EXHIBIT 99(iii)
NACCO Industries, Inc.
Unaudited Consolidating Statement of Cash Flows
For the Year Ended December 31, 2002
(In millions)
NACoal
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Project NACoal
Mining Excl Proj
NMHG Housewares Subsidiaries Mines Consolidated
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Operating Activities
Net income (loss) $ 12.3 $ 17.8 $ - $ 19.6 $ 19.6
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Depreciation, depletion and amortization 40.5 13.9 29.7 8.5 38.2
Deferred income taxes 3.9 9.4 (2.0) 7.7 5.7
Restructuring charges 12.3 - - - -
Minority interest (income) expense (1.2) - - - -
Extraordinary loss - - - - -
Gain (loss) on sale of assets 1.3 (0.4) (1.1) (1.3) (2.4)
Other non-cash items (9.9) (0.1) 2.7 5.1 7.8
Working capital changes:
Intercompany receivable/payable 6.7 0.5 0.3 (2.3) (2.0)
Accounts receivable 7.5 7.6 5.8 (2.3) 3.5
Inventories 8.6 (13.4) 0.3 1.9 2.2
Other current assets (1.2) 0.1 0.1 (0.1) -
Accounts payable and other current liabilities (15.9) 16.6 (3.9) (0.5) (4.4)
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Net cash provided by operating activities 64.9 52.0 31.9 36.3 68.2
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Investing Activities
Expenditures for property, plant and equipment (16.1) (5.3) (25.4) (7.8) (33.2)
Proceeds from the sale of property, plant, and equipment 6.2 2.1 24.8 1.3 26.1
Proceeds from unconsolidated affiliates 2.3 - - - -
Other - net 0.3 - (0.8) (0.4) (1.2)
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Net cash used for investing activities (7.3) (3.2) (1.4) (6.9) (8.3)
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Financing Activities
Additions to long-term debt and revolving credit agreements 283.8 57.6 - 1.9 1.9
Reductions of long-term debt and revolving credit agreements (311.7) (103.5) - (42.5) (42.5)
Additions to obligations of project mining subsidiaries - - 44.0 - 44.0
Reductions of obligations of project mining subsidiaries - - (70.4) - (70.4)
Intercompany loans (8.0) (3.0) - 13.5 13.5
Financing fees paid (15.7) (1.6) (0.4) (0.3) (0.7)
Cash dividends paid (15.0) (3.5) - (3.7) (3.7)
Other - net - - 0.1 - 0.1
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Net cash provided by (used for) financing activities (66.6) (54.0) (26.7) (31.1) (57.8)
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Effect of exchange rate changes on cash 4.3 - - - -
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Cash and Cash Equivalents
Increase (decrease) for the year (4.7) (5.2) 3.8 (1.7) 2.1
Balance at the beginning of the year 59.6 8.0 2.6 1.7 4.3
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Balance at the end of the year $ 54.9 $ 2.8 $ 6.4 $ 0.0 $ 6.4
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NACCO NACCO
& Other Consolidated
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Operating Activities
Net income (loss) $ (7.3) $ 42.4
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Depreciation, depletion and amortization 0.1 92.7
Deferred income taxes (1.2) 17.8
Restructuring charges - 12.3
Minority interest (income) expense - (1.2)
Extraordinary loss 7.2 7.2
Gain (loss) on sale of assets - (1.5)
Other non-cash items (2.6) (4.8)
Working capital changes: - -
Intercompany receivable/payable (5.2) -
Accounts receivable (0.2) 18.4
Inventories - (2.6)
Other current assets (3.6) (4.7)
Accounts payable and other current liabilities 1.6 (2.1)
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Net cash provided by operating activities (11.2) 173.9
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Investing Activities
Expenditures for property, plant and equipment (0.9) (55.5)
Proceeds from the sale of property, plant, and equipment 34.4
Proceeds from unconsolidated affiliates 2.3
Other - net 0.1 (0.8)
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Net cash used for investing activities (0.8) (19.6)
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Financing Activities
Additions to long-term debt and revolving credit agreements - 343.3
Reductions of long-term debt and revolving credit agreements - (457.7)
Additions to obligations of project mining subsidiaries - 44.0
Reductions of obligations of project mining subsidiaries - (70.4)
Intercompany loans (2.5) -
Financing fees paid - (18.0)
Cash dividends paid 14.2 (8.0)
Other - net 0.3 0.4
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Net cash provided by (used for) financing activities 12.0 (166.4)
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Effect of exchange rate changes on cash - 4.3
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Cash and Cash Equivalents
Increase (decrease) for the year 0.0 (7.8)
Balance at the beginning of the year - 71.9
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Balance at the end of the year $ 0.0 $ 64.1
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