Olympus 2003 Annual Report Download - page 28

 OLYMPUS 2003
T H O U S A N D S O F
M I L L I O N S O F YE N U S D O L L A R S
2003 2002 2001 2003
C A S H F L O W S F R O M O P E R A T I N G A C T I V I T I E S
Income before provision for income taxes......................................... ¥ 42,994 ¥ 20,442 ¥ 21,612 $ 358,283
Adjustments to reconcile income before provision for
income taxes to net cash provided by operating activities:
Depreciation and amortization ...................................................... 16,858 23,700 18,247 140,483
Increase in severance and retirement allowance.............................. 2,699 3,282 14 22,492
Interest income ............................................................................. (376) (666) (849) (3,133)
Interest expense............................................................................. 6,459 9,262 10,302 53,825
Loss (gain) on marketable and investment securities, net ............... 8,112 10,430 (408) 67,600
Increase in accounts receivable....................................................... (12,580) (2,722) (1,075) (104,833)
Decrease (increase) in inventories.................................................. 6,319 30,626 (24,843) 52,658
Increase (decrease) in accounts payable.......................................... 6,900 (19,653) 802 57,500
Increase (decrease) in other payable ............................................... 7,840 (3,377) 7,871 65,333
Increase in accrued expense ........................................................... 16,692 285 6,312 139,100
Other ............................................................................................ 4,650 (628) 2,896 38,750
Sub-total .................................................................................. 106,567 70,981 40,881 888,058
Interest and dividend received ....................................................... 1,131 1,618 2,215 9,425
Interest payments .......................................................................... (6,410) (9,097) (8,376) (53,416)
Income taxes paid.......................................................................... (22,537) (12,895) (5,416) (187,808)
Net cash provided by operating activities................................... 78,751 50,607 29,304 656,259
C A S H F L O W S F R O M I N VE S T I N G A C T I V I T I E S
Deposits in time deposits................................................................. (46,268) (45,297) (15,069) (385,567)
Withdrawals from time deposits ...................................................... 45,635 15,062 31,224 380,292
Purchases of marketable securities ................................................... (70,000) (69,997) (89,920) (583,333)
Sales of marketable securities........................................................... 70,000 71,264 57,260 583,333
Decrease of loans (mainly certificates of deposit) ............................. ——34,822 —
Purchases of property, plant and equipment ..................................... (32,949) (25,162) (21,499) (274,575)
Purchases of investment securities ................................................... (26,707) (2,061) (10,733) (222,558)
Sales of investment securities........................................................... 1,366 1,095 2,704 11,383
Payments for acquisition of new subsidiaries.................................... (199) (862) (336) (1,658)
Payments for additional stock investment in subsidiaries.................. (1,784) (328) — (14,867)
Other .............................................................................................. 571 153 (290) 4,758
Net cash used in investing activities .......................................... (60,335) (56,133) (11,837) (502,792)
C A S H F L O W S F R O M F I N A N C I N G A C T I VI T I E S
Decrease in short-term borrowings .................................................. (8,266) (1,162) (1,611) (68,883)
Proceeds from long-term debt.......................................................... 20,087 30 30,725 167,392
Repayments of long-term debt......................................................... (935) (102) (11,072) (7,792)
Redemption of bonds ...................................................................... (25,000) (20,000) (13,185) (208,333)
Stock issue to minority shareholders ................................................ 188 338 196 1,567
Dividends paid ................................................................................ (3,437) (3,438) (3,438) (28,642)
Dividends paid to minority shareholders.......................................... (12) (24) (22) (100)
Other .............................................................................................. (904) (429) 1 (7,534)
Net cash provided by (used in) financing activities .................... (18,279) (24,787) 1,594 (152,325)
Effect of exchange rate changes on cash and cash equivalents............. 462 907 1,354 3,850
Net increase (decrease) change in cash and cash equivalents ............... 599 (29,406) 20,415 4,992
Cash and cash equivalents at beginning of year .................................. 55,345 84,751 64,032 461,208
Effect of changes in number of consolidated subsidiaries
and companies accounted for based on equity method...................... ——304 —
Cash and cash equivalents at end of year ............................................ ¥ 55,944 ¥ 55,345 ¥ 84,751 $ 466,200
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
O L YM P U S O P T I C A L C O L T D A N D C O N SO L I D A T E D S U B S I D I A R I E S
F O R T H E YE A R S E N D E D M A R C H A N D
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