Best Buy 2003 Annual Report Download - page 32

Download and view the complete annual report

Please find page 32 of the 2003 Best Buy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 183

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183

Condensed Consolidating Statements of Earnings
For the Fiscal Year Ended March 3, 2001
$ in millions
Best Buy
Co., Inc. Guarantor
Subsidiary Non−Guarantor
Subsidiaries Eliminations Consolidated
Revenue $ 394 $ 14,696 $ 325 $ (226) $ 15,189
Cost of goods sold 178 11,911 110 (22) 12,177
Gross profit 216 2,785 215 (204) 3,012
Selling, general and administrative expenses 41 2,427 137 (204) 2,401
Operating income 175 358 78 — 611
Net interest income (expense) 139 (117) 16 — 38
Equity in earnings of subsidiaries 202 — — (202) —
Earnings from continuing operations before
income tax expense 516 241 94 (202) 649
Income tax expense 120 92 36 — 248
Earnings from continuing operations 396 149 58 (202) 401
Loss from discontinued operations, net of tax — — (5) — (5)
Net earnings $ 396 $ 149 $ 53 $ (202) $ 396
Condensed Consolidating Statements of Cash Flows
For the Fiscal Year Ended March 1, 2003
$ in millions
Best Buy
Co., Inc. Guarantor
Subsidiary Non−Guarantor
Subsidiaries Eliminations Consolidated
Total cash provided by (used in)
operating activities from continuing
operations $ 256 $ 511 $ (21) $ — $ 746
Investing activities
Additions to property and equipment (23) (636) (66) — (725)
Acquisition of business, net of cash acquired — (3) — — (3)
Decrease in recoverable costs from
developed properties 69 — — — 69
Total cash provided by (used in) investing
activities from continuing operations 46 (639) (66) — (659)
Financing activities
Net proceeds from issuance of long−term
debt —18——18
Long−term debt payments (11) — (2) — (13)
Issuance of common stock 40 — — — 40
Change in intercompany receivable/payable (291) 118 173 — —
Total cash (used in) provided by financing
activities from continuing operations (262) 136 171 — 45
Net cash used in discontinued operations — — (79) — (79)
Increase in cash and cash equivalents 40 8 5 — 53
1,823 29 9 — 1,861