ANNUAL REPORT 2013 for the year ended March 31, 2013

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CONSOLIDATED STATEMENT OF CASH FLOWS

Credit Saison Co., Ltd. and Consolidated Subsidiaries
For the year ended March 31, 2013


  Millions of yen   Thousands of
U.S. dollars
(Note 2)
2013 2012   2013
Cash Flows from Operating Activities:        
Income (loss) before income taxes and minority interests ¥52,813 ¥  (10,714)   $560,942
Adjustments to reconcile income before income taxes and minority interests to net cash
 provided by operating activities:
     
Income taxes paid (15,728) (4,207)   (167,058)
Depreciation and amortization 12,859 14,083   136,575
Loss on liquidation business 26   271
Gain on reversal of allowance for losses from a natural disaster (5,492)  
Losses from a natural disaster 210  
Loss on business restructuring of subsidiaries 59,796  
Decrease in allowance for doubtful accounts (13,934) (31,377)   (148,003)
Decrease in accrued pension and severance costs (2,179)  
Increase in allowance for losses on point program 872 4,781   9,261
Decrease in allowance for losses on interest repayments (5,786) (10,360)   (61,451)
Increase in allowance for other reserves 212 60   2,250
Interest and dividend income (1,331) (1,391)   (14,133)
Interest expenses 14,155 18,794   150,348
Equity in earnings of equity method-affiliated companies (7,345) (3,796)   (78,009)
Foreign currency exchange (gain) loss (26) 39   (276)
(Gain) loss on sales of investment securities 147 (173)   1,566
Gain on sales of investments in subsidiaries and affiliates (7,140)  
Loss on devaluation of investment securities 173 570   1,839
Impairment losses 34 48   357
Loss on disposals of property and equipment, and other assets 683 795   7,253
(Increase) decrease in operational investment securities 3,705 (9,390)   39,357
(Increase) decrease in trade receivables 38,966 (47,104)   413,872
(Increase) decrease in lease investment assets (1,182) 1,505   (12,558)
Increase in inventories (6,973) (941)   (74,067)
Decrease in other assets 1,464 3,979   15,551
Interest and dividends received 2,238 1,837   23,771
Interest paid (14,470) (18,993)   (153,694)
Increase in notes and accounts payable 15,334 69,884   162,868
Increase (decrease) in other liabilities (1,055) 1,828   (11,204)
Other―net (78) 659   (825)
Net Cash Provided by Operating Activities 75,773 25,611   804,803
Cash Flows from Investing Activities:        
Proceeds from withdrawals of time deposits 500  
Payments for purchases of investment securities (3,924) (22)   (41,681)
Proceeds from sales or redemptions of investment securities (Note 24 (C)) 424 2,049   4,499
Proceeds from sales of investment in subsidiaries and affiliates 18,360  
Proceeds from an absorption-type company split (Note 24 (D)) 135,794  
Proceeds from liquidation business 17,818   189,260
Payments for purchases of property and equipment and other assets (26,814) (35,030)   (284,803)
Proceeds from sales of property and equipment and other assets 167 110   1,771
Payments for short-term and long-term loans (240) (165)   (2,549)
Proceeds from short-term and long-term loans 19 840   200
Decrease in other assets 1,168 702   12,413
Net Cash Provided by (Used in) Investing Activities (11,382) 123,138   (120,890)
Cash Flows from Financing Activities:        
Decrease in short-term debt (21,230) (13,839)   (225,491)
Decrease in commercial paper (17,000) (78,000)   (180,563)
Proceeds from long-term debt 173,989 138,770   1,847,998
Repayments of long-term debt (193,024) (157,519)   (2,050,175)
Proceeds from issuance of bonds 49,709 9,949   527,973
Repayments of bonds (10,225) (45,225)   (108,603)
Proceeds from securitized account receivables and lease investment assets 10,000  
Payments of payables under securitized account receivables and lease investment assets (41,689) (18,217)   (442,788)
Repayments of lease obligations (1,975) (1,636)   (20,977)
Proceeds from minority shareholders 10   106
Proceeds from sales of treasury stock 0  
Purchases of treasury stock (3) (2)   (22)
Cash dividends paid (5,511) (5,511)   (58,538)
Cash dividends paid to minority shareholders (12) (7)   (133)
Net Cash used in Financing Activities (66,961) (161,237)   (711,213)
Translation gain (loss) on Cash and Cash Equivalents 26 (38)   276
Decrease in Cash and Cash Equivalents (2,544) (12,526)   (27,024)
Cash and Cash Equivalents at the Beginning of Year 60,001 72,527   637,287
Cash and Cash Equivalents at the End of Year (Note 24(A)) ¥ 57,457 ¥  60,001   $  610,263

The accompanying notes are an integral part of these statements.


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