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Infosys Technologies (INFY)
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INFY » Topics » Infosys Technologies Limited and subsidiaries

This excerpt taken from the INFY 20-F filed May 2, 2007.

Infosys Technologies Limited and subsidiaries

Consolidated Statements of Cash Flows for the years ended March 31,
(Dollars in millions)

 

2005

2006

2007

OPERATING ACTIVITIES:

 

 

 

Net income

$419

$555

$850

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

66

99

118

Minority interest

-

5

2

Stock compensation expenses

-

-

5

Deferred taxes

(3)

(5)

(6)

Gain on sale of liquid mutual fund units
-
(1)
(2)
Gain on sale of long term investments
(11)
-
(1)
Income tax benefit arising on exercise of stock options
10
4
-

Changes in assets and liabilities

 

 

 

Trade accounts receivable

(150)

(65)

(184)

Prepaid expenses and other current assets

2

1

(4)

Unbilled revenue

(9)

(16)

(24)

Accounts payable

-

1

3

Income taxes

(2)

(37)

(15)

Client deposits

(8)

(5)

(1)

Unearned revenue

6

24

26

Other accrued liabilities

24

39

95

Net cash provided by operating activities

344

599

862

Investing Activities:

 

 

 

Expenditure on property, plant and equipment

(186)

(246)

(336)

Payment towards intellectual property right

-

-

(3)

Loans to employees

2

(3)

1

Non-current deposits placed with corporations

(15)

(11)

(14)

Withdrawal of non-current deposits placed with corporations

-

8

2

Acquisition of minority interest in subsidiary

-

-

(148)

Investment in liquid mutual fund units

(100)

(419)

(1,002)

Redemption of liquid mutual fund units

40

523

1,163

Proceeds from sale of long term investments

11

-

1

Proceeds from issuance of equity shares by subsidiary
-
-
2

Net cash used in investing activities

(248)

(148)

(334)

Financing Activities:

 

 

 

Proceeds from issuance of common stock on exercise of employee stock options

99

128

277

Payment of dividends

(222)

(91)

(336)

Income tax benefit arising on exercise of stock options

-

-

4

Net cash provided by / (used in) financing activities

(123)

37

(55)

Effect of exchange rate changes on cash

(8)

(9)

41

Net increase/ (decrease) in cash and cash equivalents during the year

(35)

479

514

Cash and cash equivalents at the beginning of the year

445

410

889

Cash and cash equivalents at the end of the year

$410

$889

$1,403

Supplementary information:

 

 

 

Income taxes paid

$66

$125

$99

See accompanying notes to the consolidated financial statements

Notes to the Consolidated Financial Statements

This excerpt taken from the INFY 6-K filed Jan 18, 2005.

INFOSYS TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES

 

We have audited the attached consolidated balance sheet of Infosys Technologies Limited (the Company) and its subsidiaries (collectively called ‘the Infosys Group’) as at 31 December 2004, the consolidated profit and loss account and the consolidated cash flow statement for the quarter and nine months ended on that date, annexed thereto. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

We report that the consolidated financial statements have been prepared by the Company’s management in accordance with the requirements of Accounting Standard (AS) 21, Consolidated Financial Statements, issued by the Institute of Chartered Accountants of India.

 

In our opinion and to the best of our information and according to the explanations given to us, the consolidated financial statements give a true and fair view in conformity with the accounting principles generally accepted in India:

 

  (a) in the case of the consolidated balance sheet, of the state of affairs of the Infosys Group as at 31 December 2004;

 

  (b) in the case of the consolidated profit and loss account, of the profit of the Infosys Group for the quarter and nine months ended on that date; and

 

  (c) in the case of the consolidated cash flow statement, of the cash flows of the Infosys Group for the quarter and nine months ended on that date.

 

for BSR & Co.

 

(formerly Bharat S Raut & Co.)

Chartered Accountants

 

Subramanian Suresh

Partner

Membership No. 83673

 

Bangalore

12 January 2005

 

EXCERPTS ON THIS PAGE:

20-F
May 2, 2007
6-K
Jan 18, 2005
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