Logitech 2005 Annual Report Download - page 108

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LOGITECH INTERNATIONAL S.A.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year ended March 31,
2005 2004 2003
Cash flows from operating activities:
Netincome ................................................ $149,266 $132,153 $ 98,843
Non-cash items included in net income:
Depreciation ........................................... 26,041 26,164 25,522
Amortization of other intangible assets ...................... 6,320 5,240 5,047
Write-off of investments .................................. — 515 1,512
Release of tax valuation allowance .......................... — (13,350) —
Deferred income taxes and other ........................... (3,587) 9,338 (224)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable ..................................... (14,140) (14,085) 2,565
Inventories ............................................. (35,276) (5,307) (32,714)
Other assets ............................................ 8,675 749 (4,356)
Accounts payable ....................................... 30,373 9,812 27,807
Accrued liabilities ....................................... 46,002 15,231 21,106
Net cash provided by operating activities ................. 213,674 166,460 145,108
Cash flows from investing activities:
Purchases of property, plant and equipment ....................... (40,541) (24,718) (28,657)
Acquisitions and investments, net of cash acquired ................. (30,494) (15,490) 1,985
Sales of investments ......................................... — — 2,072
Net cash used in investing activities ..................... (71,035) (40,208) (24,600)
Cash flows from financing activities:
Borrowings (repayments) of short-term debt ...................... (4,073) — 2,822
Repayments of long-term debt ................................. (475) (1,331) (1,185)
Purchases of treasury shares ................................... (134,525) (79,162) (63,822)
Proceeds from sale of shares upon exercise of options and rights ...... 45,985 31,404 15,629
Net cash used in financing activities ..................... (93,088) (49,089) (46,556)
Effect of exchange rate changes on cash and cash equivalents ............ (3,027) (1,144) 1,681
Net increase in cash and cash equivalents ................ 46,524 76,019 75,633
Cash and cash equivalents at beginning of period ...................... 294,753 218,734 143,101
Cash and cash equivalents at end of period ........................... $341,277 $294,753 $218,734
Supplemental cash flow information:
Interest paid ................................................ $ 1,560 $ 1,515 $ 1,336
Incometaxespaid ........................................... $ 6,588 $ 6,056 $ 5,343
Non-cash investing and financing activities:
Note payable issued to acquire 3Dconnexion minority interest ........ $ — $ — $ 7,400
Assumption of Spotlife capital lease ............................ $ — $ — $ 2,682
The accompanying notes are an integral part of these consolidated financial statements.
F-5
CG
20-F
LISA