Louis Vuitton 2002 Annual Report Download - page 94

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LVM H CONSOLIDATED FINANCIAL STATEM ENTS
92 • ANNUAL REPORT 2002
(EUR millions) 2002 2001 2000
I. OPERATING ACTIVITIES
Net income 556 10 722
Minority interests 131 90 242
Equity interest in undistributed earnings of associated companies, less dividends received 17 46 36
Depreciation and amortization 1,019 1,356 635
Change in provisions (386) 658 (267)
Change in deferred taxes (142) (304) 35
Gain (loss) on sale of fixed assets or treasury shares 323 (937) (189)
Net cash provided by operating activities before changes in current assets and liabilities 1,518 919 1,214
Inventories 33 (358) (190)
Trade accounts receivable 64 128 (54)
Accounts payable 82 (25) 98
Other current assets and liabilities 257 (90) (209)
Net change in current assets and liabilities 436 (345) (355)
Net cash provided by operating activities 1,954 574 859
II. INVESTING ACTIVITIES
Purchases of brands and other intangible assets (80) (80) (63)
Purchases of property, plant and equipment (479) (904) (794)
Proceeds from sale of fixed assets and other investments 177 149 86
Acquisition of other investments (92) (445) (399)
Reclassifying between investments and short-term investments –(677) 817
Proceeds from sale of unconsolidated investments 92 2,122 1,195
Change in other non-current assets (182) (431) (119)
Net effect of acquisitions & disposals of consolidated companies (160) (628) (547)
Net cash provided by (used in) investing activities (724) (894) 176
III. FINANCING ACTIVITIES
Proceeds from issuances of common stock 13 38 11
Change in treasury shares 516 (13) (339)
Dividends and interim dividends paid by the parent company (including related tax) (349) (343) (322)
Dividends and interim dividends paid to minority interests of consolidated subsidiaries (23) (171) (70)
Proceeds from short-term borrowings and long-term debt 523 2,469 2,256
Principal repayments on short-term borrowings and long-term debt (2 408) (2,294) (1,286)
Change in quoted short-term investments 182 880 (1,071)
Net cash provided by (used in) financing activities (1,546) 566 (821)
IV. EFFECT OF EXCHANGE RATE CHANGES (18) 2 (22)
Net increase/decrease in cash and cash equivalents (334) 248 192
Cash and cash equivalents at beginning of year ( net of bank overdrafts) 878 630 438
Cash and cash equivalents at end of year (net of bank overdrafts) 544 878 630
Non cash transactions:
- increase of capital through conversion of debt –––
- lease financing operations 316 7
The statement of cash flows shows the change in cash (net of bank overdrafts) and cash equivalents consisting of short-term investments that can be
readily converted into cash, excluding, since January 1, 2001, quoted securities. Figures from previous periods have been adjusted to allow comparisons.
CONSOLIDATED STATEM ENT OF CASH FLOWS