EXHIBIT 13(a)(v)
[A WORLD OF OPPORTUNITY LOGO]
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED NOVEMBER 30, 2003, 2002 AND 2001
(DOLLARS IN THOUSANDS)
2003 2002 2001
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Cash flows from operating activities:
Net earnings ....................................................... $ 54,552 $ 46,601 $ 41,893
Adjustments to reconcile net earnings to
net cash provided by operations:
Depreciation ................................................... 18,078 18,999 18,187
Amortization ................................................... 907 761 3,663
Minority interests in earnings of subsidiaries ................. 136 76 37
Net loss on dispositions of plant assets ....................... 105 146 338
Impairment of plant assets ..................................... - - 2,422
Changes in assets and liabilities, net of business acquisitions:
Accounts receivable ......................................... (4,392) (3,804) 5,116
Inventories ................................................. 3,572 1,561 5,190
Prepaid expenses and other current assets ................... (332) (150) (374)
Other noncurrent assets ..................................... (862) 1,495 (2,523)
Accounts payable and accrued liabilities .................... 5,879 14,020 (8,693)
Pension assets and liabilities, net ......................... 1,817 (1,757) 1,163
Income taxes ................................................ 4,810 5,756 (2,683)
Deferred income taxes ....................................... 3,626 1,315 (446)
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Net cash provided by operating activities ................... 87,896 85,019 63,290
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Cash flows from investing activities:
Additions to plant assets .......................................... (13,042) (12,204) (18,204)
Business acquisitions, net of cash acquired ........................ - (6,677) (33,388)
Dispositions of plant assets ....................................... 7 63 539
Other, net ......................................................... 49 (160) (300)
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Net cash used in investing activities ....................... (12,986) (18,978) (51,353)
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Cash flows from financing activities:
Proceeds from multicurrency revolving credit agreement ............. 108,386 24,333 27,500
Payments on multicurrency revolving credit agreement ............... (170,859) (68,500) (36,500)
Proceeds from borrowings under long-term debt ...................... - - 8,000
Payments on long-term debt ......................................... (11,044) (5,604) (5,349)
Sales of capital stock under stock option plan ..................... 5,254 1,972 2,598
Cash dividends paid ................................................ (12,406) (11,975) (11,575)
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Net cash used in financing activities ....................... (80,669) (59,774) (15,326)
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Net effect of exchange rate changes on cash .......................... 360 62 (57)
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Net change in cash and short-term cash investments ................... (5,399) 6,329 (3,446)
Cash and short-term cash investments, beginning of year .............. 13,747 7,418 10,864
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Cash and short-term cash investments, end of year .................... $ 8,348 $ 13,747 $ 7,418
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The accompanying notes are an integral part of the consolidated financial
statements.
CLARCOR 15