ADT 2003 Annual Report Download - page 127

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125
CONSOLIDATING STATEMENT OF CASH FLOWS
TYCO TYCO
YEAR ENDED SEPTEMBER 30, 2001 INTERNATIONAL INTERNATIONAL OTHER CONSOLIDATING
($ IN MILLIONS) LTD. GROUP S.A. SUBSIDIARIES ADJUSTMENTS TOTAL
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities
from continuing operations $«««2,090.5 $«««(291.1) $«4,911.7 $÷÷÷÷«— $÷«6,711.1
Net cash used in operating activities from discontinued operations — — (260.2) — (260.2)
Net cash provided by (used in) operating activities 2,090.5 (291.1) 4,651.5 — 6,450.9
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment, net (0.2) (0.1) (1,773.1) — (1,773.4)
Construction of Tyco Global Network — — (2,247.7) — (2,247.7)
Acquisition of businesses, net of cash acquired — — (9,962.0) — (9,962.0)
Acquisition of customer accounts (ADT dealer program) — — (798.1) — (798.1)
Cash paid for purchase accounting and holdback/earn-out liabilities — — (878.7) — (878.7)
Disposal of businesses, net of cash sold — — 904.4 — 904.4
Net sales (purchases) of long-term investments 5.9 — (148.7) — (142.8)
Net decrease (increase) in intercompany loans 54.8 (5,993.5) — 5,938.7 —
Net (increase) decrease in investment in subsidiaries (10,621.3) (2.8) 8,985.0 1,639.1 —
Other — — (177.2) — (177.2)
Net cash used in investing activities from continuing operations (10,560.8) (5,996.4) (6,096.1) 7,577.8 (15,075.5)
CIT cash balance acquired — — 2,156.4 — 2,156.4
Net cash provided by investing activities from discontinued operations — — 1,516.8 — 1,516.8
Net cash used in investing activities (10,560.8) (5,996.4) (2,422.9) 7,577.8 (11,402.3)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from (repayments of) debt 3,374.9 6,320.9 (1,160.2) — 8,535.6
Proceeds from sale of common shares 2,196.6 — — — 2,196.6
Proceeds from sale of common shares for acquisitions 2,729.4 — (2,729.4) — —
Proceeds from exercise of options 226.6 — 318.4 — 545.0
Dividends paid (90.0) — — — (90.0)
Repurchase of Tyco common shares — — (1,326.1) — (1,326.1)
Net financing from parent — — 5,938.7 (5,938.7) —
Net capital contributions from parent — — 1,639.1 (1,639.1) —
Repurchase of minority interest shares of subsidiary — — (270.0) — (270.0)
Capital contributions to Tyco Capital — — (675.0) — (675.0)
Other — — (15.4) — (15.4)
Net cash provided by financing activities from continuing operations 8,437.5 6,320.9 1,720.1 (7,577.8) 8,900.7
Net cash used in financing activities from discontinued operations — — (2,605.0) — (2,605.0)
Net cash provided by (used in) financing activities 8,437.5 6,320.9 (884.9) (7,577.8) 6,295.7
Effect of currency translation on cash — — (21.0) — (21.0)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (32.8) 33.4 1,322.7 — 1,323.3
TYCO CAPITAL’S CASH AND CASH EQUIVALENTS
TRANSFERRED TO DISCONTINUED OPERATIONS — — (808.0) — (808.0)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 34.2 3.6 1,227.0 — 1,264.8
CASH AND CASH EQUIVALENTS AT END OF YEAR $««««««««««1.4 $÷÷÷37.0 $«1,741.7 $÷÷÷÷«— $÷«1,780.1
TYCO INTERNATIONAL LTD.
33.
Subsequent Events
On November 12, 2003, TIG issued $1.0 billion par value 6%
Notes due 2013 in a private placement offering. The Notes are
fully and unconditionally guaranteed by Tyco. In addition, sub-
sequent to year end, TIG executed LIBOR-in-arrears interest rate
swaps on notional value $875 million against these notes. Under
these swaps Tyco will receive 6% and pay on average 6-month
LIBOR plus 90.3 basis points.
On November 17, 2003, holders of principal amount at
maturity of $3,196.7 million of zero coupon convertible deben-
tures due 2020 notified Tyco that they had exercised their
option to require Tyco to repurchase their notes at a price of
$775.66 per $1,000 principal at maturity representing the
accreted value of the notes on that date. On November 18,
2003, Tyco purchased these notes for cash of $2,479.6 million.