Olympus 2002 Annual Report Download - page 30

28
Thousands of
Millions of yen U.S. dollars
2002 2001 2000 2002
CASH FLOWS FROM OPERATING ACTIVITIES:
Income before provision for income taxes .................................... ¥20,442 ¥21,612 ¥ 4,487 $163,536
Adjustments to reconcile income before provision for income
taxes to net cash provided by operating activities:
Depreciation and amortization ................................................... 23,700 18,247 16,288 189,600
Increase in severance and retirement allowance....................... 3,282 14 134 26,256
Interest income ........................................................................... (666) (849) (1,049) (5,328)
Interest expense.......................................................................... 9,262 10,302 8,866 74,096
Loss (Gain) on marketable and investment securities............... 10,430 (408) 1,587 83,440
Loss on liquidation of specified fund trusts ............................... —— 16,996 —
Decrease (Increase) in accounts receivable ............................... (2,722) (1,075) 3,813 (21,776)
Decrease (Increase) in inventories ............................................. 30,626 (24,843) 3,541 245,008
Increase (Decrease) in accounts payable ................................... (19,653) 802 14,192 (157,224)
Increase (Decrease) in other payable ......................................... (3,377) 7,871 — (27,016)
Other............................................................................................ (343) 9,208 6,215 (2,744)
Sub-total ................................................................................... 70,981 40,881 75,070 567,848
Interest and dividend received.................................................... 1,618 2,215 1,937 12,944
Interest payments ....................................................................... (9,097) (8,376) (8,785) (72,776)
Termination of hedged interest and currency
swap agreements ..................................................................... —— (2,281) —
Income taxes paid ....................................................................... (12,895) (5,416) (7,952) (103,160)
Net cash provided by operating activities ................................ 50,607 29,304 57,989 404,856
CASH FLOWS FROM INVESTING ACTIVITIES:
Deposits in time deposits .............................................................. (45,297) (15,069) (32,719) (362,376)
Withdrawals from time deposits ................................................... 15,062 31,224 41,037 120,496
Purchases of marketable securities .............................................. (69,997) (89,920) (77,031) (559,976)
Sales of marketable securities...................................................... 71,264 57,260 75,657 570,112
Decrease of loans (mainly certificate of deposit).......................... —34,822 — —
Purchases of specified fund trusts ............................................... —— (15,757) —
Sales of specified fund trusts........................................................ —— 31,069 —
Purchases of property, plant and equipment ............................... (25,162) (21,499) (17,829) (201,296)
Purchases of investment securities.............................................. (2,061) (10,733) (35,871) (16,488)
Sales of investment securities ...................................................... 1,095 2,704 164 8,760
Payments for acquisition of new subsidiaries .............................. (862) (336) — (6,896)
Payments for additional stock investment in subsidiaries........... (328) ——(2,624)
Termination of non-hedged interest and currency
swap agreement.......................................................................... —— (683) —
Other .............................................................................................. 153 (290) (3,649) 1,224
Net cash used in investing activities ........................................ (56,133) (11,837) (35,612) (449,064)
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in short-term borrowings ............................................. (1,162) (1,611) (2,652) (9,296)
Proceeds from long-term debt...................................................... 30 30,725 2,746 240
Repayments of long-term debt ..................................................... (102) (11,072) (83) (816)
Redemption of bonds..................................................................... (20,000) (13,185) — (160,000)
Stock issue to minority shareholders ........................................... 338 196 1,428 2,704
Dividends paid................................................................................ (3,438) (3,438) (1,719) (27,504)
Dividends paid to minority shareholders ...................................... (24) (22) (3) (192)
Other .............................................................................................. (429) 1 (218) (3,432)
Net cash provided by (used in) financing activities .................. (24,787) 1,594 (501) (198,296)
Effect of exchange rate changes on cash and cash equivalents..... 907 1,354 (1,624) 7,256
Net increase (decrease) in cash and cash equivalents ................... (29,406) 20,415 20,252 (235,248)
Cash and cash equivalents at beginning of year ............................. 84,751 64,032 43,729 678,008
Effect of changes in number of consolidated subsidiaries and
companies accounted for based on equity method ...................... —304 51 —
Cash and cash equivalents at end of year ....................................... ¥55,345 ¥84,751 ¥64,032 $442,760
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
OLYMPUS OPTICAL CO., LTD. AND CONSOLIDATED SUBSIDIARIES
For the years ended March 31, 2002, 2001 and 2000