Annual Report 2012

Consolidated Statements of Cash FlowsNippon Express Co., Ltd. and consolidated subsidiariesFor the years ended March 31, 2011 and 2012Thousands ofMillions of yenU.S. dollars2011 2012 2012Cash flows from operating activities:Income before income taxes and minority interests ¥ 22,991 ¥ 49,487 $ 602,106Depreciation and amortization 52,470 48,390 588,760Impairment loss — 169 2,056Loss on adjustment for changes of accounting standard for assetretirement obligations7,505 — —Loss on disaster 4,847 269 3,281Loss on settlement — 1,614 19,648Loss on sale or write-down of securities, net 5,894 425 5,171Gain on sale or disposal of property and equipment, net (998) (4,706) (57,265)Increase in provision for bonuses 54 428 5,209Increase (decrease) in provision for retirement benefits (1,483) 1,466 17,844Interest and dividend income (2,657) (3,592) (43,706)Interest expense (Note 2) 3,456 3,224 39,232Equity in earnings of unconsolidated subsidiaries and affiliates (541) (455) (5,547)(Increase) decrease in trade receivables 2,999 (26,807) (326,160)(Increase) decrease in inventories 162 (317) (3,864)Increase (decrease) in accounts payable (4,670) 19,362 235,584Increase in consumption taxes payable 141 311 3,783Other (9,017) 20,225 246,076Sub-total 81,152 109,494 1,332,213Interest and dividends received 2,964 3,881 47,231Interest paid (Note 2) (3,604) (3,230) (39,307)Payment related to transfer of retirement benefit obligation (3,908) — —Payment for loss on disaster — (2,458) (29,907)Income taxes paid (12,209) (9,881) (120,224)Net cash provided by operating activities 64,394 97,806 1,190,005Cash flows from investing activities:Payment for purchase of securities (517) (1,570) (19,111)Proceeds from sale of securities 326 581 7,077Payment for purchase of property and equipment (58,008) (42,592) (518,214)Proceeds from sale of property and equipment 8,511 14,465 176,006Other 1,601 (2,447) (29,783)Net cash used in investing activities (48,086) (31,563) (384,026)Cash flows from financing activities:Change in short-term loans payable (3,395) (115) (1,408)Change in commercial paper (7,000) 2,000 24,333Proceeds from long-term loans payable 101,106 36,575 445,012Payment for long-term loans payable (104,857) (46,988) (571,703)Proceeds from issuance of bonds — 30,000 365,007Proceeds from stock issuance to minority shareholders 99 19 243Cash dividends (10,427) (10,427) (126,868)Other (1,750) (935) (11,378)Net cash provided by (used in) financing activities (26,225) 10,129 123,239Effect of exchange rate changes on cash and cash equivalents (4,207) (1,821) (22,158)Net increase (decrease) in cash and cash equivalents (14,124) 74,551 907,058Cash and cash equivalents at beginning of year 121,187 107,062 1,302,626Cash and cash equivalents at end of year (Note 1) ¥ 107,062 ¥ 181,614 $ 2,209,685The accompanying notes are an integral part of these statements.NIPPON EXPRESS Annual Report 201231