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| U.S. dollars | ||||
| Yen | (thousands) | |||
| (millions) | (Note 2) | |||
| Years ended March 31 | 1995 | 1996 | 1997 | 1997 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Income before income taxes | 85,371 | 127,686 | 143,074 | 1,153,823 |
| Adjustments to reconcile income before income taxes to net cash provided by operating activities: | ||||
| Depreciation and amortization | 211,805 | 241,543 | 299,892 | 2,418,484 |
| Accrual for severance benefits, less payments | 11,700 | 13,822 | 14,781 | 119,201 |
| Provision for loss on repurchase of computers | 62,029 | 54,066 | 53,272 | 429,613 |
| Reversal of provision for loss on repurchase of computers | (70,733) | (61,846) | (57,697) | (465,298) |
| Interest charges | 55,454 | 48,589 | 49,276 | 397,387 |
| Interest and dividend income | (13,858) | (10,976) | (9,758) | (78,694) |
| Loss on disposal of property, plant and equipment | 6,333 | 9,824 | 11,656 | 94,000 |
| (Increase) decrease in receivables, trade | 2,880 | (146,983) | (155,299) | (1,252,411) |
| (Increase) in inventories | (65,242) | (177,681) | (26,835) | (216,411) |
| (Increase) decrease in other current assets | (17,377) | (21,736) | 941 | 7,589 |
| Increase in payables, trade | 58,175 | 146,323 | 103,991 | 838,637 |
| Increase (decrease) in other current liabilities | 17,806 | 58,338 | (31,831) | (256,702) |
| Other, net | 1,063 | (5,258) | (5,505) | (44,395) |
| Cash generated from operations | 345,406 | 275,711 | 389,958 | 3,144,823 |
| Interest paid | (64,493) | (49,196) | (48,113) | (388,008) |
| Interest received | 11,188 | 10,059 | 6,829 | 55,072 |
| Dividends received | 2,203 | 2,095 | 2,808 | 22,645 |
| Income taxes paid | (42,707) | (66,967) | (68,450) | (552,016) |
| Net cash provided by operating activities | 251,597 | 171,702 | 283,032 | 2,282,516 |
| Cash flows from investing activities: | ||||
| Acquisitions of property, plant and equipment | (228,293) | (388,860) | (438,969) | (3,540,073) |
| Proceeds from sales of equipment | 3,312 | 2,541 | 8,250 | 66,532 |
| Increase in investments and long-term loans | (5,262) | (41,761) | (22,699) | (183,056) |
| (Increase) decrease in short-term investments | (5,875) | 14,452 | (11,153) | (89,943) |
| Other, net | (1,661) | (15,998) | 19,914 | 160,597 |
| Net cash used in investing activities | (237,779) | (429,626) | (444,657) | (3,585,943) |
| Cash flows from financing activities: | ||||
| Proceeds from long-term debt | 184,722 | 206,483 | 274,100 | 2,210,484 |
| Repayment of long-term debt | (181,788) | (88,564) | (128,399) | (1,035,476) |
| Increase (decrease) in short-term borrowings | (2,276) | 176,176 | (1,416) | (11,419) |
| Proceeds from issuance of common stock to minority interests | 16,497 | 9,795 | 8,828 | 71,193 |
| Dividends paid | (18,166) | (18,289) | (18,413) | (148,492) |
| Other, net | (676) | 8,367 | (5,721) | (46,137) |
| Net cash provided by (used in) financing activities | (1,687) | 293,968 | 128,979 | 1,040,153 |
| Effect of exchange rate changes on cash and cash equivalents | (4,368) | 8,843 | 12,608 | 101,677 |
| Net increase (decrease) in cash and cash equivalents | 7,763 | 44,887 | (20,038) | (161,597) |
| Cash and cash equivalents at beginning of year | 381,288 | 389,051 | 433,938 | 3,499,500 |
| Cash and cash equivalents at end of year | 389,051 | 433,938 | 413,900 | 3,337,903 |
The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.
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