Statements of Consolidated Cash Flows The J.M. Smucker Company Year Ended April 30, (Dollars in thousands) 2003 2002 2001 Operating Activities Net income $ 96,342 $30,851 $27,206 Adjustments to reconcile net income to net cash  provided by operating activities: Depreciation 35,934 23,932 22,521 Amortization 1,817 4,625 4,400 Cumulative effect of change in accounting method,  net of tax benefit — — 992 Deferred income tax (benefit) expense  (3,680) 1,545 2,040 Changes in assets and liabilities, net of effect from  business acquisitions: Trade receivables (43,016) (1,217) 5,196 Inventories (12,062) (2,063) 17,326 Other current assets (889) (11) 3,830 Accounts payable and accrued items 56,169 12,483 10,558 Income taxes 22,645 25 (1,084) Other – net 12,705 (3,170) (4,789) Net Cash Provided by Operating Activities 165,965 67,000 88,196 Investing Activities Additions to property, plant, and equipment (49,525) (23,464) (29,385) Businesses acquired, net of cash acquired (10,767) (5,714) — Disposal of property, plant, and equipment 1,179 7,060 278 Other – net 6,134 1,608 1,495 Net Cash Used for Investing Activities (52,979) (20,510) (27,612) Financing Activities Proceeds from long-term debt  — — 60,000 Purchase of treasury shares — (1,128) (80,964) Dividends paid (33,603) (15,568) (16,686) Other – net 6,819 10,888 5,325 Net Cash Used for Financing Activities (26,784)  (5,808) (32,325) Effect of exchange rate changes on cash 3,109 107 (907) Net increase in cash and cash equivalents 89,311 40,789 27,352 Cash and cash equivalents at beginning of year 91,914 51,125 23,773 Cash and Cash Equivalents at End of Year $181,225 $91,914 $51,125 ( ) Denotes use of cash See notes to consolidated financial statements. 22