Mercedes 1998 Annual Report Download - page 74

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Consolidated Financial Services
Year ended December 31, Year ended December 31,
1998
(Note 1) 1998 1997 1996 1998 1997 1996
(in millions) $ € € € € € €
The accompanying notes are an integral part of these Consolidated Financial Statements.
All balances have been restated from Deutsche Marks into Euros using the exchange rate as of January 1, 1999.
CONSOLIDATED STATEMENTS OF CASH FLOW
70
Net income 5,656 4,820 6,547 4,022 596 488 371
Income (loss) applicable to minority interests 153 130 115 (22) 2 1 2
Adjustments to reconcile net income to net cash
provided by operating activities:
Tax benefit relating to a special distribution – – (1,487) – – – –
Gain on disposals of businesses (347) (296) (569) (182) – – 7
Depreciation and amortization of equipment
on operating leases 2,314 1,972 1,456 1,159 1,784 1,429 1,215
Depreciation and amortization of fixed assets 6,287 5,359 4,847 4,233 38 27 23
Change in deferred taxes 2,298 1,959 (706) 112 399 288 83
Extraordinary item: loss on early
extinguishment of debt 151 129 – 147 – – –
Change in financial instruments (224) (191) 146 200 – – 2
(Gain) loss on disposal of fixed
assets/securities (432) (368) (204) (65) (51) 13 –
Change in trading securities 294 251 (387) (171) – – –
Change in accrued liabilities 1,665 1,419 840 1,416 44 3 21
Change in current assets and liabilities:
– inventories, net (1,145) (976) (744) (427) 64 (140) (49)
– trade receivables (807) (688) (555) 53 124 23 4
– trade liabilities 2,144 1,827 1,709 231 159 1 (30)
– other assets and liabilities 1,564 1,334 1,329 (750) 1,107 1,187 (369)
Cash provided by operating activities 19,571 16,681 12,337 9,956 4,266 3,320 1,280
Purchases of fixed assets:
– Increase in equipment on operating leases (9,733) (8,296) (5,914) (4,045) (7,238) (4,889) (3,458)
– Purchases of property, plant and equipment (9,568) (8,155) (8,051) (6,721) (37) (24) (12)
– Purchases of other fixed assets (358) (305) (264) (215) (60) (38) (13)
Proceeds from disposals of equipment on
operating leases 3,466 2,954 2,632 1,730 2,270 1,905 1,794
Proceeds from disposals of fixed assets 604 515 576 660 15 21 6
Payments for acquisitions of businesses (1,006) (857) (607) (236) (43) (64) (83)
Proceeds from disposals of businesses 804 685 1,336 1,105 3 – 283
Additions to receivables from financial services (95,264) (81,196) (70,154) (56,880) (81,259) (71,221) (58,126)
Repayments of receivables from financial services:
– Finance receivables collected 39,638 33,784 22,257 15,892 33,784 23,114 17,042
– Proceeds from sales of finance receivables 48,046 40,950 44,336 39,474 40,950 44,336 39,474
Acquisitions of securities (other than trading) (5,418) (4,617) (5,190) (4,024) (2,602) (1,701) (1,475)
Proceeds from sales of securities
(other than trading) 3,208 2,734 3,828 4,649 2,487 1,763 2,382
Change in other cash (1,926) (1,641) 685 (134) (187) (739) (656)
Cash used for investing activities (27,507) (23,445) (14,530) (8,745) (11,917) (7,537) (2,842)
Change in commercial paper borrowings and
short-term financial liabilities 2,937 2,503 1,781 2,828 3,639 1,679 1,389
Additions to long-term financial liabilities 11,135 9,491 9,057 2,440 9,169 7,037 3,174
Repayment of financial liabilities (4,841) (4,126) (4,612) (5,228) (5,073) (3,844) (3,035)
Dividends paid (Financial Services:
incl. profit transferred from subsidiaries) (7,572) (6,454) (1,267) (746) (589) (491) (479)
Proceeds from issuance of capital stock 4,782 4,076 231 231 515 176 248
Purchase of treasury stock (198) (169) (1,888) (1,570) – – –
Proceeds from special distribution tax refund 1,7441,487–––––
Cash provided by (used for) financing
activities 7,987 6,808 3,302 (2,045) 7,661 4,557 1,297
Effect of foreign exchange rate changes on cash
and cash equivalents up to 3 months (466) (397) 646 351 (28) 36 24
Net increase (decrease) in cash and cash
equivalents up to 3 months (415) (353) 1,755 (483) (18) 376 (241)
Cash and cash equivalents (up to 3 months):
at beginning of period 7,783 6,634 4,879 5,362 699 323 564
at end of period 7,368 6,281 6,634 4,879 681 699 323