Valero 2005 Annual Report Download - page 29

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VA L E R O E N E R G Y C O R P O R AT I O N 27
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions of dollars)
YEAR ENDED DECEMBER 31, 2005 2004 2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 3,590 $ 1,804 $ 622
Adjustments to Reconcile Net Income
to Net Cash Provided by Operating Activities:
Depreciation and Amortization Expense 875 618 511
Deferred Income Tax Expense 255 345 287
Changes in Current Assets,
Current Liabilities and Other, Net 1,079 191 333
Net Cash Provided by Operating Activities 5,799 2,958 1,753
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures and Deferred Turnaround
and Catalyst Costs (2,574 ) (1,596 ) (1,112 )
Buyout of Assets Under Structured Lease Arrangements –– ( 567 ) ( 275 )
Proceeds from Sales of Assets 153 108 564
Major Acquisitions (2,343 ) (541 ) (309 )
Contingent Payments in Connection with Acquisitions (85 ) ( 53 ) ( 51 )
Other, Net (51 ) (36 ) (148 )
Net Cash Used in Investing Activities (4,900 ) (2,685 ) (1,331 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt and Capital Lease Borrowings (Repayments), Net (879 ) 63 (357 )
Redemption of Preferred Securities of Subsidiary Trust –– — ( 200 )
Proceeds from Common Stock Offerings, Net –– 406 250
Proceeds from Common Unit Issuance by Valero L.P., Net –– — 200
Preferred and Common Stock Dividends (106 ) (79 ) (51 )
Issuance (Repurchase) of Common Stock, Net (344 ) (183 ) 26
Other (2 ) — (4 )
Net Cash Provided by (Used in) Financing Activities (1,331 ) 207 (136 )
VALERO L.P.’S CASH BALANCE AS OF THE
DATE THAT VALERO CEASED CONSOLIDATION –– — ( 336 )
EFFECT OF FOREIGN EXCHANGE RATE CHANGES
ON CASH 4 15 40
NET INCREASE (DECREASE) IN CASH AND
TEMPORARY CASH INVESTMENTS (428 ) 495 (10 )
CASH AND TEMPORARY CASH INVESTMENTS
AT BEGINNING OF YEAR 864 369 379
CASH AND TEMPORARY CASH INVESTMENTS
AT END OF YEAR $ 436 $ 864 $ 369