Olympus 2004 Annual Report Download - page 36

3 4 O LYMPUS 2 0 0 4
Thousands o f
Millions of yen U.S. do llars
2 0 0 4 2 0 0 3 2 0 0 2 2 0 0 4
CASH FLO W S FRO M O PERATING ACTIVITIES:
Inco me before pro visio n fo r inco me taxes ......................................... ¥ 6 0 ,2 0 1 ¥ 42,9 9 4 ¥ 20,4 4 2 $ 547,282
Adjustments to reco ncile inco me before pro visio n fo r
inco me taxes to net cash pro vided by operating activities:
Depreciation and amortization...................................................... 24,249 16,858 23,700 220,445
Increase (decrease) in severance and retirement allowance ................ (6 ,1 4 4 ) 2 ,6 9 9 3 ,2 8 2 (5 5 ,8 5 5 )
Increase in prepaid pensio n cost................................................... (8,692) ——(7 9 ,0 1 8 )
Interest income........................................................................... (291) (3 7 6 ) (6 6 6 ) (2 ,6 4 5 )
Interest expense ......................................................................... 4,912 6 ,4 5 9 9 ,2 6 2 4 4 ,6 5 5
Lo ss (gain) on marketable and investment securities, net.................... (1 ,749) 8 ,1 1 2 1 0 ,4 3 0 (1 5 ,9 0 0 )
Lo ss o n settlement o f swap contracts .............................................. 5 ,4 4 7 ——4 9 ,5 1 8
Increase in accounts receivable..................................................... (2 7,967) (1 2 ,5 8 0 ) (2 ,7 2 2 ) (254,245)
Decrease (increase) in invento ries ................................................. (1 3 ,285) 6 ,3 1 9 3 0 ,6 2 6 (120,773)
Increase (decrease) in acco unts payable ......................................... 2 1 ,2 53 6 ,9 0 0 (1 9 ,6 5 3 ) 193,209
Increase (decrease) in other payable ............................................. 5,630 7 ,8 4 0 (3 ,3 7 7 ) 5 1 ,1 8 2
Increase in accrued expense ........................................................ 408 1 6 ,6 9 2 2 8 5 3,709
Other....................................................................................... (2,265) 4 ,6 5 0 (6 2 8 ) (2 0 ,5 9 1 )
Sub-total............................................................................... 61,707 1 0 6 ,5 6 7 7 0 ,9 8 1 560,973
Interest and dividend received ...................................................... 1,129 1 ,1 3 1 1 ,6 1 8 1 0 ,2 6 4
Interest payments........................................................................ (5,040) (6 , 4 1 0 ) (9 , 0 9 7 ) (4 5 ,8 1 8 )
Income taxes paid ...................................................................... (27,259) (2 2 ,5 3 7 ) (1 2 ,8 9 5 ) (247,810)
Net cash pro vided by operating activities................................... 3 0 ,537 7 8 , 7 5 1 5 0 ,6 0 7 277,609
CASH FLO W S FRO M IN VESTIN G ACTIVITIES:
Deposits in time deposits................................................................ (45,377) (4 6 ,2 6 8 ) (4 5 , 2 9 7 ) (412,518)
W ithdrawals fro m time depo sits ...................................................... 4 5 ,9 04 4 5 ,6 3 5 1 5 ,0 6 2 417,309
Purchases of marketable securities ................................................... (7 0 ,0 0 0 ) (7 0 ,0 0 0 ) (6 9 , 9 9 7 ) (636,364)
Sales of marketable securities......................................................... 70,000 7 0 , 0 0 0 7 1 ,2 6 4 636,364
Payments for settlement o f swap contracts ......................................... (5 ,4 4 7 ) ——(4 9 ,5 1 8 )
Purchases of pro perty, plant and equipment ...................................... (4 3 ,4 1 2 ) (3 2 ,9 4 9 ) (2 5 , 1 6 2 ) (394,655)
Purchases of investment securities .................................................... (8 ,2 15) (2 6 ,7 0 7 ) (2 ,0 6 1 ) (7 4 ,6 8 2 )
Sales of investment securities .......................................................... 4 ,8 2 2 1 ,3 6 6 1 ,0 9 5 4 3 ,8 3 6
Payments for acquisition o f new subsidiaries ..................................... (2 ,2 3 3 ) (1 9 9 ) (8 6 2 ) (2 0 ,3 0 0 )
Payments for additio nal stock investment in subsidiaries ...................... — (1 ,7 8 4 ) (3 2 8 ) —
O ther ......................................................................................... (1,253) 5 7 1 1 5 3 (1 1 ,3 9 0 )
Net cash used in investing activities .......................................... (5 5 ,211) (6 0 ,3 3 5 ) (5 6 ,1 3 3 ) (501,918)
CASH FLO W S FRO M FIN ANCIN G ACTIVITIES:
Increase (decrease) in short-term borro wings ..................................... 2 8 ,3 70 (8 ,2 6 6 ) (1 ,1 6 2 ) 257,909
Pro ceeds fro m lo ng-term debt.......................................................... 2 1,455 2 0 ,087 3 0 195,045
Repayments o f lo ng-term debt......................................................... (1 ,5 9 3 ) (9 3 5 ) (1 0 2 ) (1 4 ,4 8 2 )
Pro ceeds fro m issuance o f bo nds..................................................... 2 9 ,8 77 — —271,609
Redemption of bonds..................................................................... (35,000) (2 5 ,0 0 0 ) (2 0 ,0 0 0 ) (318,182)
Sto ck issue to minority shareholders................................................. 2 5 0 188 338 2,273
Dividends paid............................................................................. (3,958) (3 , 4 3 7 ) (3 , 4 3 8 ) (3 5 ,9 8 2 )
Dividends paid to minority shareholders ........................................... (1 ) (1 2 ) (2 4 ) (9 )
O ther ......................................................................................... (992) (9 0 4 ) (4 2 9 ) (9 ,0 1 7 )
Net cash pro vided by (used in) financing activities....................... 3 8 ,4 08 (1 8 ,2 7 9 ) (2 4 ,7 8 7 ) 349,164
Effect of exchange rate changes on cash and cash equivalents ............... (5 8 3) 4 6 2 9 0 7 (5 ,3 0 0 )
Net increase (decrease) change in cash and cash equivalents ................ 1 3 ,1 5 1 599 (29,406) 119,555
Cash and cash equivalents at beginning of year .................................. 5 5 ,944 5 5 , 3 4 5 8 4 ,7 5 1 508,581
Cash and cash equivalents at end o f year........................................... ¥ 6 9,095 ¥ 55,9 4 4 ¥ 55 ,3 4 5 $ 628,136
See accompanying notes to consolidated financial statements.
CO N SO LIDATED STATEMEN TS O F CASH FLO W S
O lympus Corporation and Consolidated Subsidiaries
For the years ended M arch 31 , 20 04, 20 0 3 and 20 0 2
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