Consolidated Statements of Cash Flows
NEC CORPORATION AND CONSOLIDATED SUBSIDIARIES
For the years ended March 31, 1993, 1994 and 1995
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In thousands of
In millions of yen U.S. dollars (Note 2)
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1993 1994 1995 1995
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Cash flows from operating activities:
Net income (loss) ..........................................Y (45,160) Y 6,606 Y 35,316 $ 405,931
Adjustments to reconcile net income (loss) to net cash
provided by operating activities---
Cumulative effect of change in accounting for
income taxes .............................................. ----- 1,603 ----- -----
Depreciation .............................................. 226,456 213,380 222,780 2,560,689
Deferred income taxes ..................................... 5,303 (6,808) (10,717) (123,184)
Accrual for pension and severance costs, less payments .... 19,188 19,266 17,465 200,747
Provision for (reversal of) other accruals ................ (19,967) (20,919) 40 460
Equity in earnings of affiliated companies,
less dividends ............................................ (5,590) (4,194) (7,238) (83,195)
Minority interest in consolidated subsidiary companies .... (5,133) (1,718) (214) (2,460)
(Increase) decrease in notes and accounts receivable ...... 27,777 (21,747) 29,175 335,345
(Increase) decrease in inventories ........................ 10,324 7,896 (64,596) (742,483)
Increase (decrease) in notes and accounts payable ......... (76,028) 37,353 67,608 777,103
Increase (decrease) in accrued taxes on income ............ (2,107) 20,454 14,017 161,115
Other, net ................................................ 47,866 (7,337) (20,252) (232,781)
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Net cash provided by operating activities .............. 182,929 243,835 283,384 3,257,287
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Cash flows from investing activities:
Proceeds from sales of property, plant and equipment ....... 2,943 6,439 16,529 189,989
Additions to property, plant and equipment ................. (258,108) (191,048) (310,084) (3,564,184)
(Increase) decrease in time deposits ....................... 3,225 1,519 (351) (4,034)
Proceeds from sales of marketable securities ............... 21,199 37,943 96,021 1,103,690
Payments for purchase of marketable securities ............. (16,669) (94,910) (52,958) (608,713)
Disbursements for long-term loans .......................... (6,678) (5,857) (15,313) (176,011)
Decrease in long-term loans ................................ 6,675 11,208 6,918 79,517
Other, net ................................................. (16,762) (4,267) 5,516 63,402
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Net cash used in investing activities .................. (264,175) (238,973) (253,722) (2,916,344)
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Cash flows from financing activities:
Proceeds from long-term debt ............................... 278,832 155,557 200,775 2,307,759
Repayment of long-term debt ................................ (172,997) (77,012) (191,781) (2,204,379)
Increase (decrease) in short-term borrowings ............... (25,706) (50,037) 32,769 376,655
Dividends paid ............................................. (15,379) (15,373) (15,387) (176,862)
Other, net ................................................. (118) (146) 905 10,402
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Net cash provided by financing activities .............. 64,632 12,989 27,281 313,575
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Effect of exchange rate changes on cash
and cash equivalents ........................................ (3,637) (3,792) (2,419) (27,805)
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Net increase (decrease) in cash and cash equivalents ........ (20,251) 14,059 54,524 626,713
Cash and cash equivalents at beginning of year .............. 397,715 377,464 391,523 4,500,264
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Cash and cash equivalents at end of year ....................Y 377,464 Y 391,523 Y 446,047 $ 5,126,977
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Supplemental disclosures of cash flow information:
Cash paid during the year for---
Interest ..................................................Y 93,053 Y 87,420 Y 93,052 $ 1,069,563
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Income taxes ..............................................Y 12,663 Y 13,625 Y 47,746 $ 548,805
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Supplemental information of noncash financing activities:
Conversion of convertible debt into common stock and
additional paid-in capital ...............................Y 120 Y 458 Y 466 $ 5,356
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The accompanying notes are an integral part of these statements.
