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Supplemental Consolidating Statements of Cash Flows for the year ended December 31, 2003:
F-90
Nortel Nortel Non-
Networks Networks Guarantor Guarantor
(millions of U.S. dollars) Corporation Limited Subsidiaries Subsidiaries Eliminations Total
Cash flows from (used in) o
p
eratin
g
activities
Net earnings (loss) from continuing operations $ 250 $ 422 $ 594 $ 135 $ (1,139) $ 262
Adjustments to reconcile net earnings (loss) from continuing
operations to net cash from (used in) operating activities, net of
effects from acquisitions and divestitures of businesses:
Amortization and depreciation – 75 249 217 – 541
Non-cash portion of special charges and related asset write
downs
– 9 76 2 – 87
Equity in net loss of associated companies (304) (351) (404) (9) 1,104 36
Current and deferred stock option compensation 15 4 19 4 – 42
Deferred income taxes 14 5 (82) 13 – (50)
Other liabilities
–
83 74 4 – 161
(Gain) loss on repurchases of outstanding debt securities – (4) –
–
–(4)
(Gain) loss on sale or write-down of investments and businesses – (7) (4) (40) – (51)
Other — net 766 291 (904) (974) 35 (786)
Change in operating assets and liabilities 2 190 (741) 396 – (153)
Intercompany/related party activity (836) (831) 1,506 161 – –
Net cash from (used in) operating activities of continuing operations (93) (114) 383 (91) – 85
Cash flows from (used in) investing activities
Expenditures for plant and equipment – (41) (85) (46) – (172)
Proceeds on disposals of plant and equipment – 7 28 3 – 38
Acquisitions of investments and businesses — net of cash acquired – (60) (6) 8 – (58)
Proceeds on sale of investments and businesses – 6 101
–
–107
Net cash from (used in) investing activities of continuing operations – (88) 38 (35) – (85)
Cash flows from (used in) financing activities
Dividends on preferred shares – (35) –
–
35 –
Dividends paid by subsidiaries to minority interests – – –
–
(35) (35)
Increase (decrease) in notes payable — net – – 4 (49) – (45)
Proceeds from long-term debt – – –
–
––
Repayments of long-term debt – (199) (2) (69) – (270)
Re
p
a
y
ments of ca
p
ital leases
p
a
y
able
–
–(12)
–
–(12)
Issuance of common shares 3 – –
–
– 3
Net cash from (used in) financin
g
activities of continuin
g
o
p
erations 3 (234) (10) (118) – (359)
Effect of foreign exchange rate changes on cash and cash equivalents 3 2 137 34 – 176
Net cash from (used in) continuing operations (87) (434) 548 (210) – (183)
Net cash from (used in) discontinued operations 120 175 224 (129) – 390
Net increase (decrease) in cash and cash equivalents 33 (259) 772 (339) – 207
Cash and cash e
q
uivalents at be
g
innin
g
of
y
ear 35 251 2,392 1,112 – 3,790
Cash and cash equivalents at end of year $ 68 $ (8) $ 3,164 $ 773 $ – $ 3,997