ManpowerGroup 2004 Annual Report Download - page 63

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MANPOWER INC. 2004 Annual Report61
Year Ended December 31 2004 2003 2002
Cash Flows from Operating Activities
Net earnings $ 245.7 $ 137.7 $ 113.2
Adjustments to reconcile net earnings to net cash provided
by operating activities:
Depreciation and amortization 86.5 64.4 65.4
Amortization of discount on convertible debentures 7.8 7.6 7.3
Deferred income taxes (8.8) (13.0) 10.7
Provision for doubtful accounts 27.3 16.7 18.2
Other non-operating gains (14.2) ——
Change in operating assets and liabilities, excluding the
impact of acquisitions:
Accounts receivable (363.9) (74.3) (53.3)
Other assets 41.5 (25.8) 30.7
Other liabilities 165.5 110.1 35.7
Cash provided by operating activities 187.4 223.4 227.9
Cash Flows from Investing Activities
Capital expenditures (67.9) (55.5) (58.5)
Acquisitions of businesses, net of cash acquired (117.3) (6.7) (33.5)
Proceeds from the sale of an equity interest 29.8 — —
Proceeds from the sale of property and equipment 5.6 6.0 5.3
Cash used by investing activities (149.8) (56.2) (86.7)
Cash Flows from Financing Activities
Net change in short-term borrowings 4.7 (13.6) 4.9
Proceeds from long-term debt 94.9 33.4 653.2
Repayments of long-term debt (93.9) (104.3) (773.1)
Proceeds from stock option and purchase plans 60.0 35.6 29.4
Repurchases of common stock —— (30.7)
Dividends paid (27.1) (15.6) (15.3)
Cash provided (used) by financing activities 38.6 (64.5) (131.6)
Effect of exchange rate changes on cash 29.4 39.5 28.6
Net increase in cash and cash equivalents 105.6 142.2 38.2
Cash and cash equivalents, beginning of year 426.2 284.0 245.8
Cash and cash equivalents, end of year $ 531.8 $ 426.2 $ 284.0
Supplemental Cash Flow Information
Interest paid $ 37.0 $ 31.2 $ 33.2
Income taxes paid $ 87.8 $ 91.6 $ 96.3
The accompanying notes to financial statements are an integral part of these statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
in millions