MITSUBISHI ESTATE Annual Report 2013

35MITSUBISHI ESTATE CO., LTD. ANNUAL REPORT 2013Consolidated Statements of Cash FlowsMitsubishi Estate Co., Ltd. and Consolidated SubsidiariesYears ended March 31, 2013 and 2012Millions of yenThousands of U.S. dollars (Note 3)201320122013Cash ows from operating activities Income before income taxes and minority interests ¥ 56,741 ¥ 87,513 $ 603,311 Depreciation and amortization73,36467,465780,057 Loss on sales or disposal of property and equipment11,5607,886122,914 Gain on sales of securities(260)(229)(2,769) Valuation loss on securities–333– Valuation loss on equity investments8,9853,01195,534 Impairment loss2,82618,13330,051 Equity in net income of af liates(517)(515)(5,497) Increase (decrease) in allowances4,9733,19352,882 Interest and dividend income(4,023)(4,164)(42,782) Interest expense24,59423,087261,507 (Increase) decrease in notes and accounts receivable11,672(6,416)124,109 (Increase) decrease in inventories43,173109,481459,050 (Increase) decrease in equity investments(24,319)(82,423)(258,580) Increase (decrease) in notes and accounts payable(13,833)(3,146)(147,085) Increase (decrease) in lease deposits received5,965(1,743)63,426 Other(26,539)28,134(282,190) Subtotal174,363249,6011,853,939 Interest and dividends received6,2774,37966,747 Interest paid(24,940)(22,931)(265,183) Income taxes paid(33,413)(27,805)(355,272) Net cash provided by operating activities122,286203,2431,300,230Cash ows from investing activities Proceeds from sales of marketable securities1811,1791,934 Purchases of marketable securities–(1,000)– Proceeds from sales of property and equipment9,94810,592105,777 Purchases of property and equipment(206,608)(282,109)(2,196,794) Proceeds from sales of investment securities2,2471,72823,894 Purchases of investment securities(2,804)(922)(29,819) Other (Note 16)(20,957)(1,477)(222,830) Net cash used in investing activities(217,992)(272,009)(2,317,837)Cash ows from nancing activities Net increase and decrease in short-term borrowings(13,301)4,794(141,433) Net increase and decrease in commercial paper35,000–372,142 Increase in long-term borrowings399,752241,8984,250,429 Repayment of long-term borrowings(486,374)(235,393)(5,171,451) Proceeds from issuance of corporate bonds187,650105,2701,995,218 Repayment of corporate bonds(82,881)(35,630)(881,245) Cash dividends paid(16,652)(16,653)(177,063) Other3,958(7,097)42,087 Net cash provided by nancing activities27,15057,189288,684Effect of exchange rate changes on cash and cash equivalents3,838(2,262)40,816Net increase and decrease in cash and cash equivalents(64,716)(13,839)(688,105)Cash and cash equivalents at beginning of year215,771229,0622,294,222Increase in cash and cash equivalents arising from newly consolidated subsidiaries42,7247454,278Cash and cash equivalents of subsidiaries excluded from consideration(1,942)(66)(20,657)Increase in cash and cash equivalents arising from merger–607–Cash and cash equivalents at end of year (Note 16) ¥ 191,837 ¥ 215,771 $ 2,039,737See accompanying notes to consolidated nancial statements.