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49
page
Sony Corporation Annual Report 1999
Dollars in thousands
Yen in millions (Note 3)
1997 1998 1999 1999
Cash flows from operating activities:
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥139,460 ¥222,068 ¥179,004 $1,491,700
Adjustments to reconcile net income to net cash
provided by operating activities—
Depreciation and amortization, including amortization
of deferred insurance acquisition costs . . . . . . . . . . . . . 266,532 301,665 307,173 2,559,775
Accrual for pension and severance costs, less payments . . . . 19,521 40,367 25,817 215,142
Loss on disposal of fixed assets . . . . . . . . . . . . . . . . . . . 13,411 22,678 15,079 125,658
Gain on securities contribution to
employee retirement benefit trust . . . . . . . . . . . . . . . . — — (58,698) (489,150)
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . (5,490) 4,755 18,587 154,892
Changes in assets and liabilities:
(Increase) decrease in notes and accounts receivable . . . . (65,905) (113,050) 38,942 324,517
(Increase) decrease in inventories . . . . . . . . . . . . . . . 41,825 (96,138) 70,693 589,108
Increase in film inventories . . . . . . . . . . . . . . . . . . . . (37,565) (7,194) (27,103) (225,858)
Increase (decrease) in notes and accounts payable . . . . . . 66,099 109,785 (24,063) (200,525)
Increase (decrease) in accrued income and other taxes . . . . 89,887 (28,775) (30,125) (251,042)
Increase in future insurance policy benefits and other . . . 131,947 134,707 199,967 1,666,391
Increase in deferred insurance acquisition costs . . . . . . (51,067) (39,553) (57,417) (478,475)
Changes in other current assets and liabilities, net . . . . 70,880 86,203 55,286 460,717
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,600 (25,168) (49,875) (415,625)
Net cash provided by operating activities . . . . . . . . . . 723,135 612,350 663,267 5,527,225
Cash flows from investing activities:
Payments for purchases of fixed assets . . . . . . . . . . . . . . . . (298,187) (378,053) (368,355) (3,069,625)
Proceeds from sales of fixed assets . . . . . . . . . . . . . . . . . . 14,940 22,413 28,783 239,858
Payments for investments and advances . . . . . . . . . . . . . . . (450,399) (463,239) (741,053) (6,175,442)
Proceeds from sales of investment securities and
collections of advances . . . . . . . . . . . . . . . . . . . . . . . . . 316,787 323,443 530,097 4,417,475
Proceeds from merger of Loews Theatres
exhibition business (Note 6) . . . . . . . . . . . . . . . . . . . . . . — — 53,007 441,725
Payments for purchases of marketable securities . . . . . . . . . (128,929) (95,163) (121,483) (1,012,358)
Proceeds from sales of marketable securities . . . . . . . . . . . . 46,105 46,730 171,868 1,432,233
(Increase) decrease in time deposits . . . . . . . . . . . . . . . . . (18,361) (54,831) 79,876 665,634
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 — ——
Net cash used in investing activities . . . . . . . . . . . . . . (517,998) (598,700) (367,260) (3,060,500)
Cash flows from financing activities:
Proceeds from issuance of long-term debt. . . . . . . . . . . . . . 171,698 342,101 54,208 451,733
Payments of long-term debt . . . . . . . . . . . . . . . . . . . . . . . (209,383) (332,154) (69,889) (582,408)
Decrease in short-term borrowings . . . . . . . . . . . . . . . . . . . (192,034) (2,345) (71,601) (596,675)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18,657) (21,582) (24,501) (204,175)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 881 (3,790) (445) (3,708)
Net cash used in financing activities . . . . . . . . . . . . . . (247,495) (17,770) (112,228) (935,233)
Effect of exchange rate changes on cash and cash equivalents . . 11,537 (1,112) (14,855) (123,792)
Net increase (decrease) in cash and cash equivalents . . . . . . (30,821) (5,232) 168,924 1,407,700
Cash and cash equivalents at beginning of year . . . . . . . . . . 459,339 428,518 423,286 3,527,383
Cash and cash equivalents at end of year . . . . . . . . . . . . . . ¥428,518 ¥423,286 ¥592,210 $4,935,083
Supplemental data:
Cash paid during the year for—
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 87,723 ¥239,054 ¥191,378 $1,594,817
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,004 64,102 49,096 409,133
The accompanying notes are an integral part of these statements.
Consolidated Statements of Cash Flows
Sony Corporation and Consolidated Subsidiaries •Year ended March 31