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Annual Report 1998 Sony Corporation [53]
Dollars in thousands
Yen in millions (Note 3)
1996 1997 1998 1998
Cash flows from operating activities:
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 54,252 ¥139,460 ¥222,068 $1,682,333
Adjustments to reconcile net income to net cash
provided by operating activities—
Depreciation and amortization, including amortization
of deferred insurance acquisition costs . . . . . . . . . . . 227,316 266,532 301,665 2,285,341
Accrual for pension and severance costs, less payments
. . . . 9,604 19,521 40,367 305,811
Loss on disposal of fixed assets . . . . . . . . . . . . . . . . . 9,429 13,411 22,678 171,803
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . 5,070 (5,490) 4,755 36,023
Changes in assets and liabilities:
Increase in notes and accounts receivable . . . . . . . . (150,158) (65,905) (113,050) (856,439)
(Increase) decrease in inventories . . . . . . . . . . . . . (69,157) 41,825 (96,138) (728,318)
Increase in other current assets . . . . . . . . . . . . . . . (32,117) (2,906) (69,198) (524,227)
Increase (decrease) in notes and accounts payable . . (4,169) 66,099 109,785 831,704
Increase (decrease) in accrued income and other taxes . (6,064) 89,887 (28,775) (217,992)
Increase in other current liabilities. . . . . . . . . . . . . 54,438 73,786 155,401 1,177,280
Increase in future insurance policy benefits and other
. . 174,223 131,947 134,707 1,020,507
Increase in deferred insurance acquisition costs . . . . (42,798) (51,067) (39,553) (299,644)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,308 6,035 (32,362) (245,167)
Net cash provided by operating activities . . . . . . . . 234,177 723,135 612,350 4,639,015
Cash flows from investing activities:
Payments for purchases of fixed assets . . . . . . . . . . . . . . (250,157) (298,187) (378,053) (2,864,038)
Proceeds from sales of fixed assets . . . . . . . . . . . . . . . . 22,823 14,940 22,413 169,795
Payments for investments and advances . . . . . . . . . . . . . (490,330) (450,399) (463,239) (3,509,386)
Proceeds from sales of investment securities and
collections of advances . . . . . . . . . . . . . . . . . . . . . . . 313,769 316,787 323,443 2,450,326
Payments for purchases of marketable securities . . . . . . . (54,964) (128,929) (95,163) (720,932)
Proceeds from sales of marketable securities . . . . . . . . . . 101,913 46,105 46,730 354,015
Increase in time deposits . . . . . . . . . . . . . . . . . . . . . . . (12,359) (18,361) (54,831) (415,386)
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,694) 46 ——
Net cash used in investing activities . . . . . . . . . . . . (370,999) (517,998) (598,700) (4,535,606)
Cash flows from financing activities:
Proceeds from issuance of long-term debt. . . . . . . . . . . . 381,239 171,698 342,101 2,591,674
Payments of long-term debt . . . . . . . . . . . . . . . . . . . . . (87,500) (209,383) (332,154) (2,516,318)
Decrease in short-term borrowings . . . . . . . . . . . . . . . . . (145,527) (192,034) (2,345) (17,765)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18,772) (18,657) (21,582) (163,500)
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,037 881 (3,790) (28,712)
Net cash provided by (used in) financing activities. . . . 130,477 (247,495) (17,770) (134,621)
Effect of exchange rate changes on cash and
cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,871) 11,537 (1,112) (8,424)
Net decrease in cash and cash equivalents . . . . . . . . . . . (16,216) (30,821) (5,232) (39,636)
Cash and cash equivalents at beginning of year . . . . . . . . 475,555 459,339 428,518 3,246,348
Cash and cash equivalents at end of year . . . . . . . . . . . . ¥459,339 ¥428,518 ¥423,286 $3,206,712
The accompanying notes are an integral part of these statements.
[ Consolidated Statements of Cash Flows ]
Sony Corporation and Consolidated Subsidiaries •Year ended March 31