Twenty-First Century Fox 2005 Annual Report Download - page 71

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NEWS CORPORATION
Consolidated Statements of Cash Flows
2005 2004 2003
For the years ended June 30, (in millions)
Operating activities:
Net income $ 2,128 $ 1,533 $ 822
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 648 565 414
Amortization of cable distribution investments 117 129 125
Equity (earnings) losses of affiliates (355) (170) 344
Cash distributions received from investees 138 133 20
Gain on issuance of subsidiary/affiliate shares ——(163)
Other, net (178) (186) 9
Minority interest in subsidiaries, net of tax 213 208 215
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets 7 (306) (385)
Inventories, net 206 (320) (137)
Accounts payable and other liabilities 447 809 369
Net cash provided by operating activities 3,371 2,395 1,633
Investing activities:
Property, plant and equipment (901) (361) (366)
Acquisitions, net of cash acquired (69) (202) (427)
Investments in associated entities, net (106) (3,237) (527)
Other investments (27) (91) (96)
Repayment of loan by an associate —— 96
Proceeds from sale of investments, non-current assets and business disposals 800 869 111
Net cash used in investing activities (303) (3,022) (1,209)
Financing activities:
Issuance of debt 1,841 548 2,105
Repayment of debt (2,110) (943) (2,438)
Cash on deposit 275 162 (463)
Issuance of shares 88 580 68
Repurchase of shares (535) ——
Proceeds from offering of subsidiary stock, net ——1,211
Dividends paid (240) (202) (181)
Net cash (used in) provided by financing activities (681) 145 302
Net (decrease) increase in cash and cash equivalents 2,387 (482) 726
Cash and cash equivalents, beginning of year 4,051 4,477 3,574
Exchange movement of opening cash balance 32 56 177
Cash and cash equivalents, end of year $ 6,470 $ 4,051 $ 4,477
The accompanying notes are an integral part of these audited consolidated financial statements.
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