LensCrafters 2005 Annual Report Download - page 105

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> 104 | ANNUAL REPORT 2005
2003 2004 2005 2005
(Euro/000) (US$/000) (1)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income 267,343 286,874 342,294 405,345
ADJUSTMENTS TO RECONCILE
NET INCOME TO NET CASH PROVIDED
BY OPERATING ACTIVITIES:
Minority interest in income
of consolidated subsidiaries 5,122 8,614 9,253 10,957
Deferred stock-based compensation - - 22,711 26,894
Depreciation and amortization 134,840 152,751 194,205 229,978
(Benefit) provision for deferred income taxes 12,865 45,414 (90,104) (106,701)
Loss (gain) on disposals of fixed assets - net (124) 7,641 6,532 7,735
Unrealized foreign exchange (gain) - (13,445) - -
Termination indemnities matured
during the year - net 2,403 6,768 3,723 4,409
CHANGES IN OPERATING ASSETS AND LIABILITIES,
NET OF ACQUISITION OF BUSINESSES:
Accounts receivable 23,888 (15,819) (33,266) (39,394)
Prepaid expenses and other (43,556) 21,077 (56,773) (67,231)
Inventories 17,120 44,139 64,584 76,480
Accounts payable (45,029) 7,062 52,233 61,854
Accrued expenses and other (39,857) (22,365) (14,011) (16,592)
Accrual for customers' right of return (249) 727 (1,882) (2,229)
Income taxes payable (7,227) (760) 123,961 146,795
Total adjustments 60,196 241,804 281,166 332,955
Cash provided by operating activities 327,539 528,678 623,460 738,300
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment:
• Additions (81,288) (117,420) (229,416) (271,674)
• Disposals 3,839 198 1,082 1,281
Purchases of businesses net of cash acquired (342,432) (362,978) (86,966) (102,985)
Increase in investments (501) - - -
Sale of investment in Pearle Europe - - 144,000 170,525
Additions of intangible assets (48,177) (301) (4,479) (5,304)
Cash used in investing activities (468,559) (480,501) (175,779) (208,157)
STATEMENTS
OF CONSOLIDATED
CASH FLOWS
FOR YEARS ENDED
DECEMBER 31, 2003,
2004 AND 2005 (*)
(1) Translated for convenience at the New York City Noon Buying Rate as determined in Note 1.
See notes to Consolidated Financial Statements.
(*) In accordance with U.S. GAAP.