APC 2003 Annual Report Download - page 65

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63
2. Consolidated Statement of Cash Flows
(in millions of euros, at December 31)
2003 2002 2001
I - Net cash provided by operating activities
Net income (attributable to Schneider Electric SA) 432.8 422.0 (986.4)
Minority interests 21.5 24.9 22.4
Group share of (income)/loss of companies accounted for by the equity
method (net of dividend received) 18.1 27.8 19.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment
(note 6)
283.5 293.4 301.2
Amortization of intangible assets other than goodwill
(note 5)
60.2 56.9 50.1
Amortization of goodwill 190.7 192.6 169.3
Increase (decrease) in provisions 44.6 (1,350.5) 1,375.8
Change in deferred taxes (144.1) (484.2) 5.2
Losses (gains) on disposals of assets 15.4 1,785.0 10.8
Other 19.3 (0.4) (1.3)
Net cash provided by operating activities before changes in
operating assets and liabilities 942.0 967.5 966.4
(Increase) decrease in accounts receivable (14.8) 109.3 132.0
(Increase) decrease in inventories and work in progress (5.3) 49.8 51.3
Increase (decrease) in accounts payable 67.2 (96.6) (268.8)
Change in other current assets and liabilities 265.1 (97.2) 61.7
Change in working capital 312.2 (34.7) (23.8)
Total I 1,254.2 932.8 942.6
II - Net cash (used)/provided by investing activities
Purchases of property, plant and equipment
(note 6)
(253.2) (288.0) (405.2)
Disposals of property, plant and equipment
(note 6)
48.3 24.7 46.8
Purchases of intangible assets
(note 5)
(61.8) (89.3) (46.4)
Disposals of intangible assets
(note 5)
1.3 12.1 0.3
Net cash used by investment in operating assets (265.4) (340.5) (404.5)
Financial investments - net (595.8) 3,223.7 (448.3) (1)
Other long-term investments (262.1) (2) (2.5) 102.0
Long-term pension assets (142.2) (3) (55.4) (17.1)
Sub-total (1,000.1) 3,165.8 (363.4)
Total II (1,265.5) 2,825.3 (767.9)
III - Net cash (used)/provided by financing activities
Increase in long-term debt 789.8 13.2 (248.9)
Reduction of long-term debt (73.1) (202.3) (142.8)
Sale/(purchase) of Company shares (112.3) (329.1) (73.9)
Increase/(decrease) in other borrowings (481.6) (274.2) 527.6
Common stock issued 101.8 11.0 7.2
Dividends paid: Schneider Electric SA (308.0) (297.6) (297.0)
Minority interests (18.6) (18.3) (18.2)
Total III (102.0) (1,097.3) (246.0)
IV - Net effect of exchange rate and other changes Total IV (54.7) 2.7 14.1
Net increase/(decrease) in cash and cash equivalents: I + II + III + IV (168.0) 2,663.5 (57.2)
Cash and cash equivalents at beginning of year 3,070.4 406.9 464.1
Increase/(decrease) in cash and cash equivalents (168.0) 2,663.5 (57.2)
Cash and cash equivalents at end of year
(note 14)
2,902.4 3,070.4 406.9
(1)The purchase of Legrand shares (in an amount of
€
5,027.5 million) was financed mainly through the issue of new Schneider Electric SA shares
(a non-cash transaction). Only the cash payment and acquisition costs (cash transactions) are indicated in the statement of cash flows.
(2)Including
€
259 million loan to Clipsal.
(3) Including an additional contribution to pension commitments by Square D in an amount of
€
143 million in 2003 vs.
€
50 million in 2002.
The accompanying notes are an integral part of the consolidated financial statements.