Consolidated Statements of Cash Flows

¥ million

	2007/03	2008/03	2009/03	2010/03	2011/03
I Cash flows from operating activities
Income before income taxes and minority interests	586,262	685,799	616,166	442,027	508,587
Depreciation and amortization	30,599	36,181	42,966	40,354	54,245
Amortization of goodwill	6,977	6,616	6,760	6,759	6,760
Loss on adjustment for changes of accounting standard for asset retirement obligations	—	—	—	—	1,555
Provision for allowance for doubtful accounts	—	—	—	—	12,924
Provision for allowance for recoverable accounts under production sharing	6,080	21,206	20,310	7,430	15,320
Provision for exploration projects	3,038	3,937	-2,319	7,360	-5,442
Provision for accrued retirement benefits to employee	845	275	-96	-902	-592
Provision for site restoration and decommissioning costs	1,214	815	1,597	59	—
Other provisions	1,376	-2,376	3,468	4,484	-1,461
Interest and dividend income	-15,134	-16,423	-21,873	-13,829	-9,832
Interest expense	12,389	10,887	3,934	1,274	1,073
Foreign exchange loss	-1,652	1,035	10,086	2,379	-3,014
Equity in earnings of affiliates	-1,349	-1,764	-946	1,919	-4,933
Gain on transfer of mining rights	-33,533	—	—	—	-7,333
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	-11,375
Recovery of recoverable accounts under production sharing (capital expenditures)	105,949	92,147	45,724	45,653	50,816
Recoverable accounts under production sharing (operating expenditures)	-18,955	-26,052	-27,020	-14,996	-17,368
Inventories	-8,085	-2,274	2,347	5,844	-222
Accounts payable-trade	-879	481	-9,824	4,718	7,277
Accounts receivable-other	—	-16,985	27,557	-9,670	7,693
Accounts payable-other	—	21,809	-47,812	13,669	9,698
Advances received	—	10,351	4,229	-1,120	-2,489
Other	-3,810	7,156	-6,489	3,357	-594
Subtotal	663,561	814,795	744,683	532,135	611,289
Interest and dividends received	20,559	17,514	21,257	16,169	13,079
Interest paid	-11,993	-11,507	-4,800	-1,734	-747
Income taxes paid	-440,146	-456,806	-530,789	-305,198	-349,526
Net cash provided by operating activities	231,981	363,994	230,352	241,372	274,093
II Cash flows from investing activities
Increase in time deposits	-17,078	-2,764	-6,463	-9,925	-493
Decrease in time deposits	2,797	18,996	4,497	8,430	3,849
Increase in long-term deposits	—	—	—	—	-53,500
Payments for purchases of marketable securities	-5,140	-39,948	-19,082	—	-11,731
Proceeds from sales of marketable securities	23,643	51,494	111,451	101,320	112,000
Payments for purchases of tangible fixed assets	-37,844	-59,465	-88,611	-87,549	-84,235
Proceeds from sales of tangible fixed assets	955	182	246	86	1,072
Payments for purchases of intangible assets	-1,778	-2,012	-2,864	-991	-2,535
Payments for purchases of investment securities	-109,823	-112,378	-137,447	-156,264	-724,634
Proceeds from sales and redemptions of investment securities	43,609	104	16,530	—	10,846
Investment in recoverable accounts under production sharing (capital expenditures)	-111,313	-131,059	-108,294	-91,650	-77,864
Decrease in short-term loans receivable	-6,523	10,534	70	77	1,569
Long-term loans made	-832	-7,452	-5,895	-7,521	-1,134
Collection of long-term loans receivable	888	526	762	34	566
Payments for purchase of mining rights	—	-15,886	—	—	-28,044
Proceeds from transfer of mining rights	6,707	27,890	—	—	7,333
Other	2,490	-529	-5,068	-7,860	2,424
Net cash used in investing activities	-209,243	-261,766	-240,167	-251,812	-844,511
III Cash flows from financing activities
Proceeds from issuance of common stock	—	—	—	—	521,619
Decrease in short-term loans	-120	-50	20,933	-20,121	—
Proceeds from long-term debt	30,083	40,784	12,040	108,062	56,285
Repayments of long-term debt	-38,661	-67,745	-66,364	-5,283	-4,712
Proceeds from minority interests for additional shares	3,606	8,344	9,369	4,704	6,418
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	-18,010
Dividends paid to minority shareholders	-81	-737	-81	-2,972	-13,450
Stock transfer payment	-867	-0	—	—	—
Restricted cash deposit	9,400	—	—	—	—
Other	—	—	-106	-145	-92
Net cash used in provided by financing activities	13,793	-45,228	-46,090	68,937	548,057
IV Effect of exchange rate changes on cash and cash equivalents	1,741	-24,147	-3,519	-4,947	-12,015
V Net increase in cash and cash equivalents	38,273	32,853	-59,425	53,550	-34,374
VI Cash and cash equivalents at beginning of the period	151,143	189,416	222,269	162,844	216,395
VII Increase in cash and cash equivalents from newly consolidated subsidiary	—	—	—	—	4
VIII Cash and cash equivalents at end of the period	189,416	222,269	162,844	216,395	182,025

Net cash provided by operating activities increased by ¥32.7 billion to ¥274.0 billion from the previous fiscal year. Net cash used in investing activities increased by ¥592.6 billion to ¥844.5 billion. Net cash provided by financial activities increased by ¥479.1 billion to ¥548.0 billion. After deducting ¥12.0 billion of the effect of exchange rate changes on cash and cash equivalents, the decrease in cash and cash equivalents amounted to ¥34.3 billion. Cash and cash equivalents totaled ¥182.0 billion reflecting the above net decrease of ¥34.3 billion from ¥216.3 billion at the end of the previous fiscal year.

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