EXHIBIT 99(iii)
NACCO Industries, Inc.
Unaudited Consolidating Statement of Cash Flows
For the Year Ended December 31, 2001
(In millions)
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NACCO NACCO
NMHG Housewares NACoal & Other Consolidated
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Operating Activities
Net income (loss) $(49.4) $(12.2) $ 25.6 $ -- $(36.0)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation, depletion and amortization 60.4 21.2 35.7 0.3 117.6
Deferred income taxes (8.5) (6.5) 7.9 2.1 (5.0)
Minority interest (income) expense (0.8) -- -- -- (0.8)
Cumulative effect of accounting changes 1.3 -- -- -- 1.3
Restructuring charges 8.8 12.7 -- -- 21.5
Loss on sale of assets 10.5 -- -- -- 10.5
Other non-cash items 1.6 (3.6) 4.1 (1.4) 0.7
Working capital changes, excluding the effect of
business acquisitions:
Intercompany receivable/payable (17.4) (6.8) 1.0 23.2 --
Accounts receivable 30.6 15.1 (2.9) (0.1) 42.7
Inventories 38.2 8.3 (5.1) -- 41.4
Other current assets 1.3 (0.9) (0.2) (11.9) (11.7)
Accounts payable and other liabilities (45.6) 1.2 3.4 (5.2) (46.2)
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Net cash provided by operating activities 31.0 28.5 69.5 7.0 136.0
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Investing Activities
Expenditures for property, plant and equipment (53.5) (13.4) (37.2) (0.7) (104.8)
Proceeds from the sale of property, plant, and equipment 13.0 -- 4.9 -- 17.9
Acquisitions of businesses, net of cash acquired (3.9) -- -- -- (3.9)
Investments in unconsolidated affiliates (0.3) -- -- -- (0.3)
Intercompany loans 11.0 3.0 3.8 (17.8) --
Other - net (2.5) -- (1.5) -- (4.0)
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Net cash used for investing activities (36.2) (10.4) (30.0) (18.5) (95.1)
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Financing Activities
Additions to long-term debt and revolving credit agreements 68.9 -- -- -- 68.9
Reductions to long-term debt and revolving credit agreements (22.0) (7.2) (14.6) -- (43.8)
Additions to obligations of project mining subsidiaries -- -- 76.4 -- 76.4
Reductions of obligations of project mining subsidiaries -- -- (95.0) -- (95.0)
Deferred financing fees (0.7) (0.3) -- -- (1.0)
Cash dividends paid (5.0) (10.0) (3.0) 10.4 (7.6)
Capital grants 0.1 -- -- -- 0.1
Other - net -- -- (0.7) 1.1 0.4
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Net cash provided by (used for) financing activities 41.3 (17.5) (36.9) 11.5 (1.6)
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Effect of exchange rate changes on cash (0.9) (0.2) -- -- (1.1)
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Cash and Cash Equivalents
Increase for the year 35.2 0.4 2.6 -- 38.2
Balance at the beginning of the year 24.4 7.6 1.7 -- 33.7
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Balance at the end of the year $ 59.6 $ 8.0 $ 4.3 $ -- $ 71.9
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