Consolidated Statements of Cash Flows
NEC CORPORATION AND CONSOLIDATED SUBSIDIARIES
For the years ended March 31, 1994, 1995 and 1996
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In thousands of
In millions of yen U.S. dollars (Note 3)
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1994 1995 1996 1996
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Cash flows from operating activities:
Net income .................................................Y 6,606 Y 35,316 Y 77,166 $ 721,178
Adjustments to reconcile net income to net cash
provided by operating activities---
Cumulative effect of change in accounting for income taxes. 1,603 ----- ----- -----
Depreciation .............................................. 213,380 222,780 260,247 2,432,215
Deferred income taxes ..................................... (6,808) (10,717) (31,878) (297,925)
Accrual for pension and severance costs, less payments .... 19,266 17,465 16,407 153,336
Provision for (reversal of) other accruals ................ (20,919) 40 1,467 13,710
Equity in earnings of affiliated companies, less dividends (4,194) (7,238) (1,760) (16,449)
Minority interest in consolidated subsidiary companies .... (1,718) (214) 4,029 37,654
(Increase) decrease in notes and accounts receivable ...... (21,747) 29,175 (174,871) (1,634,308)
(Increase) decrease in inventories ........................ 7,896 (64,596) (146,225) (1,366,589)
Increase in notes and accounts payable .................... 37,353 67,608 296,144 2,767,701
Increase in accrued taxes on income ....................... 20,454 14,017 15,774 147,421
Other, net ................................................ (7,337) (20,252) (32,702) (305,626)
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Net cash provided by operating activities .............. 243,835 283,384 283,798 2,652,318
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Cash flows from investing activities:
Proceeds from sales of property, plant and equipment ....... 6,439 16,529 12,394 115,832
Additions to property, plant and equipment ................. (191,048) (310,084) (341,907) (3,195,393)
Proceeds from sales of marketable securities ............... 37,943 96,021 11,506 107,533
Payments for purchase of marketable securities ............. (94,910) (52,958) (22,117) (206,701)
Investments in affiliated companies......................... (79) (18) (22,367) (209,037)
Disbursements for long-term loans .......................... (5,857) (15,313) (16,067) (150,159)
Decrease in long-term loans ................................ 11,208 6,918 19,349 180,832
Other, net ................................................. (2,669) 5,183 3,255 30,420
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Net cash used in investing activities .................. (238,973) (253,722) (355,954) (3,326,673)
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Cash flows from financing activities:
Proceeds from long-term debt ............................... 155,557 200,775 146,433 1,368,533
Repayment of long-term debt ................................ (77,012) (191,781) (156,516) (1,462,766)
Increase (decrease) in short-term borrowings ............... (50,037) 32,769 26,644 249,009
Dividends paid ............................................. (15,373) (15,387) (15,426) (144,168)
Other, net ................................................. (146) 905 (259) (2,421)
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Net cash provided by financing activities .............. 12,989 27,281 876 8,187
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Effect of exchange rate changes on cash and cash equivalents. (3,792) (2,419) 6,238 58,299
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Net increase (decrease) in cash and cash equivalents ........ 14,059 54,524 (65,042) (607,869)
Cash and cash equivalents at beginning of year .............. 377,464 391,523 446,047 4,168,663
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Cash and cash equivalents at end of year ....................Y 391,523 Y 446,047 Y 381,005 $ 3,560,794
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Supplemental disclosures of cash flow information:
Cash paid during the year for---
Interest ..................................................Y 87,420 Y 93,052 Y 71,138 $ 664,841
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Income taxes ..............................................Y 13,625 Y 47,746 Y 87,780 $ 820,374
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Supplemental information of noncash financing activities:
Conversion of convertible debt into common stock and
additional paid-in capital ...............................Y 458 Y 466 Y 4,568 $ 42,691
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The accompanying notes are an integral part of these statements.
