1 Exhibit 13-d CONSOLIDATED STATEMENT OF CASH FLOWS - ------------------------------------------------------------------------------------------------------------------------------------ NORDSON CORPORATION Years ended October 30, 1994, October 31, 1993 and November 1, 1992 1994 1993 1992 - ------------------------------------------------------------------------------------------------------------------------------------ (in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $46,654 $35,991 $39,537 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 15,223 13,653 12,992 Amortization 3,195 3,454 3,687 Provision for losses on receivables 783 646 1,173 Deferred income taxes (3,910) (5,989) (1,822) Other (1,087) 1,356 690 Changes in working capital: Receivables (9,235) (8,807) (15,853) Inventories (7,305) (2,081) (2,022) Other current assets (351) (929) (1,365) Accounts payable 4,003 3,963 (465) Income taxes payable (6,391) 3,562 2,292 Accrued liabilities 3,187 4,661 4,748 Customer advance payments 100 314 752 Decrease (increase) in other non-current assets (1,050) 1,221 (590) Increase in other non-current liabilities 3,201 10,436 2,294 ------------------------------------------------- Net cash provided by operating activities 47,017 61,451 46,048 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to property, plant and equipment (20,558) (15,834) (10,271) Proceeds from sale of property, plant and equipment 257 419 1,639 Acquisition of businesses (3,933) (455) (8,302) Purchase of marketable securities (4,105) (6,925) (5,110) Proceeds from sale of marketable securities 2,755 7,290 10 ------------------------------------------------- Net cash used in investing activities (25,584) (15,505) (22,034) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from short-term borrowing 22,236 588 10,482 Repayment of short-term borrowing (15,958) (17,245) (10,508) Proceeds from long-term debt 106 702 -- Repayment of long-term debt (2,580) (3,955) (2,373) Repayment of capital lease obligations (3,491) (3,298) (3,154) Issuance of common shares under company stock and employee benefit plans 7,053 3,841 9,374 Purchase of treasury shares (33,673) (9,400) (22,782) Tax benefit from stock option and restricted stock transactions 1,530 1,134 982 Dividends paid (10,419) (8,976) (8,271) ------------------------------------------------- Net cash used in financing activities (35,196) (36,609) (26,250) Effect of exchange rate changes 213 1,382 (336) ------------------------------------------------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (13,550) 10,719 (2,572) Cash and cash equivalents at beginning of year 18,128 7,409 9,981 ------------------------------------------------- Cash and cash equivalents at end of year $ 4,578 $18,128 $ 7,409 ================================================= <FN> The accompanying notes are an integral part of the consolidated financial statements. 20