D-Link 2004 Annual Report Download - page 28

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See accompanying notes to consolidated financial statements.
D-LINK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Years ended December 31, 2003 and 2004
(in thousands of New Taiwan dollars)
2003 2004
Cash flows from operating activities:
Net income $ 1,374,135 2,600,935
Adjustments to reconcile net income to net cash provided by operating activities:
Net gain attributed to minority interest 7,760 (215,645)
Depreciation and amortization 560,573 586,008
Provision for inventory obsolescence and devaluation loss, allowance for
doubtful accounts, and accrued pension 489,367 445,505
Investment income on long-term investments under equity method (196,779) (140,438)
Investment loss on long-term investments under cost method 174,799 132,495
Cash dividend received 72,045 103,744
Loss on idle assets’ valuation loss - 35,268
Gain on disposal of long-term investments (264,085) (71,483)
Other loss with no cash impacts 5,974 84,871
Net changes in unrealized inter-company profits (362) -
Provision for early redemption of convertible bonds 59,596 87,806
Increase in operation-related current assets (2,649,066) (2,511,491)
Increase (decrease) in operation-related current liabilities 2,495,955 (223,170)
Cash provided by operating activities 2,129,912 914,405
Cash flows from investing activities:
Decrease in receivables from related parties 30,000 -
Decrease (increase) in short-term investments (161,510) 2,135,278
Increase in long-term equity investments (157,142) (239,224)
Proceeds from disposal of long-term equity investments 405,413 196,676
Additions to property, plant and equipment (381,179) (1,528,797)
Proceeds from disposal of property and equipment 10,415 174,400
Increase in restricted assets (896,256) (700,257)
Increase in deferred expenses and other assets (106,685) (254,020)
Cash used in investing activities (1,256,944) (215,944)
Cash flows from financing activities:
Increase in minority interest 9,776 1,896,164
Increase (decrease) in advance receipts for capital increase from minority interest 435,240 (435,240)
Increase in short-term borrowings 1,018,498 2,055,269
Decrease in long-term debts (2,178) (403,656)
Purchase of treasury stock (648,159) (506,820)
Redemption of convertible bonds (10,645) (1,700,982)
Payments of cash dividends, directors’ and supervisors’ remuneration, and
employees’ bonuses (752,722) (839,774)
Increase (decrease) in deposits in and others (44) 18,134
Cash provided by financing activities 49,766 83,095
Effect of exchange rate changes on cash 145,953 (29,945)
Net increase in cash and cash equivalents 1,068,687 751,611
Cash and cash equivalents at beginning of year 2,006,063 3,074,750
Cash and cash equivalents at end of year $ 3,074,750 3,826,361
Supplemental disclosures of cash flow information:
Cash payments of interest (excluding capitalized interest) $ 97,335 90,245
Cash payments of income tax $ 54,208 173,294
Supplementary disclosures of noncash investing and financing activities:
Convertible bonds applying for conversion $ 409,383 352,669
Current portion of long-term debts $ 2,405,966 235,533
Purchase of treasury stock $ 579,045 506,820
Other payables 69,114 -
Cash paid in purchase of treasury stock $ 648,159 506,820