JAL Investor Relations - Consolidated Statements of Cash Flows (Annual Report 2005)

Consolidated Statements of Cash Flows

Japan Airlines Corporation and Consolidated Subsidiaries

			Millions of yen	Thousands of U.S. dollars (Note 2)
Years ended March 31,	2005	2004	2003	2005
Operating activities:
Income (loss) before income taxes and minority interests	¥44,666	¥(82,148)	¥4,081	$417,439
Adjustments to reconcile income (loss) before income taxes and minority interests to net cash provided by operating activities:
Depreciation and amortization	124,713	119,388	118,187	1,165,542
Gain on sales of, and loss on revaluation of, short-term investments in securities and investments in securities, net	(171)	(569)	(2,551)	(1,598)
Loss on sales and disposal of property and equipment, net	25,702	17,846	17,603	240,205
Net provision for accrued pension and severance costs	(13,645)	19,459	17,223	(127,523)
Interest and dividend income	(3,170)	(2,928)	(2,932)	(29,626)
Interest expense	24,875	28,503	34,657	232,476
Exchange (gain) loss, net	(200)	547	141	(1,869)
Equity in earnings of affiliates	(1,514)	(1,221)	(340)	(14,149)
(Increase) decrease in notes and accounts receivable	(16,000)	(7,215)	31,761	(149,532)
(Increase) decrease in flight equipment spare parts	(209)	2,387	(2,812)	(1,953)
Increase in accounts payable	7,545	2,608	7,778	70,514
Other	(15,743)	14,366	(29,111)	(147,130)
Subtotal	176,848	111,023	193,686	1,652,785
Interest and dividends received	3,648	3,386	3,427	34,093
Interest paid	(25,686)	(29,003)	(34,709)	(240,056)
Income taxes paid	(9,535)	(9,060)	(6,991)	(89,112)
Net cash provided by operating activities	145,275	76,345	155,413	1,357,710
Investing activities:
Purchases of time deposits	(1,367)	(1,092)	(101)	(12,775)
Proceeds from maturity of time deposits	281	996	1,877	2,626
Purchase of property and equipment	(121,960)	(151,585)	(195,575)	(1,139,813)
Proceeds from sales of property and equipment	94,927	57,285	62,043	887,168
Purchases of investments in securities	(4,531)	(974)	(11,540)	(42,345)
Proceeds from sales and maturity of investments in securities	2,363	3,615	12,400	22,084
Proceeds from sales of consolidated subsidiaries resulting in change in scope of consolidation	—	103	683	—
Long-term loans receivable made	(2,787)	(2,853)	(4,937)	(26,046)
Collection of long-term loans receivable	6,273	8,875	42,887	58,626
Other	5,344	247	7,074	49,943
Net cash used in investing activities	(21,456)	(85,382)	(85,187)	(200,523)
Financing activities:
Increase (decrease) in short-term borrowings, net	¥39	¥(9,976)	¥(36,196)	$364
Proceeds from long-term loans	48,182	200,882	214,804	450,299
Repayment of long-term loans	(130,978)	(134,638)	(199,550)	(1,224,093)
Proceeds from issuance of bonds	99,975	29,815	—	934,345
Redemption of bonds	(23,700)	(67,495)	(83,864)	(221,495)
Dividends paid to stockholders	(12)	(7,813)	(50)	(112)
Dividends paid to minority interests	(315)	(334)	(266)	(2,943)
Other	519	(2,825)	(2,979)	4,850
Net cash (used in) provided by financing activities	(6,290)	7,615	(108,103)	(58,785)
Effect of exchange rate changes on cash and cash equivalents	272	(1,568)	(670)	2,542
Net increase (decrease) in cash and cash equivalents	117,801	(2,991)	(38,548)	1,100,943
Cash and cash equivalents at beginning of year	143,327	146,318	185,399	1,339,504
Increase in cash and cash equivalents resulting from inclusion of subsidiaries in consolidation	—	—	176	—
Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation	(195)	—	(708)	(1,822)
Cash and cash equivalents at end of year (Note 3)	¥260,933	¥143,327	¥146,318	$2,438,626

The accompanying notes are an integral part of these consolidated statements.

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