Hikari Business Form Cash Flow Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2010	FY 2009	FY 2008	FY 2007	FY 2006
Period Ending	Dec '10 Dec 31, 2010	Dec '09 Dec 31, 2009	Dec '08 Dec 31, 2008	Dec '07 Dec 31, 2007	Dec '06 Dec 31, 2006
Net Income	100.17	354.53	558.46	471.61	436.53
Depreciation & Amortization	334.4	339.88	257.47	150.14	139.57
Other Amortization	-	9.96	-	-	-
Loss (Gain) From Sale of Assets	3.37	-0.95	16.69	6.37	2.93
Asset Writedown & Restructuring Costs	1.33	3.31	42.7	6.51	36.97
Loss (Gain) From Sale of Investments	2.4	9.18	47.79	-6.26	-12.88
Other Operating Activities	17.72	-26.74	21.38	41.02	-52.78
Change in Accounts Receivable	9.96	-45.99	88.71	63.61	14.82
Change in Inventory	-14.28	20.78	-45.43	-	37.48
Change in Accounts Payable	27.23	-207.95	16.35	5.53	-10.98
Change in Other Net Operating Assets	-49.67	-49.23	-85.54	53.46	-115.47
Operating Cash Flow	432.62	406.78	918.59	791.98	476.19
Operating Cash Flow Growth	6.35%	-55.72%	15.99%	66.31%	-42.77%
Capital Expenditures	-49.2	-409.21	-356.39	-703.54	-858.1
Sale of Property, Plant & Equipment	15.7	2.62	4.32	1.71	2.25
Sale (Purchase) of Intangibles	-66.9	-12.7	-18.8	-0.6	-
Investment in Securities	33.4	6.69	-272.57	-11.42	-44.03
Other Investing Activities	8.9	0	3	-	-
Investing Cash Flow	-58.11	-412.6	-640.43	-713.85	-899.89
Short-Term Debt Issued	-	414.98	79.04	-	-
Long-Term Debt Issued	300	300	-	400	800
Total Debt Issued	300	714.98	79.04	400	800
Short-Term Debt Repaid	-53.18	-	-	-	-
Long-Term Debt Repaid	-403.26	-403.28	-301.5	-243.38	-67.36
Total Debt Repaid	-456.44	-403.28	-301.5	-243.38	-67.36
Net Debt Issued (Repaid)	-156.44	311.7	-222.47	156.62	732.64
Issuance of Common Stock	0.06	-	0.62	-	-
Repurchase of Common Stock	-1.78	-2.66	-0.62	-1.74	-0.55
Common Dividends Paid	-173.85	-278.36	-237.77	-156.62	-156.64
Other Financing Activities	-0	-0	0	-0	-0
Financing Cash Flow	-332.01	30.68	-460.23	-1.74	575.45
Miscellaneous Cash Flow Adjustments	-0	0	-	-	-
Net Cash Flow	42.5	24.86	-182.07	76.38	151.75
Free Cash Flow	383.42	-2.43	562.2	88.43	-381.92
Free Cash Flow Growth	-	-	535.75%	-	-
Free Cash Flow Margin	5.61%	-0.03%	7.36%	1.26%	-5.71%
Free Cash Flow Per Share	66.17	-0.42	96.95	15.25	-65.84
Cash Interest Paid	20.79	18.96	15.65	13.09	5.66
Cash Income Tax Paid	273.09	317.31	412.68	341.78	405.13
Levered Free Cash Flow	309.13	-97.2	616.3	222.38	-217.52
Unlevered Free Cash Flow	322.04	-85.49	626.21	230.71	-214.51
Change in Working Capital	-26.76	-282.4	-25.9	122.59	-74.14

Updated Feb 15, 2011. Source: S&P Global Market Intelligence. Standard template. Financial Sources.