310 Mehta and Mehta
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Exhibit 4a. Infosys financial results, FY03 and FY02 (cont.)
Source: Infosys Annual Report
Exhibit 4b. Infosys financial results, FY03 and FY02
Balance Sheet as at (US$ million) FY03 FY02
Current Assets
Cash and cash equivalents 354.36 210.49
Trade accounts receivable, net of allowances 109.12 69.02
Deferred tax assets 0.29 0.77
Prepaid expenses and other current assets 24.38 15.24
Unbilled revenue 19.70 3.64
Total current assets 507.85 299.16
Property, plant, and equipment, net 157.19 147.20
Intangible assets, net 6.47 -
Deferred tax assets 7.26 4.56
Investments 4.61 7.78
Prepaid income taxes 4.45 -
Other assets 16.45 12.46
TOTAL ASSETS 704.28 471.16
Current Liabilities
Accounts Payable 0.43 -
Client Deposits 3.21 2.22
Other accrued liabilities 46.25 22.42
Income tax payable - 0.68
Unearned revenue 13.20 3.46
Total current liabilities 63.09 28.78
Noncurrent liabilities 5.19 -
Preferred stock of subsidiary 10.00
Stockholders Equity 8.60 8.60
Additional paid-in capital 127.04 123.08
Accumulated other comprehensive income (31.44) (45.44)
Deferred stock compensation (2.82) (7.62)
Retained earnings 524.62 363.76
Total stockholders equity 626.00 442.38
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY704.28 471.16Source: Infosys Annual Report
Net cash provided by operating activities
211.18 191.48
Cashflows from Investing Activities
Expenditure on property, plant and
equipment(43.16) (68.35)
Expenditure on intangible assets (3.55) -
Sale of property, plant and equipment 0.07 0.34
Loans to employees (7.25) (5.55)
Purchase of investments (0.05) (2.20)
Net cash used in investing activities (53.94) (75.76)
FINANCING ACTIVITIES:
Proceeds from issuance of common stock 2.81 0.96
Issuance of preferred stock by subsidiary 10.00 -
Payment of dividends (33.91) (22.90)
Net cash used in financing activities
(21.10) (21.94)
Effect of exchange rate changes on cash 7.73 (7.37)
Net increase in cash and cash equivalents 143.87 86.41
Cash and cash equivalents (beginning) 210.49 124.08
Cash and cash equivalents (end) 354.36 210.49