Olympus 2005 Annual Report Download - page 36

34 O LYMPUS 2 00 5
Thousands of
Millions of yen U.S. dollars
2005 2004 2003 2005
CASH FLO W S FRO M O PERATING ACTIVITIES:
Income before provision for income taxes ......................................... ¥ 5,974 ¥ 60,201 ¥ 42 ,994 $ 54 ,3 09
Adjustments to reco ncile income before provision for
income taxes to net cash provided by operating activities:
Depreciation and amo rtization...................................................... 2 9 ,758 24,24 9 16,85 8 270,527
Increase (decrease) in severance and retirement allowance................ 758 (6,144 ) 2,699 6,891
Decrease (increase) in prepaid pension cost.................................... 3,8 8 9 (8,692) — 35,355
Interest income........................................................................... (500) (291) (376) (4,5 45)
Interest expense ......................................................................... 6,782 4,912 6,459 6 1 ,655
Loss (gain) on marketable and investment securities, net.................... (1,640) (1,749) 8,112 (14,909)
Loss on settlement of swap co ntracts .............................................. —5,447 — —
Decrease (increase) in accounts receivable ..................................... 1,898 (27,967 ) (1 2,580) 1 7,255
Decrease (increase) in invento ries ................................................. (1,749 ) (13,285) 6,319 (15,900)
Increase (decrease) in accounts payable......................................... (12,775) 21,253 6 ,900 (116,136)
Increase (decrease) in other payable ............................................. (3,488) 5,630 7,840 (3 1 ,709)
Increase (decrease) in accrued expense.......................................... (3,756 ) 408 16,692 (34,145)
Other....................................................................................... 35 (2,265 ) 4,650 316
Sub-total............................................................................... 25,186 61,7 07 106,567 228,964
Interest and dividend received ...................................................... 1,566 1 ,129 1 ,131 14,236
Interest payments........................................................................ (6,512) (5 ,040) (6,410) (59,200)
Income taxes paid ...................................................................... (10,215) (2 7,259) (22,537) (92,864)
Net cash provided by operating activities................................... 10,0 2 5 30,537 7 8,751 91,13 6
CASH FLO W S FRO M INVESTING ACTIVITIES:
Deposits in time deposits................................................................ (6,669) (45,377) (46,268) (60,6 2 7)
W ithdrawals from time deposits ...................................................... 4 5,731 45,9 04 45,6 35 415,736
Purchases of marketable securities................................................... (35,000 ) (70,000) (70,000 ) (318,182)
Sales of marketable securities......................................................... 69,997 70,000 70,000 636,336
Payments for settlement o f swap contracts ......................................... —(5,447 ) — —
Purchases of property, plant and equipment ...................................... (46,727) (43,412 ) (32,949) (424,791)
Sales of property, plant and equipment ............................................ 3,025 ——27,500
Purchases of investment securities.................................................... (66,281) (8,215) (26,707) (602,555)
Sales of investment securities .......................................................... 5,80 1 4,822 1,366 5 2 ,736
Proceeds from acquisition of new subsidiaries ................................... 1 2,460 ——113,273
Payments for acquisitio n of new subsidiaries ..................................... (3,308 ) (2,233 ) (199) (30,073 )
Payments for additional stock investment in subsidiaries ...................... (6,695) — (1,784 ) (60,864)
Other......................................................................................... 124 (1,253) 571 1,129
Net cash used in investing activities .......................................... (27,542) (55,21 1) (60,3 35) (250,382)
CASH FLO W S FRO M FINANCING ACTIVITIES:
Increase (decrease) in short-term borrowings ..................................... 7,051 28,370 (8,26 6) 64,100
Proceeds from long-term debt.......................................................... 56,34 2 21,455 20,087 512,200
Repayments of long-term debt......................................................... (20,633) (1,593) (935) (187,573)
Proceeds from issuance of bonds..................................................... 20,134 29 ,877 — 183,036
Redemption of bonds..................................................................... —(35,000) (25,000) —
Sto ck issue to minority shareho lders................................................. 1,2 89 250 188 1 1,718
Dividends paid............................................................................. (3,953) (3,958) (3,437) (35,936)
Dividends paid to minority shareholders ........................................... (3) (1) (12) (27)
Other......................................................................................... (212) (992) (904) (1,927)
Net cash provided by (used in) financing activities....................... 60,015 38,408 (18,279) 545,591
Effect of exchange rate changes o n cash and cash equivalents ............... 8 7 7 (583) 462 7,973
Net increase in cash and cash equivalents .......................................... 4 3,375 13,1 51 599 394,318
Cash and cash equivalents at beginning of year .................................. 69,09 5 55,944 55,345 628,137
N et increase in cash and cash equivalents associated with newly consolidated subsidiaries ... 1,155 ——10,500
Cash and cash equivalents at end o f year........................................... ¥ 113,625 ¥ 69,095 ¥ 55,944 $ 1,032,955
See accompanying notes to consolidated financial statements.
CON SOLIDATED STATEMEN TS O F CASH FLO W S
O lympus Corpo ration and Consolidated Subsidiaries
For the years ended March 31 , 2005 , 2 004 and 200 3