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Exhibit 99(iii)
NACCO Industries, Inc.
Unaudited Consolidating Statement of Cash Flows
For the Year Ended December 31, 1999
(In millions)
NACCO NACCO
NMHG NACoal Housewares and Other Consolidated
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Operating Activities
Net income $ 23.7 $ 16.5 $ 21.2 $ (8.3) $ 53.1
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation, depletion and amortization 54.1 31.9 17.6 0.4 104.0
Deferred income taxes 2.3 (0.9) (0.2) 2.1 3.3
Minority interest expense (1.0) 1.0 - 0.6 0.6
Cumulative effect of accounting change - 1.2 - - 1.2
Other non-cash items 0.7 2.5 (1.0) (5.1) (2.9)
Working capital changes, excluding the effect of business
acquisitions:
Intercompany receivable/payable (0.9) (1.3) (0.3) 2.5 -
Accounts receivable 12.0 4.5 (28.1) 0.3 (11.3)
Inventories (10.0) (3.1) (9.9) - (23.0)
Other current assets (9.7) (0.3) (2.7) 0.3 (12.4)
Accounts payable and other liabilities 8.2 (2.4) 12.7 (2.0) 16.5
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Net cash provided by (used for) operating activities 79.4 49.6 9.3 (9.2) 129.1
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Investing Activities
Expenditures for property, plant and equipment (46.2) (12.7) (16.5) (0.1) (75.5)
Proceeds from the sale of property, plant, and equipment (0.1) 1.1 - - 1.0
Acquisitions of businesses, net of cash acquired (62.4) - - - (62.4)
Investments in unconsolidated affiliates 1.7 (17.6) - - (15.9)
Acquisition of minority interest (11.3) - - - (11.3)
Intercompany loans 8.0 (5.2) - (2.8) -
Other - net 2.2 0.5 - - 2.7
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Net cash used for investing activities (108.1) (33.9) (16.5) (2.9) (161.4)
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Financing Activities
Additions to long-term debt and revolving credit agreements 52.6 15.0 13.5 - 81.1
Additions to obligations of project mining subsidiaries - 31.6 - - 31.6
Reductions of obligations of project mining subsidiaries - (58.8) - - (58.8)
Financing of other short-term obligations (17.2) - - - (17.2)
Cash dividends paid - (8.4) (8.1) 9.5 (7.0)
Capital grants 2.6 - - - 2.6
Other-net 1.4 (1.0) - 2.6 3.0
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Net cash provided by (used for) financing activities 39.4 (21.6) 5.4 12.1 35.3
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Effect of exchange rate changes on cash (1.8) - 0.3 - (1.5)
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Cash and Cash Equivalents
Increase (decrease) for the year 8.9 (5.9) (1.5) - 1.5
Balance at the beginning of the year 22.2 8.1 4.4 - 34.7
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Balance at the end of the year $ 31.1 $ 2.2 $ 2.9 $ - $ 36.2
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