Cash flows during fiscal 2012 were as follows:
Cash and cash equivalents at the end of fiscal 2012 totaled 1,364,629 million yen, for a 350,071 million yen increase from the end of fiscal 2011.
| FY2011 | FY2012 | Change | |
|---|---|---|---|
| Cash flows from operating activities | 740,227 | 894,459 | 154,232 |
| Cash flows from investing activities | (375,655) | (919,769) | (544,114) |
| (Reference) Free cash flow | 364,571 | (25,310) | (389,881) |
| Cash flows from financing activities | (196,667) | 365,494 | 562,161 |
Net cash provided by operating activities totaled 894,459 million yen (compared with 740,227 million yen provided in fiscal 2011). The primary components of the change were as follows:
Income before income taxes and minority interests totaled 650,494 million yen.
The main items added to income before income taxes and minority interests were 340,696 million yen in depreciation and amortization, 64,113 million yen in amortization of goodwill, and 33,523 million yen in equity in losses of affiliated companies.
Income taxes paid was 216,215 million yen.
Net cash used in investing activities was 919,769 million yen (compared with 375,655 million yen used in the end of fiscal 2011). The primary components of the change were as follows:
Outlays for purchase of property and equipment, and intangibles amounted to 548,602 million yen. The main factor was capital expenditures in the telecommunications-related businesses.
Outlays for purchase of marketable and investment securities were 368,511 million yen. This was mainly due to the acquisition by SoftBank Corp. (“the Company”)'s subsidiary Starburst Ⅱ, Inc. of a US$3.1 billion convertible bond issued by Sprint Nextel Corporation, the Company's undertaking of the full amount of a capital increase of 49,000 million yen conducted by its equity method affiliate eAccess Ltd., and Yahoo Japan Corporation's acquisition of 42.6% of the shares (voting rights at the time of acquisition) of ASKUL Corporation for 33,038 million yen.
Free cash flow (the combined net cash flows from operating activities and investing activities) for fiscal 2012 was a negative 25,310 million yen (compared with a positive 364,571 million yen in fiscal 2011), for a year-on-year decrease of 389,881 million yen.
Net cash provided by financing activities was 365,494 million yen (compared with 196,667 million yen used in fiscal 2011). The primary components of the change were as follows:
Proceeds included 474,607 million yen from issuance of bonds, 350,131 million yen from an increase in short-term borrowings, net, 330,145 million yen from the sale and leaseback of equipment newly acquired, and 153,314 yen million from long-term debt.
Outlays included 299,234 million yen for the repayment of long-term debt, 206,096 million yen for the repayment of lease obligations, 200,444 million yen for payments for repurchase of minority interests and long-term debt, 95,074 million yen for the redemption of bonds, and 65,843 million yen for the payment of dividends. The payments for repurchase of minority interests and long-term debt are the amount paid to the Vodafone Group in April 2012, and various related fees.
| FY2011 | FY2012 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Income before income taxes and minority interests | 632,256 | 650,494 |
| Adjustments for: | ||
| Depreciation and amortization | 275,825 | 340,696 |
| Amortization of goodwill | 62,606 | 64,113 |
| Equity in losses of affiliated companies | 2,947 | 33,523 |
| Dilution gain from changes in equity interest, net | (19,685) | (3,559) |
| Valuation loss on investment securities | 13,971 | 9,772 |
| Unrealized (appreciation) loss on valuation of investments and loss on sale of investments at subsidiaries in the U.S., net | (1,985) | 1,524 |
| Gain on sale of marketable and investment securities, net | (88,278) | (4,093) |
| Foreign exchange gain, net | (255) | (2,322) |
| Interest and dividend income | (4,399) | (6,526) |
| Interest expense | 62,206 | 36,736 |
| Changes in operating assets, and liabilities | ||
| (Increase) decrease in receivables - trade | (5,031) | 2,656 |
| (Decrease) increase in payables - trade | (3,004) | 2,656 |
| Other, net | 66,958 | 14,740 |
| Sub-total | 994,130 | 1,140,414 |
| Interest and dividends received | 4,222 | 5,359 |
| Interest paid | (62,485) | (35,098) |
| Income taxes paid | (195,640) | (216,215) |
| Net cash provided by operating activities | 740,227 | 894,459 |
| Cash flows from investing activities: | ||
| Purchase of property and equipment, and intangibles | (455,023) | (548,602) |
| Purchase of marketable and investment securities | (33,323) | (368,511) |
| Proceeds from sale of marketable and investment securities | 87,985 | 25,799 |
| Proceeds from advanced redemption of debt security | 30,375 | - |
| Acquisition of interests in subsidiaries newly consolidated, net of cash acquired | (4,007) | (18,669) |
| Other, net | (1,661) | (9,785) |
| Net cash used in investing activities | (375,655) | (919,769) |
| Cash flows from financing activities: | ||
| (Decrease) increase in short-term borrowings, net | (124,291) | 350,131 |
| Decrease in commercial paper, net | (25,000) | - |
| Proceeds from long-term debt | 600,819 | 153,314 |
| Repayment of long-term debt | (919,696) | (299,234) |
| Proceeds from issuance of bonds | 179,159 | 474,607 |
| Redemption of bonds | (163,437) | (95,074) |
| Proceeds from issuance of shares to minority shareholders | 322 | 564 |
| Proceeds from issuance of preferred securities by a subsidiary | 200,000 | - |
| Cash dividends paid | (5,420) | (65,843) |
| Cash dividends paid to minority shareholders | (20,346) | (24,745) |
| Proceeds from sale and lease back of equipment newly acquired | 338,705 | 330,145 |
| Repayment of lease obligations | (166,290) | (206,096) |
| Payments for repurchase of minority interests and long-term debt | - | (200,444) |
| Other, net | (91,192) | (51,829) |
| Net cash (used in) provided by financing activities | (196,667) | 365,494 |
| Effect of exchange rate changes on cash and cash equivalents | 165 | 7,927 |
| Net increase in cash and cash equivalents | 168,069 | 348,111 |
| Increase in cash and cash equivalents due to newly consolidated subsidiaries | 68 | 3,781 |
| Decrease in cash and cash equivalents due to exclusion of previously consolidated subsidiaries | (734) | (1,822) |
| Cash and cash equivalents, beginning of the year | 847,155 | 1,014,558 |
| Cash and cash equivalents, end of the year | 1,014,558 | 1,364,629 |
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