Valero 2004 Annual Report Download - page 27

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2 4
Va l e r o ฀ E n e r g y ฀ C o r p or a t i o n
s u m m a r y ฀ a n n u a l ฀ r e p o r t
2 5
Va l e r o ฀ E n e r g y ฀ C o r p or a t i o n
s u m m a r y ฀ a n n u a l ฀ r e p o r t
2 4
Va l e r o ฀ E n e r g y ฀ C o r p or a t i o n
s u m m a r y ฀ a n n u a l ฀ r e p o r t
2 5
Va l e r o ฀ E n e r g y ฀ C o r p or a t i o n
s u m m a r y ฀ a n n u a l ฀ r e p o r t
฀ ฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀(millions฀of฀dollars)
YEAR฀ENDED฀DECEMBER฀31,฀ ฀ ฀฀฀฀฀2004฀ ฀ 2003฀ ฀ 2002
CASH฀FLOWS฀FROM฀OPERATING฀ACTIVITIES:
Net฀Income฀ $฀ 1,804฀฀ $฀ 622฀฀ $฀ 92
Adjustments฀to฀Reconcile฀Net฀Income
to฀Net฀Cash฀Provided฀by฀Operating฀Activities:
฀฀฀Depreciation฀and฀Amortization฀Expense฀ ฀ 618฀฀ ฀ 511฀฀ ฀ 449฀
฀฀฀Deferred฀Income฀Tax฀Expense฀ ฀ 345฀฀ ฀ 287฀฀ ฀ 2฀
฀฀฀Changes฀in฀Current฀Assets,฀
฀฀฀฀฀฀Current฀Liabilities฀&฀Other,฀Net฀ ฀ 190฀฀ ฀ 333฀฀ ฀ ( 271฀)
฀฀฀Net฀Cash฀Provided฀by฀Operating฀Activities฀ ฀ 2,957฀฀ ฀ 1,753฀฀ ฀ 272
CASH฀FLOWS฀FROM฀INVESTING฀ACTIVITIES:
Capital฀Expenditures฀and฀Deferred฀Turnaround฀
฀฀฀and฀Catalyst฀Costs฀ ฀ (1,596฀)฀ ฀ (1,112฀)฀฀ ( 780฀)
Buyout฀of฀Assets฀Under฀Structured฀Lease฀Arrangements฀ ฀ ( 567฀)฀ ฀ ( 275฀)฀ ฀ —
Proceeds฀from฀Sale฀of฀Assets฀to฀Valero฀L.P.฀ ฀ —฀
฀ ฀ 380฀฀ ฀ —
Proceeds฀from฀Sale฀of฀Tesoro฀Notes฀ ฀ —฀฀ ฀ 90฀฀ ฀ —
Proceeds฀from฀Disposition฀of฀Assets฀Held฀for฀Sale฀ ฀ —฀฀ ฀ —฀฀ ฀ 1,226฀
Payments฀Related฀to฀the฀Golden฀Eagle฀Business฀ ฀ —฀฀ ฀ —฀฀ ฀ ( 183฀)฀
Acquisitions฀and฀Investments฀ ฀ (577฀)฀ ฀ ( 451฀)฀ ฀ —
฀Contingent฀Payments฀in฀Connection฀with฀Acquisitions฀ ฀ ( 53฀)฀ ฀ ( 51฀)฀฀ (24฀)
Other,฀Net฀ ฀ 108฀฀ ฀ 88฀฀ ฀ 10
฀฀฀Net฀Cash฀Provided฀by฀(Used฀in)฀Investing฀Activities฀ ฀ (2,685฀)฀ ฀ (1,331฀)฀ ฀ 249
฀CASH฀FLOWS฀FROM฀FINANCING฀ACTIVITIES:
Cash฀Payment฀to฀UDS฀Shareholders฀ ฀ —฀฀ ฀ —฀฀ ฀ (2,055฀)฀
Debt฀and฀Capital฀Lease฀Borrowings฀(Repayments),฀Net฀ ฀ 63฀฀ ฀ ( 357฀)฀ ฀ 1,642฀
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฀฀ ฀ —฀
Cash฀Distributions฀to฀Minority฀Interest฀in฀Valero฀L.P.฀ ฀ —฀฀ ฀ (4฀)฀฀ (14฀)฀
Preferred฀and฀Common฀Stock฀Dividends฀ ฀ (79฀)฀ ฀ (51฀)฀฀(42฀)฀
Issuance฀(Repurchase)฀of฀Stock,฀Net฀ ฀ (183฀)฀ ฀ 26฀฀ ฀ 57
฀฀฀Net฀Cash฀Provided฀by฀(Used฀in)฀Financing฀Activities฀ ฀ 207฀฀ ฀ (136฀)฀ ฀ (412฀)
VALERO฀L.P.’S฀CASH฀BALANCE฀AS฀OF฀THE
฀฀฀DATE฀THAT฀VALERO฀CEASED฀CONSOLIDATION฀ ฀ —฀฀ ฀ ( 336฀)฀ ฀ —
EFFECT฀OF฀FOREIGN฀EXCHANGE฀RATE฀CHANGES
฀฀฀ON฀CASH฀ ฀ 15฀฀ ฀ 40฀฀ ฀ 1
NET฀INCREASE฀(DECREASE)฀IN฀CASH฀AND
฀฀฀TEMPORARY฀CASH฀INVESTMENTS฀ ฀ 494฀฀ ฀ (10฀)฀ ฀ 110
CASH฀AND฀TEMPORARY฀CASH฀INVESTMENTS
฀฀฀AT฀BEGINNING฀OF฀YEAR฀ ฀ 369฀฀ ฀ 379฀฀ ฀ 269
CASH฀AND฀TEMPORARY฀CASH฀INVESTMENTS
฀฀฀AT฀END฀OF฀YEAR฀ $฀ 863฀฀ $฀ 369฀฀ $฀ 379
CONDENSED฀CONSOLIDATED฀STATEMENTS฀OF฀CASH฀FLOWS