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| U.S. dollars | ||||
| Yen | (thousands) | |||
| (millions) | (Note 2) | |||
| Years ended March 31 | 1994 | 1995 | 1996 | 1996 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Income before income taxes | 26,227 | 85,371 | 127,686 | 1,204,585 |
| Adjustments to reconcile income before income taxes to net cash provided by operating activities: | ||||
| Depreciation and amortization | 221,900 | 211,805 | 241,543 | 2,278,708 |
| Accrual for severance benefits, less payments | 9,103 | 11,700 | 13,822 | 130,396 |
| Provision for loss on repurchase of computers | 60,181 | 62,029 | 54,066 | 510,057 |
| Reversal of provision for loss on repurchase of computers | (75,020) | (70,733) | (61,846) | (583,453) |
| Interest charges | 64,580 | 55,454 | 48,589 | 458,387 |
| Interest and dividend income | (15,441) | (13,858) | (10,976) | (103,547) |
| Gain on sales of marketable securities | (30,646) | - | - | - |
| Loss on disposal of property, plant and equipment | 4,565 | 6,333 | 9,824 | 92,679 |
| (Increase) decrease in receivables, trade | 73,739 | 2,880 | (146,983) | (1,386,632) |
| (Increase) decrease in inventories | 29,733 | (65,242) | (177,681) | (1,676,236) |
| (Increase) decrease in other current assets | 6,181 | (17,377) | (21,736) | (205,057) |
| Increase (decrease) in payables, trade | (17,204) | 58,175 | 146,323 | 1,380,406 |
| Increase (decrease) in other current liabilities | (18,643) | 17,806 | 58,338 | 550,358 |
| Other, net | (3,867) | 1,063 | (5,258) | (49,604) |
| Cash generated from operations | 335,388 | 345,406 | 275,711 | 2,601,047 |
| Interest paid | (64,983) | (64,493) | (49,196) | (464,113) |
| Interest received | 13,119 | 11,188 | 10,059 | 94,896 |
| Dividends received | 2,539 | 2,203 | 2,095 | 19,764 |
| Income taxes paid | (28,590) | (42,707) | (66,967) | (631,764) |
| Net cash provided by operating activities | 257,473 | 251,597 | 171,702 | 1,619,830 |
| Cash flows from investing activities: | ||||
| Acquisitions of property, plant and equipment | (164,033) | (228,293) | (388,860) | (3,668,491) |
| Proceeds from sales of equipment | 3,766 | 3,312 | 2,541 | 23,972 |
| Increase in investments and long-term loans | (40,116) | (5,262) | (41,761) | (393,972) |
| Proceeds from sales of marketable securities | 56,607 | - | - | - |
| (Increase) decrease in short-term investments | (13,047) | (5,875) | 14,452 | 136,340 |
| Other, net | (3,782) | (1,661) | (15,998) | (150,925) |
| Net cash used in investing activities | (160,605) | (237,779) | (429,626) | (4,053,076) |
| Cash flows from financing activities: | ||||
| Proceeds from long-term debt | 191,883 | 184,722 | 206,483 | 1,947,953 |
| Repayment of long-term debt | (178,683) | (181,788) | (88,564) | (835,510) |
| Increase (decrease) in short-term borrowings | (95,585) | (2,276) | 176,176 | 1,662,038 |
| Proceeds from issuance of common stock to minority interests | 1,384 | 16,497 | 9,795 | 92,406 |
| Dividends paid | (10,883) | (18,166) | (18,289) | (172,538) |
| Other, net | 136 | (676) | 8,367 | 78,934 |
| Net cash provided by (used in) financing activities | (91,748) | (1,687) | 293,968 | 2,773,283 |
| Effect of exchange rate changes on cash and cash equivalents | (5,058) | (4,368) | 8,843 | 83,425 |
| Net increase in cash and cash equivalents | 62 | 7,763 | 44,887 | 423,462 |
| Cash and cash equivalents at beginning of year | 381,226 | 381,288 | 389,051 | 3,670,293 |
| Cash and cash equivalents at end of year | 381,288 | 389,051 | 433,938 | 4,093,755 |
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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