ANNUAL REPORT 2011 for the year ended March 31, 2011

Consolidated Statements of Cash Flows

Credit Saison Co., Ltd. and Consolidated Subsidiaries
For the Years ended March 31, 2011 and 2010


  Millions of yen   Thousands of
U.S. dollars
(Note 2)
2011 2010   2011
Cash Flows from Operating Activities:        
Income before income taxes and minority interests ¥21,457 ¥35,914   $258,053
Adjustments to reconcile income before income taxes and minority interests to net
 cash provided by operating activities:
     
Income taxes refunded - 6,202   -
Income taxes paid (16,867) (7,074)   (202,852)
Depreciation and amortization 15,568 16,826   187,226
Loss on adjustment for changes of accounting standard for asset retirement obligations 1,177 -   14,156
Losses from a natural disaster 9,986 -   120,102
Loss on business restructuring of subsidiaries - 394   -
Increase (decrease) in allowance for doubtful accounts (11,059) 4,608   (133,003)
Increase (decrease) in accrued pension and severance costs (1,073) 15   (12,910)
Increase in allowance for losses on point program 4,642 7,700   55,827
Decrease in allowance for losses on interest repayments (414) (9,089)   (4,982)
Decrease in allowance for other reserves (735) (111)   (8,837)
Interest and dividends income (2,602) (1,451)   (31,289)
Interest expenses 21,485 23,115   258,383
Equity in earnings of equity method-affiliated companies (2,010) (598)   (24,171)
Foreign currency exchange (gain) loss 38 (4)   460
Loss on sales of investment securities 139 34   1,671
Loss on devaluation of investment securities 551 827   6,626
Net gain on changes in equity interest - (297)   -
Impairment loss 156 265   1,879
Loss on disposal of property and equipment, and other assets 898 875   10,796
(Increase) decrease in operational investment securities (6,860) 986   (82,496)
Decrease in trade receivables 198,048 40,275   2,381,813
Increase in lease investment assets (5,662) (18,478)   (68,100)
Increase in inventories (22,213) (7,258)   (267,143)
Decrease in other assets 1,066 28,739   12,815
Interest and dividends received 2,952 1,875   35,502
Interest paid (21,804) (23,435)   (262,228)
Increase (decrease) in notes and accounts payable (35,691) 1,280   (429,236)
Increase (decrease) in other liabilities 940 (2,848)   11,308
Other-net (50) (152)   (592)
Net Cash Provided by Operating Activities 152,063 99,135   1,828,778
Cash Flows from Investing Activities:        
Payments into time deposits (500) -   (6,013)
Payments for purchases of investment securities (1,063) (337)   (12,790)
Proceeds from sales or redemption of investment securities (Note 21(C)) 1,176 11,744   14,144
Proceeds from purchases of investments in subsidiaries resulting in change in scope
 of consolidation (Note 21(D))
69 546   824
Payments for purchases of property and equipment, and other assets (37,272) (25,866)   (448,256)
Proceeds from sales of property and equipment, and other assets 2,701 112   32,483
Payments for short-term and long-term loans (1,318) (1,837)   (15,851)
Proceeds from short-term and long-term loans 167 34   2,014
Decrease in other assets 771 1,561   9,283
Net Cash Used in Investing Activities (35,269) (14,043)   (424,162)
Cash Flows from Financing Activities:        
Decrease in short-term debts (48,895) (101,269)   (588,022)
Decrease in commercial paper (23,000) (27,000)   (276,609)
Proceeds from long-term debts 106,000 158,529   1,274,805
Repayments of long-term debts (109,037) (129,473)   (1,311,323)
Proceeds from issuance of bonds 44,770 -   538,423
Repayment of bonds (25,225) (45,225)   (303,367)
Proceeds from securitized account receivables and lease investment assets - 79,500   -
Payments of payables under securitized account receivables and lease investment assets (54,962) (9,388)   (661,003)
Repayments of lease obligations (1,529) (569)   (18,393)
Proceeds from minority shareholders - 0   -
Proceeds from sales of treasury stock 0 133   4
Purchases of treasury stock (3) (12)   (38)
Cash dividends paid (5,511) (5,406)   (66,283)
Cash dividends paid to minorities (28) (63)   (340)
Net Cash Used in Financing Activities (117,420) (80,243)   (1,412,146)
Translation loss on Cash and Cash Equivalents (35) (0)   (425)
Increase (Decrease) in Cash and Cash Equivalents (661) 4,849   (7,955)
Cash and Cash Equivalents at the Beginning of Year 73,131 68,282   879,505
Increase in Cash and Cash Equivalents of Newly Consolidated Subsidiaries 57 -   691
Cash and Cash Equivalents at the End of Year (Note 21(A)) ¥72,527 ¥73,131   $872,241

The accompanying notes are an integral part of these statements.


back to pagetop