Consolidated Statements of Cash Flows

¥ million

	2007/03	2008/03	2009/03	2010/03
I Cash flows from operating activities
Income before income taxes and minority interests	586,262	685,799	616,166	442,027
Depreciation and amortization	30,599	36,181	42,966	40,354
Amortization of goodwill	6,977	6,616	6,760	6,759
Provision for allowance for recoverable accounts under production sharing	6,080	21,206	20,310	7,430
Provision for exploration projects	3,038	3,937	-2,319	7,360
Provision for accrued retirement benefits to employee	845	275	-96	-902
Provision for site restoration and decommissioning costs	1,214	815	1,597	59
Other provisions	1,376	-2,376	3,468	4,484
Interest and dividend income	-15,134	-16,423	-21,873	-13,829
Interest expense	12,389	10,887	3,934	1,274
Foreign exchange loss	-1,652	1,035	10,086	2,379
Equity in earnings of affiliates	-1,349	-1,764	-946	1,919
Gain on transfer of mining rights	-33,533	—	—	—
Loss on the sales of investment securities	2,613	15	-81	—
Loss on the valuation of investment securities	—	21,349	31,798	—
Accounts receivable-trade	-10,385	-39,392	44,199	-14,638
Recovery of recoverable accounts under production sharing (capital expenditures)	105,949	92,147	45,724	45,653
Recoverable accounts under production sharing (operating expenditures)	-18,955	-26,052	-27,020	-14,996
Inventories	-8,085	-2,274	2,347	5,844
Accounts payable-trade	-879	481	-9,824	4,718
Accounts receivable-other	—	-16,985	27,557	-9,670
Accounts payable-other	—	21,809	-47,812	13,669
Advances received	—	10,351	4,229	-1,120
Other	-3,810	7,156	-6,489	3,357
Subtotal	663,561	814,795	744,683	532,135
Interest and dividends received	20,559	17,514	21,257	16,169
Interest paid	-11,993	-11,507	-4,800	-1,734
Income taxes paid	-440,146	-456,806	-530,789	-305,198
Net cash provided by operating activities	231,981	363,994	230,352	241,372
II Cash flows from investing activities
Increase in time deposits	-17,078	-2,764	-6,463	-9,925
Decrease in time deposits	2,797	18,996	4,497	8,430
Payments for purchases of marketable securities	-5,140	-39,948	-19,082	—
Proceeds from sales of marketable securities	23,643	51,494	111,451	101,320
Payments for purchases of tangible fixed assets	-37,844	-59,465	-88,611	-87,549
Proceeds from sales of tangible fixed assets	955	182	246	86
Payments for purchases of intangible assets	-1,778	-2,012	-2,864	-991
Payments for purchases of investment securities	-109,823	-112,378	-137,447	-156,264
Proceeds from sales of investment securities	43,609	104	16,530	—
Investment in recoverable accounts under production sharing (capital expenditures)	-111,313	-131,059	-108,294	-91,650
Decrease in short-term loans receivable	-6,523	10,534	70	77
Long-term loans made	-832	-7,452	-5,895	-7,521
Collection of long-term loans receivable	888	526	762	34
Payments for purchase of mining rights	—	-15,886	—	—
Proceeds from transfer of mining rights	6,707	27,890	—	—
Other	2,490	-529	-5,068	-7,860
Net cash used in investing activities	-209,243	-261,766	-240,167	-251,812
III Cash flows from financing activities
Decrease in short-term loans	-120	-50	20,933	-20,121
Proceeds from long-term debt	30,083	40,784	12,040	108,062
Repayments of long-term debt	-38,661	-67,745	-66,364	-5,283
Proceeds from minority interests for additional shares	3,606	8,344	9,369	4,704
Purchase of treasury stock	-1,169	-1,104	-3,048	—
Proceeds from sales of treasury stock	22,397	—	—	—
Cash dividends paid	-10,791	-24,718	-18,833	-15,306
Dividends paid to minority shareholders	-81	-737	-81	-2,972
Stock transfer payment	-867	-0	—	—
Restricted cash deposit	9,400	—	—	—
Other	—	—	-106	-145
Net cash used in provided by financing activities	13,793	-45,228	-46,090	68,937
IV Effect of exchange rate changes on cash and cash equivalents	1,741	-24,147	-3,519	-4,947
V Net increase in cash and cash equivalents	38,273	32,853	-59,425	53,550
VI Cash and cash equivalents at beginning of the period	151,143	189,416	222,269	162,844
VII Cash and cash equivalents at end of the period	189,416	222,269	162,844	216,395

Despite the fall in consolidated net sales in the fiscal year ended March 31, 2010 from the previous fiscal year, net cash provided by operating activities increased by ¥11.0 billion to ¥241.3 billion, due to a decrease in income taxes. Net cash used in investing activities increased ¥11.6 billion to ¥251.8 billion. Net cash provided by financial activities totaled ¥68.9 billion due largely to the proceeds of long-term debt. As a result, cash and cash equivalents rose ¥53.5 billion from the start of the period to ¥216.3 billion.

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