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Financial Information:
Annual Report 2003
| Consolidated
Statements of Cash Flows |
NSK Ltd. and Subsidiaries
| Millions of
yen |
Thousands
of
U.S. dollars
(Note 2) |
| For the years
ended March 31 |
2003 |
2002 |
2003 |
| Operating activities |
|
|
|
| Loss before income taxes and minority interests |
¥(2,127) |
¥(10,324) |
$(17,725) |
| Depreciation and amortization |
28,812 |
27,536 |
240,100 |
| Provision for retirement benefits |
(15,076) |
(1,463) |
(125,633) |
| Amortization of excess of cost over net assets
acquired |
- |
400 |
- |
| Interest expense |
6,567 |
7,757 |
54,725 |
| Loss on devaluation of investment securities |
12,899 |
12,898 |
107,492 |
| Gain on sales of property, plant and equipment |
(881) |
(9,276) |
(7,342) |
| Gain on sales of investment securities |
(3,203) |
(313) |
(26,692) |
| Decrease (increase) in notes and accounts
receivable |
(2,354) |
34,813 |
(19,617) |
| Decrease in inventories |
10,577 |
10,292 |
88,142 |
| (Decrease) increase in notes and accounts
payable |
1,316 |
(19,753) |
10,967 |
| Other, net |
3,296 |
(5,690) |
27,467 |
|
| Subtotal |
39,826 |
46,875 |
331,883 |
| Interest paid |
(7,475) |
(7,139) |
(62,292) |
| Income taxes paid |
(1,389) |
(9,404) |
(11,575) |
|
| Net cash provided by operating activities |
30,961 |
30,331 |
258,008 |
|
| |
|
|
|
| Investing activities |
|
|
|
| Additions to property, plant and equipment |
(24,734) |
(42,393) |
(206,117) |
| Proceeds from sales of property, plant and
equipment |
3,065 |
11,039 |
25,542 |
| Increase in investments in affiliated companies |
(565) |
(75) |
(4,708) |
Acquisition of subsidiaries’ stock resulting
in
changes in scope of consolidation
(Note 17) |
- |
42 |
- |
Proceeds from sales of subsidiaries’
stock resulting in
changes in scope
of consolidation (Note 17) |
1,046 |
- |
8,717 |
| (Increase) decrease in investment securities |
6,139 |
(2,093) |
51,158 |
| Other, net |
(1,174) |
(892) |
(9,783) |
|
| Net cash used in investing activities |
(16,223) |
(34,372) |
(135,192) |
|
| |
|
|
|
| Financing activities |
|
|
|
| Decrease in short-term debt |
(7,025) |
(9,898) |
(58,542) |
| Proceeds from issuance of bonds |
20,000 |
- |
166,667 |
| Payments of bonds |
(20,000) |
- |
(166,667) |
| Increase in long-term debt |
1,866 |
30,594 |
15,550 |
| Cash dividends paid |
(2,721) |
(3,085) |
(22,675) |
| Acquisition of NSK treasury stock |
(3,665) |
(4,462) |
(30,542) |
| Other, net |
(273) |
(228) |
(2,275) |
|
| Net cash provided by (used in) financing activities |
(11,819) |
12,919 |
(98,492) |
|
| |
|
|
|
| Effect of exchange rate changes on cash and cash equivalents |
(539) |
967 |
(4,492) |
|
| Net increase in cash and cash equivalents |
2,380 |
9,846 |
19,833 |
| Cash and cash equivalents at beginning of the year |
56,558 |
46,712 |
471,317 |
|
| Cash and cash equivalents at end of the year |
¥58,938 |
¥56,558 |
$491,150 |
|
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|
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|
The accompanying notes are an integral part
of these statements.
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