Omron 2003 Annual Report Download - page 35

Consolidated Statements of Cash Flows
OMRON Corporation and Subsidiaries
Years ended March 31, 2003, 2002 and 2001
Thousands of
Millions of yen U.S. dollars (Note 2)
2003 2002 2001 2003
Operating Activities:
Net income (loss) .................................................................................... ¥511 ¥(15,773) ¥ 22,297 $4,258
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation and amortization ............................................................ 29,676 33,569 32,217 247,300
Net loss on sales and disposals of property, plant and equipment.... 11 1,314 760 92
Loss on impairment of property, plant and equipment....................... 4,231 6,815 — 35,258
Net loss (gain) on sales of short-term investments
and investment securities ................................................................. 1,221 (1,008) (3,703) 10,175
Loss on impairment of investment securities and other assets.......... 2,269 17,199 2,460 18,908
Bad debt expenses ............................................................................. 465 520 3,810 3,875
Termination and retirement benefits ................................................... (1,087) 2,616 4,990 (9,058)
Deferred income taxes........................................................................ (3,915) (16,131) (5,402) (32,625)
Minority interests................................................................................. 285 132 422 2,375
Cumulative effect of accounting change ............................................ —(384) — —
Net gain on sales of business entities................................................. (1,550) ——(12,917)
Changes in assets and liabilities:
Notes and accounts receivable — trade, net.................................. 1,363 19,402 (5,593) 11,358
Inventories ....................................................................................... (1,918) 17,403 (13,320) (15,983)
Other assets .................................................................................... 214 2,279 875 1,783
Notes and accounts payable — trade............................................. 9,770 (22,291) 3,620 81,417
Income taxes payable ..................................................................... 232 (10,992) 3,438 1,933
Accrued expenses and other .......................................................... 130 (1,082) 4,140 1,083
Other, net ............................................................................................ (54) 99 (215) (450)
Total adjustments ............................................................................ 41,343 49,460 28,499 344,524
Net cash provided by operating activities ................................... 41,854 33,687 50,796 348,782
Investing Activities:
Proceeds from sales or maturities of short-term investments and
investment securities ............................................................................ 1,388 3,111 9,746 11,567
Purchase of short-term investments and investment securities ............ (739) (6,181) (5,761) (6,158)
Capital expenditures............................................................................... (34,454) (38,896) (37,583) (287,117)
Decrease (increase) in leasehold deposits ............................................. 592 506 (538) 4,933
Proceeds from sales of property, plant and equipment ......................... 1,641 1,450 1,953 13,675
Acquisition of minority interests ............................................................. (101) (111) (182) (842)
Proceeds from sales of business entities ............................................... 1,450 —— 12,083
Acquisition of business entities .............................................................. (410) —— (3,416)
Net cash used in investing activities............................................ (30,633) (40,121) (32,365) (255,275)
Financing Activities:
Net borrowings (repayments) of short-term bank loans......................... 2,909 5,786 (1,371) 24,242
Proceeds from issuance of long-term debt............................................ 10,358 13,102 715 86,317
Repayments of long-term debt............................................................... (1,960) (26,970) (1,650) (16,333)
Dividends paid by the Company ............................................................ (2,855) (3,230) (3,337) (23,792)
Dividends paid to minority...................................................................... (230) (37) — (1,916)
Share buyback........................................................................................ ——(18,338) —
Treasury stock ........................................................................................ (10,218) (725) (749) (85,150)
Exercise of stock options ....................................................................... —18 148 —
Net cash used in financing activities ........................................... (1,996) (12,056) (24,582) (16,632)
Effect of Exchange Rate Changes on Cash and Cash Equivalents..... (85) 3,648 3,102 (708)
Net Increase (Decrease) in Cash and Cash Equivalents ...................... 9,140 (14,842) (3,049) 76,167
Cash and Cash Equivalents at Beginning of the Year .......................... 70,779 85,621 88,670 589,825
Cash and Cash Equivalents at End of the Year..................................... ¥79,919 ¥70,779 ¥ 85,621 $665,992
See notes to consolidated financial statements.
Annual Report 2003 • 33