Sony 2008 Annual Report Download - page 98

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96
Yen in millions
2006 2007 2008
Cash flows from operating activities:
Net income ......................................................
¥ 123,616 ¥ 126,328 ¥ 369,435
Adjustments to reconcile net income to net cash provided
by operating activities—
Depreciation and amortization, including amortization of deferred insurance
acquisition costs ...............................................
381,843 400,009 428,010
Amortization of film costs ..........................................
286,655 368,382 305,468
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
150 3,838 4,130
Accrual for pension and severance costs, less payments . . . . . . . . . . . . . . . . .
(7,563) (22,759) (17,589)
Gain on the transfer to the Japanese government of the substitutional
portion of employee pension fund, net ...............................
(73,472) — —
(Gain) loss on sale, disposal or impairment of assets, net . . . . . . . . . . . . . . . . .
73,939 5,820 (37,841)
(Gain) loss on sale or devaluation of securities investments, net . . . . . . . . . . . .
(5,767) (13,387) 7,583
(Gain) loss on revaluation of marketable securities held in the financial service
business for trading purpose, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(44,986) (11,857) 56,543
Gain on change in interest in subsidiaries and equity investees . . . . . . . . . . . . .
(60,834) (31,509) (82,055)
Deferred income taxes ............................................
80,115 (13,193) 20,040
Equity in net (income) losses of affiliated companies, net of dividends . . . . . . . .
9,794 (68,179) (13,527)
Changes in assets and liabilities:
(Increase) decrease in notes and accounts receivable, trade . . . . . . . . . . . . .
17,464 (357,891) 185,651
Increase in inventories ..........................................
(164,772) (119,202) (140,725)
Increase in film costs ...........................................
(339,697) (320,079) (353,343)
Increase (decrease) in notes and accounts payable, trade . . . . . . . . . . . . . . .
(9,078) 362,079 (235,459)
Increase (decrease) in accrued income and other taxes . . . . . . . . . . . . . . . . .
29,009 (14,396) 138,872
Increase in future insurance policy benefits and other ...................
143,122 172,498 166,356
Increase in deferred insurance acquisition costs .......................
(51,520) (61,563) (62,951)
(Increase) decrease in marketable securities held in the financial service
business for trading purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(35,346) 31,732 (57,271)
Increase in other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8,792) (35,133) (24,312)
Increase in other current liabilities ..................................
105,865 73,222 51,838
Other .........................................................
(49,887) 86,268 48,831
Net cash provided by operating activities. . . . . . . . . . . . . . . . . . . . . . . . .
¥ 399,858 ¥ 561,028 ¥ 757,684
(Continued on following page)
Consolidated Statements of Cash Flows
Sony Corporation and Consolidated Subsidiaries—Years ended March 31