Consolidated Statements of Cash Flows
NSK Ltd. and Consolidated Subsidiaries
| Millions of yen | Thousands of U.S. dollars (Note 2) |
||
| Year ended March 31, | 2007 | 2006 | 2007 |
|---|---|---|---|
| Operating activities | |||
| Income before income taxes and minority interests | ¥57,037 |
¥43,068 | $483,364 |
| Depreciation and amortization | 35,316 | 30,099 | 299,288 |
| Provision for retirement benefits | (11,010) | 2,344 | (93,305) |
| Amortization of goodwill | 730 | 490 | 6,186 |
| Interest expense | 5,473 | 4,566 | 46,381 |
| Gain on sales of property, plant and equipment | (1,342) | (1,681) | (11,373) |
| Gain on sales of investment securities | - | (5,879) | - |
| (Increase) decrease in notes and accounts receivable | (7,884) | 3,491 | (66,814) |
| Decrease (increase) in inventories | 477 | (10,665) | 4,042 |
| Increase in notes and accounts payable | 8,223 | 10,069 | 69,686 |
| Other, net | (7,662) | 1,191 | (64,932) |
| Subtotal | 79,357 | 77,095 | 672,517 |
| Interest and dividends received | 7,339 | 3,757 | 62,195 |
| Interest paid | (5,660) | (4,414) | (47,966) |
| Income taxes paid | (16,883) | (10,105) | (143,076) |
| Net cash provided by operating activities | 64,153 | 66,332 | 543,669 |
| Investing activities | |||
| Additions to property, plant and equipment | (39,062) | (47,157) | (331,034) |
| Proceeds from sales of property, plant and equipment | 2,020 | 3,148 | 17,119 |
| Proceeds from sales of stock in companies accounted for by the equity method |
- | 782 | - |
| Acquisition of stock in subsidiaries resulting in changes in scope of consolidation (Note 18) |
- | (27,539) | - |
| Net cash outflows from sales of stock in subsidiaries resulting in changes in scope of consolidation |
- | (130) | - |
| Proceeds from sales of stock in subsidiaries resulting in changes in scope of consolidation (Note 18) |
1,861 | - | 15,771 |
| (Increase) decrease in investment securities | (1,199) | 9,612 | (10,161) |
| Other, net | (28,221) | (1,101) | (239,161) |
| Net cash used in investing activities | (64,600) | (62,386) | (547,458) |
| Financing activities | |||
| Increase in short-term debt | 4,704 | 336 | 39,864 |
| Net (decrease) increase in commercial paper | (5,000) | 5,000 | (42,373) |
| Proceeds from issuance of bonds | 40,000 | 25,000 | 338,983 |
| Payments of bonds | (10,000) | (10,000) | (84,746) |
| Decrease in long-term debt | (1,277) | (6,206) | (10,822) |
| Cash dividends paid | (7,291) | (5,935) | (61,788) |
| Acquisition of treasury stock | (121) | (59) | (1,025) |
| Other, net | (84) | (534) | (712) |
| Net cash provided by financing activities | 20,929 | 7,600 | 177,364 |
| Effect of exchange rate changes on cash and cash equivalents | 969 | 878 | 8,212 |
| Net increase in cash and cash equivalents | 21,452 | 12,424 | 181,797 |
| Cash and cash equivalents at beginning of the year | 51,812 | 39,387 | 439,085 |
| Increase in cash and cash equivalents resulting from changes in fiscal year ends of consolidated subsidiaries |
54 | - | 458 |
| Cash and cash equivalents at end of the year | ¥73,319 | ¥51,812 | $621,347 |
The accompanying notes are an integral part of these statements.