securities and other investments	(23,656)	(16,634)	(85,287)	(58,757)	(146,911)	(47,303)
(Increase) decrease in investments in and advances to affiliated companies	(6,361)	1,702	(1,156)	(19,237)	1,383	(41,039)
Acquisitions of businesses and minority interests, net of cash acquired	(33,486)	(21,901)	(58,010)	(40,587)	(45,741)	(98,973)
Other	(11,306)	(19,588)	(24,716)	(33,504)	(22,793)	(27,165)
Net cash used in investing activities	(201,928)	(207,186)	(312,401)	(272,129)	(298,001)	(259,715)
Financing activities
Proceeds from long-term debt	16,055	6,604	1,940	1,728	200,568	2,602
Repayments of long-term debt	(28,708)	(25,787)	(19,085)	(21,452)	(29,725)	(10,124)
Increase (decrease) in short-term debt, net	(29,902)	(27,615)	(31,042)	(43,119)	6,120	(10,579)
Cash dividends paid	(12,861)	(12,833)	(12,831)	(12,734)	(12,754)	(15,335)
Subsidiaries' cash dividends paid to minority interests	(4,579)	(3,550)	(7,091)	(4,941)	(5,220)	(4,658)
Net sales (purchases) of stock for treasury	(4,257)	(335)	(15,297)	209	(702)	(34,214)
Net cash provided by (used in) financing activities	(64,252)	(63,516)	(83,406)	(80,309)	158,287	(72,308)
Effect of exchange rate changes on cash and cash equivalents	(4,780)	(5,022)	2,839	10,321	8,559	(19,880)
Net increase (decrease) in cash and cash equivalents	32,540	51,634	(173,607)	(69,559)	166,121	(53,793)
Change of fiscal year-end of certain subsidiaries	(4,311)
Cash and cash equivalents at beginning of year	381,901	410,130	461,764	288,157	218,598	384,719
Cash and cash equivalents at end of year	410,130	461,764	288,157	218,598	384,719	330,926

Downloadable EXCEL File (FY2003 - FY2008)

Consolidated Statements of Cash Flows (EXCEL:22KB)

Consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.