ADT 2001 Annual Report Download - page 89

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CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1999
TYCO
TYCO INTERNATIONAL OTHER CONSOLIDATING
($ IN MILLIONS) INTERNATIONAL LTD. GROUP S.A. SUBSIDIARIES ADJUSTMENTS TOTAL
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities $ 254.3 $ 60.7 $ 3,234.8 $ — $ 3,549.8
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment, net (0.5) — (1,632.0) — (1,632.5)
Acquisition of businesses, net of cash acquired —— (4,901.2) — (4,901.2)
Disposal of businesses, net of cash sold —— 926.8 — 926.8
Net decrease (increase) in investments 81.7 — (71.2) — 10.5
(Increase) in intercompany loans — (4,132.4) — 4,132.4 —
(Increase) in investment in subsidiaries (1,013.6) —— 1,013.6 —
Other —— (247.7) — (247.7)
Net cash used in investing activities (932.4) (4,132.4) (5,925.3) 5,146.0 (5,844.1)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from (repayments of) debt — 4,080.4 (1,136.6) — 2,943.8
Proceeds from exercise of options and warrants 714.5 — 157.9 — 872.4
Dividends paid (75.0) — (112.9) — (187.9)
Intercompany dividends received (paid) 59.5 — (59.5) ——
Repurchase of common shares by subsidiary —— (637.8) — (637.8)
Financing from parent, net —— 4,132.4 (4,132.4) —
Capital contributions —— 1,013.6 (1,013.6) —
Other (0.6) — (6.5) — (7.1)
Net cash provided by financing activities 698.4 4,080.4 3,350.6 (5,146.0) 2,983.4
NET INCREASE IN CASH AND CASH EQUIVALENTS 20.3 8.7 660.1 — 689.1
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2.5 6.7 1,063.7 — 1,072.9
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 22.8 $ 15.4 $ 1,723.8 $ — $ 1,762.0
31. SUBSEQUENT EVENTS
On October 26, 2001, TIG sold $1,500.0 million 6.375%
notes due 2011 under its $6.0 billion shelf registration state-
ment in a public offering. The notes are fully and uncondition-
ally guaranteed by Tyco. The net proceeds of approximately
$1,487.8 million were used to repay borrowings under TIG’s com-
mercial paper program.
On November 13, 2001, Tyco completed the acquisition of
Sensormatic Electronics Corporation (“Sensormatic”), a leading
supplier of electronic security solutions to the retail, commercial
and industrial market-places. The acquisition was accomplished
through an exchange offer followed by a short-form merger and
is valued at approximately $2.3 billion, including the assump-
tion of $116 million of net debt. An aggregate of approximately
48 million common shares of Tyco were issued for all the out-
standing capital stock of Sensormatic.
On November 19, 2001, TIG issued €500 million 4.375%
notes due 2005, €685 million 5.5% notes due 2009, £200 million
6.5% notes due 2012 and £285 million 6.5% notes due 2032, uti-
lizing the capacity available under TIG’s European Medium
Term Note Programme established in September 2001. The
notes are fully and unconditionally guaranteed by Tyco. The net
proceeds of $1,726.6 million were used to repay borrowings
under TIG’s commercial paper program.
On December 18, 2001, the Company completed its amalga-
mation with TyCom and each of the approximately 56 million
TyCom common shares not owned by Tyco were converted into
the right to receive 0.3133 of a Tyco common share. Upon com-
pletion of the amalgamation, TyCom became a wholly-owned
subsidiary of Tyco, and each outstanding option to purchase
TyCom common shares is exercisable for Tyco common shares,
with the number of Tyco shares equal to the number of TyCom
common shares issuable upon exercise immediately prior to the
consummation multiplied by the exchange ratio of 0.3133. The
per share exercise price for the Tyco common shares issuable
upon the exercise of TyCom options equals the exercise price per
TyCom common share, at the price such options were exercisable
prior to the amalgamation, divided by the exchange ratio. In
addition, each outstanding TyCom restricted share was con-
verted into a restricted Tyco common share based on the
exchange ratio. The options and restricted shares will be subject
to the same terms and conditions that were applicable immedi-
ately prior to the amalgamation.