Twenty-First Century Fox 2007 Annual Report Download - page 71

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NEWS CORPORATION
Consolidated Statements of Cash Flows
(in millions)
For the years ended June 30, 2007 2006 2005
Operating activities:
Net income $ 3,426 $ 2,314 $ 2,128
Gain on disposition of discontinued operations, net of tax — (515) —
Cumulative effect of accounting change, net of tax — 1,013 —
Income from continuing operations 3,426 2,812 2,128
Adjustments to reconcile income from continuing operations to cash provided by
operating activities:
Depreciation and amortization 879 775 648
Amortization of cable distribution investments 77 103 117
Equity earnings of affiliates (1,019) (888) (355)
Cash distributions received from affiliates 255 233 138
Other, net (359) (194) (178)
Minority interest in subsidiaries, net of tax 66 67 213
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets (169) (765) 7
Inventories, net (360) (508) 206
Accounts payable and other liabilities 1,314 1,622 447
Net cash provided by operating activities 4,110 3,257 3,371
Investing activities:
Property, plant and equipment, net of acquisitions (1,308) (976) (901)
Acquisitions, net of cash acquired (1,059) (1,989) (69)
Investments in equity affiliates (121) (89) (106)
Other investments (328) (28) (27)
Proceeds from sale of investments and other non-current assets 740 412 800
Proceeds from disposition of discontinued operations — 610 —
Net cash used in investing activities (2,076) (2,060) (303)
Financing activities:
Borrowings 1,196 1,159 1,841
Repayment of borrowings (198) (865) (2,110)
Cash on deposit — — 275
Issuance of shares 392 232 88
Repurchase of shares (1,294) (2,027) (535)
Dividends paid (369) (431) (240)
Net cash used in financing activities (273) (1,932) (681)
Net increase (decrease) in cash and cash equivalents 1,761 (735) 2,387
Cash and cash equivalents, beginning of year 5,783 6,470 4,051
Exchange movement of opening cash balance 110 48 32
Cash and cash equivalents, end of year $ 7,654 $ 5,783 $ 6,470
The accompanying notes are an integral part of these audited consolidated financial statements.
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