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NORTEL NETWORKS S.A.
(a Subsidiary of Nortel Networks Limited)
Consolidated Statements of Cash Flows for the years ended December 31
*Seenote3
The accompanying notes are an integral part of these financial statements
185
(thousands of Euros) 2003 2002 2001
As restated* As restated*
Cash flows from (used in) operating activities
Net loss (138,889) (206,174) (339,539)
Adjustments to reconcile net loss to net cash from (used in) operating activities:
Amortization and depreciation 63,536 45,964 50,060
Non-cash
p
ortion of s
p
ecial char
g
es and related assets write down
–
–
20,607
Deferred income taxes (4,242) (3,728) (37,249)
(Gain) loss on disposal of assets 13,883 16,171 5,997
(Gain) loss on disposal of investments –
–
(16,240)
Current and deferred stock option compensation 1,333
–
–
Changes in operating assets and liabilities:
Accounts receivable (29,456) 22,451 124,235
Receivables from related parties 27,947 246,248 24,699
Inventories 13,873 31,612 40,672
Accounts payable and accrued liabilities (17,843) (25,908) (179,972)
Payables to related parties (57,165) (437,236) 257,754
Income taxes 4 (161) (27,416)
Other o
p
eratin
g
assets and liabilities 89,510 (36,488) 44,679
Net cash used in operating activities (37,509) (347,249) (31,713)
Cash flows from (used in) investing activities
Ex
p
enditures for
p
lant and e
q
ui
p
men
t
(41,246) (57,631) (108,601)
Expenditure for investments (154,192) (2,490) (9,296)
Proceeds on disposal of investments 58,940 9,909 23,834
Proceeds on disposal of plant and equipment 596 754 8,855
Divestiture of investments & businesses — net cash divested –
–
(6,614)
Increase (decrease) in other financial assets 9,147 (7,147)
–
Net cash used in investing activities (126,755) (56,605) (91,822)
Cash flows from (used in) financing activities
Issuance of common shares – 204,363
–
(Increase) decrease in receivables from related parties — net 91,437 (142,329) 2,319
Increase (decrease) in notes payable to related parties — net – 320,000 181,000
(Increase) decrease in long-term receivables –
–
531
Increase (decrease) in notes payable (3,240) (3,295) 4,750
Dividend paid –
–
(29,736)
Net cash from financing activities 88,197 378,739 158,864
Net increase (decrease) in cash and cash equivalents
(76,067) (25,115) 35,329
Cash and cash equivalents, beginning of year
150,419 175,534 140,205
Cash and cash equivalents, end of year
74,352 150,419 175,534