| |
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the years ended December 31, |
 |
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(in thousands except exchange rate data) |
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Note |
|
20031) |
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2003 |
|
2002 |
|
20012) |
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US$ |
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€ |
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€ |
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€ |
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Net income |
|
|
|
1,356,776 |
|
1,077,063 |
|
508,614 |
|
581,136 |
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|
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Minority interest |
|
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8,707 |
|
6,912 |
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6,155 |
|
11,328 |
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|
|
|
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Extraordinary gain |
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0 |
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0 |
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– 5,776 |
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0 |
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|
 |
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Income from operations |
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1,365,483 |
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1,083,975 |
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508,993 |
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592,464 |
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Adjustments to reconcile income from operations to net cash provided by operating activities: |
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Depreciation and amortization |
|
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|
271,487 |
|
215,517 |
|
221,214 |
|
279,792 |
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Losses from equity investments, net |
|
|
|
295
|
|
234
|
|
394,589
|
|
165,499
|
|
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|
|
|
|
|
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|
|
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|
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In-process research and development from purchase of TopTier |
|
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0
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0
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0
|
|
5,596
|
|
|
|
|
|
|
|
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Gains on disposal of property, plant and equipment and marketable equity securities, net |
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– 5,023
|
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– 3,987
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– 3,903
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– 22,678
|
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Write-downs of financial assets, net |
|
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19,426
|
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15,421
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126,407
|
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71,332
|
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Impacts of hedging |
|
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3,738 |
|
2,967 |
|
58,909 |
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82,279 |
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Change in accounts receivable and other assets |
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69,819
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55,425
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138,181
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– 18,892
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Changes in deferred stock compensation |
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127,448
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101,173
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23,949
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– 11,641
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Change in reserves and liabilities |
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– 46,016 |
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– 36,529 |
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64,057 |
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15,377 |
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Change in deferred taxes |
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134,984 |
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107,156 |
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103,761 |
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– 144,642 |
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Change in other non-fixed assets |
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25,348 |
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20,122 |
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60,278 |
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– 37,590 |
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Change in deferred income |
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– 71,246 |
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– 56,558 |
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– 15,949 |
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11,950 |
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 |
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Net cash provided by operating activities |
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1,895,743
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1,504,916
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1,680,486
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988,846
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Purchase of intangible assets and property, plant and equipment |
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– 346,842
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– 275,337
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– 308,747
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– 377,844
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Purchase of financial assets |
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– 36,919 |
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– 29,308 |
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– 43,491 |
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– 76,716 |
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Change in the scope of consolidation |
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– 3,193
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– 2,535
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1,612
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– 4,591
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Proceeds from disposal of fixed assets |
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44,436
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35,275
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45,003
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65,572
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Investment in Commerce One |
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0 |
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0 |
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– 1,920 |
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– 304,037 |
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Purchase of TopTier, net of cash acquired |
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0
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0
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0
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– 378,993
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Change in liquid assets (maturities greater than 90 days) and marketable securities |
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– 805,426
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– 639,379
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91,703
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10,678
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Net cash used in investing activities |
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– 1,147,944
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– 911,284
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– 215,840
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– 1,065,931
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Dividends paid |
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– 234,740 |
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– 186,346 |
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– 182,319 |
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– 180,414 |
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Purchase of treasury stock |
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– 111,049 |
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– 88,154 |
|
- 279,265 |
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– 94,212 |
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Change in bonds, net |
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|
|
16,515 |
|
13,110 |
|
6,850 |
|
4,776 |
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|
|
|
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|
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Other changes to additional paid-in capital |
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– 2,571
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– 2,041
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– 10,494
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– 4,682
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Proceeds from line of credit and long-term debt |
|
|
|
976
|
|
775
|
|
1,571
|
|
338,663
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|
|
|
|
|
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Principal payments made on line of credit and long-term debt |
|
|
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– 4,992
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– 3,963
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– 428,896
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– 2,052
|
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|
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Effect of 2000 STAR hedge, net |
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0 |
|
0 |
|
0 |
|
– 119,931 |
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|
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|
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|
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Effect of 2001 STAR hedge |
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0 |
|
0 |
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0 |
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– 68,440 |
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Effect of 2002 STAR hedge |
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0 |
|
0 |
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– 43,331 |
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0 |
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|
|
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Effect of 2003 STAR hedge |
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– 48,876
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– 38,800
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0
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0
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Net cash used in financing activities |
|
|
|
– 384,737
|
|
– 305,419
|
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– 935,884
|
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– 126,292
|
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|
|
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Effect of foreign exchange rates on cash |
|
|
|
– 87,587
|
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– 69,530
|
|
– 162,005
|
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– 4,117
|
|
|
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Net increase/decrease in cash and cash equivalents |
|
|
|
275,475
|
|
218,683
|
|
366,757
|
|
– 207,494
|
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|
|
|
|
|
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Cash and cash equivalents at the beginning of the year |
|
|
|
1,413,016
|
|
1,121,708
|
|
754,951
|
|
962,445
|
|
|
|
|
|
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Cash and cash equivalents at the end of the year |
|
|
|
1,688,491 |
|
1,340,391 |
|
1,121,708 |
|
754,951 |
|
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1) The 2003 figures have been translated solely for the convenience of the reader
at an exchange rate of €1.00 to US$1.2597, the Noon Buying Rate certified by the
Federal Reserve Bank of New York on December 31, 2003.
2) See .
See Notes to Consolidated Financial Statements. | |
|
