Logitech 2003 Annual Report Download - page 154
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F-5
LOGITECH INTERNATIONAL S.A.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
2003 2002 2001
Cash flows from operating activities:
Net income.................................................................................................. 98,843$ 74,956$ 45,068$
Non-cash items included in net income:
Depreciation............................................................................................. 25,522 28,092 19,012
Amortization of goodwill......................................................................... - - 998
Amortization of other intangible assets.................................................... 5,047 3,678 2,030
Purchased in-process research and development..................................... - - 3,275
Write-off of investments.......................................................................... 1,512 1,220 50
Gain on sale of investments...................................................................... 163 (1,115) (1,296)
Equity in net losses of affiliated companies............................................. - 2,469 440
Gain on disposal of property, plant and equipment.................................. - - (1,922)
Deferred income taxes and other.............................................................. (387) (376) 1,030
Changes in current assets and liabilities, net of acquisitions:
Accounts receivable................................................................................. 2,565 (28,937) (6,630)
Inventories................................................................................................ (32,714) 26,040 (29,411)
Other current assets.................................................................................. (4,356) (3,139) (5,643)
Accounts payable..................................................................................... 27,807 (878) (18,009)
Accrued liabilities.................................................................................... 21,106 10,585 3,051
Net cash provided by operating activities............................................. 145,108 112,595 12,043
Cash flows from investing activities:
Purchases of property, plant and equipment................................................ (28,657) (21,941) (16,824)
Sales of property, plant and equipment....................................................... - - 3,637
Acquisitions and investments, net of cash acquired.................................... 1,985
(
6,822
)
(
47,696
)
Sales of investments.................................................................................... 2,072 4,249 1,767
Net cash used in investing activities..................................................... (24,600) (24,514) (59,116)
Cash flows from financing activities:
Net borrowing (repayment) of short-term debt............................................ 2,822 (53,994) 35,000
Borrowing of long-term debt, net of issuance costs..................................... - 93,292 211
Repayment of long-term debt...................................................................... (1,185) (27,450) -
Purchase of treasury shares......................................................................... (63,822) (15,043) (1,065)
Proceeds from sale of shares upon exercise of options and rights............... 15,629 16,389 11,049
Net cash provided by (used in) financing activities.............................. (46,556) 13,194 45,195
Effect of exchange rate changes on cash and cash equivalents....................... 1,681 (2,316) (3,406)
Net increase (decrease) in cash and cash equivalents........................... 75,633 98,959 (5,284)
Cash and cash equivalents at beginning of period.......................................... 143,101 44,142 49,426
Cash and cash equivalents at end of period.................................................... 218,734$ 143,101$ 44,142$
Supplemental cash flow information:
Interest paid................................................................................................. 1,336$ 1,709$ 158$
Income taxes paid........................................................................................ 5,343$ 3,409$ 863$
Non-cash investing and financing activities:
Property acquired through capital lease financing....................................... -$ -$ 900$
Acquisition of Labtec through issuance of shares....................................... -$ 875$ 25,436$
Note payable issued to acquire 3Dconnexion minority interest................... 7,400$ -$ -$
Assumption of Spotlife capital lease........................................................... 2,682$ -$ -$
Year ended March 31,
The accompanying notes are an integral part of these consolidated financial statements.