Consolidated Statements of Cash Flows
NEC CORPORATION AND CONSOLIDATED SUBSIDIARIES
For the years ended March 31, 1995, 1996 and 1997
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In thousands of
In millions of yen U.S. dollars (Note 3)
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1995 1996 1997 1997
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Cash flows from operating activities:
Net income...................................................... Y 35,316 Y 77,166 Y 91,581 $ 738,556
Adjustments to reconcile net income to net cash
provided by operating activities--
Depreciation................................................... 222,780 260,247 272,933 2,201,073
Deferred income taxes.......................................... (10,717) (31,878) (2,193) (17,685)
Accrual for pension and severance costs, less payments......... 17,465 16,407 10,614 85,597
Equity in earnings of affiliated companies, net of dividends... (7,238) (1,760) 12,514 100,919
Minority interest in consolidated subsidiary companies......... (214) 4,029 5,018 40,468
(Increase) decrease in notes and accounts receivable........... 29,175 (174,871) 46,925 378,427
(Increase) decrease in inventories............................. (64,596) (146,225) 126,946 1,023,758
Increase (decrease) in notes and accounts payable.............. 67,608 296,144 (179,355) (1,446,411)
Increase (decrease) in accrued taxes on income................. 14,017 15,774 (48,009) (387,169)
Increase (decrease) in employees' savings deposits............. (24,279) 5,333 (92,302) (744,371)
Other, net..................................................... 4,067 (36,568) 57,160 460,967
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Net cash provided by operating activities................... 283,384 283,798 301,832 2,434,129
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Cash flows from investing activities:
Proceeds from sales of property, plant and equipment............ 16,529 12,394 40,072 323,161
Additions to property, plant and equipment...................... (310,084) (341,907) (452,109) (3,646,040)
Proceeds from sales of marketable securities.................... 96,021 11,506 118,259 953,702
Payments for purchase of marketable securities.................. (52,958) (22,117) (104,419) (842,089)
Investments in affiliated companies............................. (18) (22,367) (71,064) (573,097)
Disbursements for long-term loans............................... (15,313) (16,067) (5,694) (45,919)
Decrease in long-term loans..................................... 6,918 19,349 10,236 82,548
Other, net...................................................... 5,183 3,255 (2,981) (24,040)
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Net cash used in investing activities....................... (253,722) (355,954) (467,700) (3,771,774)
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Cash flows from financing activities:
Proceeds from long-term debt.................................... 200,775 146,433 207,269 1,671,524
Repayment of long-term debt..................................... (191,781) (156,516) (150,220) (1,211,451)
Increase in short-term borrowings............................... 32,769 26,644 91,252 735,903
Dividends paid.................................................. (15,387) (15,426) (17,782) (143,403)
Other, net...................................................... 905 (259) (540) (4,355)
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Net cash provided by financing activities................... 27,281 876 129,979 1,048,218
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Effect of exchange rate changes on cash and cash equivalents..... (2,419) 6,238 5,378 43,371
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Net increase (decrease) in cash and cash equivalents............. 54,524 (65,042) (30,511) (246,056)
Cash and cash equivalents at beginning of year................... 391,523 446,047 381,005 3,072,621
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Cash and cash equivalents at end of year......................... Y 446,047 Y 381,005 Y 350,494 $2,826,565
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Supplemental disclosures of cash flow information:
Cash paid during the year for--
Interest....................................................... Y 93,052 Y 71,138 Y 62,941 $ 507,589
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Income taxes................................................... Y 47,746 Y 87,780 Y 71,399 $ 575,798
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Supplemental information of noncash financing activities:
Conversion of convertible debt into common stock and
additional paid-in capital.................................... Y 466 Y 4,568 Y 19,326 $ 155,855
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The accompanying notes are an integral part of these statements.
