Canon 2003 Annual Report Download - page 51

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49
Thousands of
Millions of yen U.S. dollars (note 2)
2003 2002 2001 2003
Net income ¥275,730 190,737 167,561 $2,576,916
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 183,604 165,260 152,300 1,715,925
Loss on disposal of property, plant and equipment 12,639 13,137 20,323 118,122
Gain on securities contributed to retirement benefit trust
(notes 4 and 11) ——(15,536) —
Deferred income taxes (3,035))(1,788) 2,172 (28,364)
(Increase) decrease in trade receivables (36,638))(47,077) 47,844 (342,411)
(Increase) decrease in inventories (15,823)914,029 73,858 (147,879)
Increase (decrease) in trade payables 1,129 64,040 (161,157) 10,551
Increase in income taxes 3,441 14,935 10,561 32,159
Increase in accrued expenses 37,131 12,901 2,177 347,019
Other, net 7,471 22,776 5,649 69,822
Net cash provided by operating activities 465,649 448,950 305,752 4,351,860
Cash flows from investing activities:
Capital expenditure (210,038))(198,702) (207,674) (1,962,972)
Proceeds from sale of property, plant and equipment 9,354 11,971 10,224 87,420
Payment for purchase of available-for-sale securities (249) (2,751) (9,225) (2,327)
Proceeds from sale of available-for-sale securities 6,544 1,099 9,473 61,159
Payment for purchase of other investments (24,341) (30,331) (2,452) (227,486)
Other 18,782 (11,506) 7,062 175,533
Net cash used in investing activities (199,948) (230,220) (192,592) (1,868,673)
Cash flows from financing activities (note 15):
Proceeds from long-term debt 4,132 10,609 7,417 38,617
Repayment of long-term debt (25,301) (60,690) (40,423) (236,458)
Decrease in short-term loans (1(49,224) (101,125) (64,292) (460,037)
Dividends paid (note 14) (28,538) (23,663) (20,144) (266,710)
Payment for purchase of treasury stock (1,071) (5,884) (277) (10,010)
Other (2,037) (2,961) (3,509) (19,038)
Net cash used in financing activities (102,039) (183,714) (121,228) (953,636)
Effect of exchange rate changes on cash and
cash equivalents 5,365 (19,979) 20,340 50,140
Net change in cash and cash equivalents 169,027 15,037 12,272 1,579,691
Cash and cash equivalents at beginning of year 521,271 506,234 493,962 4,871,692
Cash and cash equivalents at end of year ¥5690,298 521,271 506,234 $6,451,383
Cash paid during the year for:
Interest ¥4,570 6,890 10,722 $42,710
Income taxes 162,247 121,556 102,421 1,516,327
See accompanying notes to consolidated financial statements.
CANON INC. AND SUBSIDIARIES Years ended December 31, 2003, 2002 and 2001
CONSOLIDATED STATEMENTS OF CASH FLOWS