Seiko Epson Corporation

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Statements of Cash Flows

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	Millions of yen
	Year ended March 31
	2006	2007	2008
Cash flows from operating activities:
Net loss	¥(17,917)	¥(7,094)	¥-
Adjustments to reconcile net loss to net cash provided by operating activities -
Depreciation and amortization	109,662	88,830	-
Reorganization costs	45,532	41,068	-
Accrual for net pension and severance costs, less payments	9,917	(5,102)	-
Net loss on sales and disposal of fixed assets	2,250	3,363	-
Gain on change in interest due to business combination	(12,424)	-	-
Equity in net gains under the equity method	(168)	(138)	-
Deferred income taxes	(7,377)	6,837	-
Decrease in allowance for doubtful accounts	(537)	(355)	-
Provision for litigation and related expenses	8,540	1,129	-
Decrease in notes and accounts receivable, trade	23,987	29,897	-
(Increase) decrease in inventories	(1,695)	21,281	-
Decrease in notes and accounts payable, trade	(20,526)	(10,864)	-
Decrease in accrued income taxes	(1,932)	(2,990)	-
Other	(19,815)	(5,633)	-
Income before income taxes and minority interest	-	-	52,045
Adjustments to reconcile income before income taxes and minority interest to net cash provided by operating activities -
Depreciation and amortization	-	-	79,209
Impairment losses	-	-	10,783
Equity in net gains under the equity method	-	-	(104)
Amortization of goodwill	-	-	(1,254)
Decrease in allowance for doubtful accounts	-	-	(462)
Increase in accrued bonuses	-	-	3,526
Decrease in accrued warranty costs	-	-	(1,604)
Accrual for net pension and severance costs, less payments	-	-	(10,872)
Interest and dividend income	-	-	(10,836)
Interest expenses	-	-	6,406
Foreign exchange losses	-	-	559
Net gain on sales of fixed assets	-	-	(474)
Loss on disposal of fixed assets	-	-	2,593
Net gain on sales of investment securities	-	-	(2,010)
Decrease in notes and accounts receivable, trade	-	-	33,520
Decrease in inventories	-	-	6,357
Decrease in consumption tax payable	-	-	(1,504)
Decrease in notes and accounts payable, trade	-	-	(30,734)
Other	-	-	(15,849)
Subtotal	-	-	119,294
Interest and dividend received	-	-	11,956
Interest paid	-	-	(6,179)
Income taxes paid	-	-	(13,011)
Net cash provided by operating activities	117,497	160,229	112,060
Cash flows from investing activities:
Decrease in time deposits	-	-	716
Payments for purchases of short-term investments	-	-	(16)
Proceeds from maturities of short-term investments	1,000	2,000	-
Payments for purchases of investment securities	-	-	(892)
Proceeds from sales of investment securities	-	-	12,069
Proceeds from maturities of investment securities	-	-	8,000
Payments for purchases of property, plant and equipment	(96,099)	(67,803)	(66,462)
Proceeds from sales of property, plant and equipment	1,315	7,317	1,153
Payments for purchases of intangible assets	(9,272)	(11,513)	(6,143)
Proceeds from sales of intangible assets	-	-	3
Payments of long-term prepaid expenses	(3,296)	(945)	(175)
Payments for acquisition of additional stock of an affiliate	-	(3,306)	-
Payments for purchases of subsidiaries' stock	(1,034)	(2,000)	(336)
Proceeds from sales of subsidiary's stock	-	-	146
Proceeds from business combination, net of payment	12,204	-	-
Other	(84)	(169)	1,167
Net cash used in investing activities	(95,266)	(76,419)	(50,770)
Cash flows from financing activities:
Increase (decrease) in short-term borrowings	18,471	(12,657)	(12,955)
Proceeds from long-term debt	116,300	120,880	32,781
Repayments of long-term debt	(111,786)	(131,119)	(102,251)
Proceeds from issuance of bonds	-	-	20,000
Proceeds from issuance of subsidiaries' stock	2,674	-	-
Payments for purchases of treasury stock	-	-	(1)
Cash dividends	(5,694)	(6,284)	(6,283)
Cash dividends paid to minority shareholders	-	-	(1,426)
Other	(842)	(970)	(524)
Net cash provided by (used in) financing activities	19,123	(30,150)	(70,663)
Effect of exchange rate fluctuations on cash and cash equivalents	3,687	1,099	(9,085)
Net increase (decrease) in cash and cash equivalents	45,041	54,759	(18,458)
Cash and cash equivalents at the beginning of the year	234,904	280,114	334,873
Cash and cash equivalents increased by merger of unconsolidated subsidiaries	169	-	-
Cash and cash equivalents at the end of the year	¥280,114	¥334,873	¥316,414
Supplemental disclosures of cash flow information:
Cash received and paid during the year for -
Interest and dividend received	¥3,794	¥5,983
Interest paid	¥(6,678)	¥(6,417)
Income taxes paid	¥(18,496)	¥(13,774)

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