APC 2002 Annual Report Download - page 59

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Business review
58
Minority interests stood at 0.08 billion, including minority
interests in 2002 net income.
The Group ended 2002 with a positive net cash position of
0.84 billion compared with net indebtedness (borrowings
less cash) of 2.30 billion at December 31, 2001.
Cash and cash equivalents came to 3.21 billion versus
0.58 billion at year-end 2001, due primarily to proceeds of
the divestment of Legrand SA (3.4 billion net of the
150 million vendor line of credit).
Long-term debt declined by 0.05 billion reflecting loans
that were repaid or that matured.
Short-term debt (commercial paper, bank overdrafts and
current maturities of long-term debt) declined by 0.45
billion as part of the proceeds from the Legrand SA
divestment were used to redeem commercial paper coming
due.
Net cash and cash equivalents (cash and short-term
investments less bank overdrafts) improved to 3.16 billion
from a negative 0.46 billion in 2001 due to the divestment
of the company’s Legrand SA shares.
Working capital stood at 4.61 billion at year-end 2002 versus 0.65 billion the year before. The 3.96 billion increase can be
analyzed as follows:
(_ billions) Change
Change in working capital
Change in property, plant and equipment, net of depreciation and disposals –0.18
Change in net goodwill and other intangible assets –0.38
Change in investments at cost and other investments –3.90
Total changes in fixed assets –4.46
Change in long-term debt –0.05
Change in provisions for contingencies and pensions +0.15
Change in net assets
- issuance of shares +0.02
- payment of dividends –0.30
- change in retained earnings (including net income for the year) –0.32
Change in minority interests N.S.
Total changes in long-term liabilities and equity +0.50
Net change in working capital +3.96