Louis Vuitton 2003 Annual Report Download - page 94

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92 LVMH ANNUAL
REPORT 2003
CONSOLIDATED STATEMENT OF CASH FLOWS
(EUR millions) 2003 2002 2001
I. OPERATING ACTIVITIES
Net income 723 556 10
M inority interests 108 131 90
Equity interest in undistributed earnings of associated companies, net of dividends received 517 46
Depreciation and amortization 914 1,019 1,356
Change in provisions 11 (386) 658
Change in deferred taxes 130 (142) (304)
Gain (loss) on disposal of fixed assets or treasury shares 58 323 (937)
Net cash provided by operating activities before changes in current assets and liabilities 1,949 1,518 919
I nventories and work-in-progress (222) 33 (358)
Trade accounts receivable (1) 64 128
Accounts payable 88 82 (25)
Other current assets and liabilities 28 257 (90)
Net change in current assets and liabilities (107) 436 (345)
Net cash provided by operating activities 1,842 1,954 574
II. INVESTING ACTIVI TIES
Purchases of brands and other intangible assets (70) (80) (80)
Purchases of property, plant and equipment (508) (479) (904)
Sale of non-financial fixed assets 82 177 149
Acquisitions of investments (78) (92) (445)
Reclassification between investments and short-term investments ––(677)
Proceeds from sale of unconsolidated investments 13 92 2,122
Change in other non-current assets 19 (182) (431)
Net effect of acquisitions and disposals of consolidated companies (209) (160) (628)
Net cash provided by (used in) investing activities (751) (724) (894)
III. FINANCING ACTIVITIES
Shares of minority interests in proceeds from issuances of common stock 70 13 38
Change in treasury shares 196 516 (13)
Dividends and interim dividends paid by the parent company (including related tax) (374) (349) (343)
Dividends and interim dividends paid to minority interests of consolidated subsidiaries (74) (23) (171)
Proceeds from short-term borrowings and long-term debt 1,452 523 2,469
Principal repayments on short-term borrowings and long-term debt (2,114) (2,408) (2,294)
Change in listed securities (170) 182 880
Net cash provided by (used in) financing activities (1,014) (1,546) 566
IV. EFFECT OF EXCHANGE RATE FLUCTUATIONS (18) (18) 2
Net increase/decrease in cash and cash equivalents 59 (334) 248
Cash and cash equivalents at beginning of year (net of bank overdraft) 544 878 630
Cash and cash equivalents at year-end (net of bank overdraft) 603 544 878
Non-cash transactions:
- Lease financing operations 2 316
The statement of cash flows shows the change in cash (net of bank overdraft) and cash equivalents consisting of short-term investments that can be readily converted
into cash, excluding listed securities.
As of December 31, 2003, net cash and
cash equivalents, as shown in the state-
ment of cash flows, amount to 603
million euros. The reconciliation of this
amount and the cash and cash equiva-
lents account as shown in the balance
sheet is as follows :
EUR millions 31 december, 2003
Non quoted short term investments 32
Cash 823
Bank overdrafts (252)
Net cash and cash equivalents 603