ANNUAL REPORT 2012 for the year ended March 31, 2012

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CONSOLIDATED STATEMENTS OF CASH FLOWS

Credit Saison Co., Ltd. and Consolidated Subsidiaries
For the years ended March 31, 2012 and 2011


  Millions of yen   Thousands of
U.S. dollars
(Note 2)
2012 2011   2012
Cash Flows from Operating Activities:        
Income (loss) before income taxes and minority interests ¥ (10,714) ¥21,457   $(130,443)
Adjustments to reconcile income before income taxes and minority interests to net cash provided by operating activities:      
Income taxes paid (4,207) (16,867)   (51,201)
Depreciation and amortization 14,083 15,568   171,449
Loss on adjustment for changes of accounting standard for asset retirement obligations 1,177  
Gain on reversal of allowance for losses from a natural disaster (5,492)   (66,863)
Losses from a natural disaster 210 9,986   2,562
Loss on business restructuring of subsidiaries 59,796   727,971
Decrease in allowance for doubtful accounts (31,377) (11,059)   (381,992)
Decrease in accrued pension and severance costs (2,179) (1,073)   (26,533)
Increase in allowance for losses on point program 4,781 4,642   58,206
Decrease in allowance for losses on interest repayments (10,360) (414)   (126,137)
Increase (decrease) in allowance for other reserves 60 (735)   726
Interest and dividend income (1,391) (2,602)   (16,932)
Interest expenses 18,794 21,485   228,799
Equity in earnings of equity method-affiliated companies (3,796) (2,010)   (46,210)
Foreign currency exchange loss 39 38   476
(Gain) loss on sales of investment securities (173) 139   (2,104)
Gain on sales of investments in subsidiaries and affiliates (7,140)   (86,925)
Loss on devaluation of investment securities 570 551   6,934
Impairment losses 48 156   578
Loss on disposals of property and equipment, and other assets 795 898   9,674
Increase in operational investment securities (9,390) (6,860)   (114,320)
(Increase) decrease in trade receivables (47,104) 198,048   (573,458)
(Increase) decrease in lease investment assets 1,505 (5,662)   18,327
Increase in inventories (941) (22,213)   (11,456)
Decrease in other assets 3,979 1,066   48,437
Interest and dividends received 1,837 2,952   22,363
Interest paid (18,993) (21,804)   (231,231)
Increase (decrease) in notes and accounts payable 69,884 (35,691)   850,789
Increase in other liabilities 1,828 940   22,268
Other—net 659 (50)   8,044
Net Cash Provided by Operating Activities 25,611 152,063   311,798
Cash Flows from Investing Activities:        
Payments into time deposits (500)  
Proceeds from withdrawals of time deposits 500   6,087
Payments for purchases of investment securities (22) (1,063)   (272)
Proceeds from sales or redemptions of investment securities (Note 24 (C)) 2,049 1,176   24,945
Proceeds from sales of investment in subsidiaries and affiliates 18,360     223,521
Proceeds from purchases of investments in subsidiaries resulting in change in scope of consolidation 69  
Proceeds from an absorption-type company split (Note 24 (D)) 135,794   1,653,206
Payments for purchases of property and equipment and other assets (35,030) (37,272)   (426,470)
Proceeds from sales of property and equipment and other assets 110 2,701   1,337
Payments for short-term and long-term loans (165) (1,318)   (2,009)
Proceeds from short-term and long-term loans 840 167   10,231
Decrease in other assets 702 771   8,542
Net Cash Provided by (Used in) Investing Activities 123,138 (35,269)   1,499,118
Cash Flows from Financing Activities:        
Decrease in short-term debt (13,839) (48,895)   (168,481)
Decrease in commercial paper (78,000) (23,000)   (949,598)
Proceeds from long-term debt 138,770 106,000   1,689,433
Repayments of long-term debt (157,519) (109,037)   (1,917,689)
Proceeds from issuance of bonds 9,949 44,770   121,130
Repayments of bonds (45,225) (25,225)   (550,584)
Proceeds from securitized account receivables and lease investment assets 10,000   121,743
Payments of payables under securitized account receivables and lease investment assets (18,217) (54,962)   (221,782)
Repayments of lease obligations (1,636) (1,529)   (19,909)
Proceeds from sales of treasury stock 0 0   1
Purchases of treasury stock (2) (3)   (28)
Cash dividends paid (5,511) (5,511)   (67,098)
Cash dividends paid to minority shareholders (7) (28)   (86)
Net Cash used in Financing Activities (161,237) (117,420)   (1,962,948)
Translation loss on Cash and Cash Equivalents (38) (35)   (467)
Decrease in Cash and Cash Equivalents (12,526) (661)   (152,499)
Cash and Cash Equivalents at the Beginning of Year 72,527 73,131   882,966
Increase in Cash and Cash Equivalents of Newly Consolidated Subsidiaries 57  
Cash and Cash Equivalents at the End of Year (Note 24(A)) ¥ 60,001 ¥72,527   $730,467

The accompanying notes are an integral part of these statements.


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