Burger King 2011 Annual Report Download - page 138

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Table of Contents
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements — (Continued)
Successor
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
October 19, 2010 to December 31, 2010
(Unaudited)
Issuer Guarantor
Non-
Guarantor Eliminations Consolidated
(In millions)
Cash flows from operating activities:
Net loss $ (100.7) $ (101.6) $ (25.1) $ 125.8 $ (101.6)
Adjustments to reconcile net loss to net cash (used for) provided by
operating activities:
Equity in earnings of subsidiary 25.1 100.7 — (125.8) —
Depreciation and amortization 16.6 — 11.0 — 27.6
Amortization of deferred financing cost and debt issuance
discount 2.6 — — — 2.6
(Gain) loss on remeasurement of foreign denominated
transactions (2.0) — (1.2) — (3.2)
Loss on refranchisings and dispositions of assets 0.8 — — — 0.8
Impairment of non-restaurant properties 0.6 — — — 0.6
Bad debt expense, net of recoveries 2.1 — 0.7 — 2.8
Deferred income taxes (20.4) — 10.6 — (9.8)
Changes in current assets and liabilities, excluding acquisitions and
dispositions: —
Trade and notes receivables (25.8) — (6.7) — (32.5)
Prepaids and other current assets (72.6) — 2.0 — (70.6)
Accounts and drafts payable (35.4) — 8.9 — (26.5)
Accrued advertising 9.1 — (2.3) — 6.8
Other accrued liabilities 45.1 13.0 — 58.1
Other long-term assets and liabilities 21.8 — (3.2) (0.2) 18.4
Net cash (used for) provided by operating activities (133.1) (0.9) 7.7 (0.2) (126.5)
Cash flows from investing activities:
Payments for property and equipment (18.4) — (10.0) — (28.4)
Proceeds from refranchisings, disposition of assets and restaurant
closures 2.2 — 3.5 — 5.7
Return of investment on direct financing leases 1.9 — 0.2 — 2.1
Other investing activities 1.4 — — — 1.4
Net payment for purchase of BKH — (3,325.4) — — (3,325.4)
Net cash used for investing activities (12.9) (3,325.4) (6.3) — (3,344.6)
Cash flows from financing activities:
Repayments of term debt and capital leases (3.2) — — — (3.2)
Proceeds from New Term Loans and other debt — 1,837.1 — — 1,837.1
Proceeds from Senior Notes — 800.0 — — 800.0
Payment of deferred financing cost (69.2) — — — (69.2)
Extinguishment of debt (731.8) — — — (731.8)
Capital contribution from 3G — 1,563.5 — — 1,563.5
Capital distribution from Parent 875.2 (875.2) — — —
Intercompany Financing (3.9) 0.9 2.8 0.2 —
Net cash provided by financing activities 67.1 3,326.3 2.8 0.2 3,396.4
Effect of exchange rates on cash and cash equivalents (0.4) — (4.3) — (4.7)
Decrease in cash and cash equivalents (79.3) — (0.1) — (79.4)
Cash and cash equivalents at beginning of period 212.2 0.7 73.5 — 286.4
Cash and cash equivalents at end of period $ 132.9 $ 0.7 $ 73.4 $ — $ 207.0
137
Source: Burger King Holdings Inc, 10-K, March 14, 2012 Powered by Morningstar® Document Research℠