Appendix 2: Summary Consolidated Income Statement Q1-Q4 2002

Summary Consolidated Income Statements (unaudited)

US$ in millionsOct.-Dec. 2002July-Sep. 2002April-June 2002Jan.-Mar. 2002Full year 2001
Cost of sales(4,122)(3,478)(3,326)(2,843)(14,910)
Gross profit1,1461,0471,2311,1024,472
Selling, general and administrative expenses(1,052)(984)(1,090)(907)(3,993)
Amortization expense(11)(10)(10)(10)(195)
Other income (expense), net(83)(41)(17)25(105)
Earnings (loss) before interest and taxes012114210179
Finance, net(161)177(87)(58)(190)
Income (loss) from continuing operations before taxes and minority interest(161)18927152(11)
Provision for taxes55(64)(9)(52)(80)
Minority interest(22)(22)(14)(13)(36)
Income (loss) from continuing operations(128)103487(127)
Income (loss) from discontinued operations, net of tax(710)(173)327(501)
Cumulative effect of change in accounting principles (SFAS 133), net of tax--------(63)
Net income (loss)(838)(70)7114(691)

Summary Consolidated Balance Sheet (unaudited)

US$ in millionsAt Dec. 31 2002At Sept. 30 2002At June 30 2002At Mar. 31 2002At Dec. 31 2001
Cash and equivalents2,4781,5972,0403,6702,442
Marketable securities2,2121,8962,2122,5782,924
Receivables, net7,1976,5136,9806,3956,692
Inventories, net2,3772,8832,9142,6752,568
Prepaid expenses and other2,6942,0972,2571,7572,122
Assets in discontinued operations3,0957,1247,1576,1375,912
Total current assets20,05322,11023,56023,21222,660
Financing receivables, non-current1,8021,9962,0332,1432,086
Property, plant and equipment, net2,7922,6572,8292,7922,753
Other intangible assets, net591594601573587
Investments and other1,9902,2372,2532,1332,070
Total assets29,54931,92733,57133,03932,344
Accounts payable, trade2,9612,4952,5672,5692,506
Accounts payable, other2,1952,4102,6002,2672,517
Short-term borrowings and current maturities of long-term borrowings2,5763,6413,9456,6264,701
Accrued liabilities and other8,3527,0387,2976,6187,100
Liabilities in discontinued operations2,2953,6643,8573,0803,342
Total current liabilities18,37919,24820,26621,25020,166
Long-term borrowings5,3765,4755,7894,3675,003
Pension and other related benefits1,6591,8291,8121,6121,617
Deferred taxes1,1791,0881,0721,0691,049
Other liabilities1,6472,0852,1702,2852,280
Total liabilities28,24029,72531,10930,58330,115
Minority interest257270218217215
Capital stock and additional paid-in capital (1,280,009,432 shares authorized, 1,200,009,432 shares issued)2,0272,0272,0272,0282,028
Retained earnings2,6483,4863,5563,5493,435
Accumulated other comprehensive loss(1,873)(1,831)(1,589)(1,588)(1,699)
Treasury stock, at cost (86,830,312)(1,750)(1,750)(1,750)(1,750)(1,750)
Total stockholders’ equity1,0521,9322,2442,2392,014
Total liabilities and stockholders’ equity29,54931,92733,57133,03932,344

Summary Consolidated Statements of Cash Flows (unaudited)
US$ in millionsOct-Dec
July-Sept 2002April-June 2002Jan-Mar 2002Full year 2001
Operating Activities
Net income (loss)(838)(70)7114(691)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciations and amortization169151139152787
Change in provisions1)230(89)(183)(146)1,146
Pension and other related benefits75402811
Deferred taxes(72)(27)(28)6(89)
Net gain from sale of property, plant and equipment(3)(9)(8)(3)(23)
Changes in operating assets and liabilities:
Marketable securities (trading)--353976672
Trade receivables231161(134)34765
Trade payables132(131)111(33)736
Other assets and liabilities, net(278)(109)(262)(481)(36)
Net cash provided by (used in) operating activities361(139)85(181)1,983
Investing activities
Changes in financing receivables(99)19273(153)(907)
Purchases of marketable securities (other than trading)(1,848)(792)(708)(836)(3,280)
Purchases of property, plant and equipment(158)(147)(145)(152)(761)
Acquisitions of businesses (net of cash acquired)(45)(35)(54)(10)(578)
Proceeds from sales of marketable securities (other than trading)1,6967977361,1033,873
Proceeds from sales of property, plant and equipment864732023152
Proceeds of sales from businesses (net of cash disposed)2,3262859170283
Net cash provided by (used in) investing activities1,95890281145(1,218)
1) Restated to reflect the change in all provisions (previously this line comprised restructuring provisions only)

Summary Consolidated Statements of Cash Flows (unaudited)

US$ in millionsOct-Dec
July-Sept 2002April-June 2002Jan-Mar 2002Full year 2001
Financing activities
Changes in borrowings(1,796)(272)(2,083)1,3362,639
Treasury and capital stock transactions--------(1,393)
Dividends paid--------(502)
Net cash provided by (used in) financing activities(1,656)(288)(2,065)1,267677
Effects of exchange rate changes on cash and cash equivalents91(34)90(6)(72)
Net change in cash and cash equivalents754(371)(1,609)1,2251,370
Cash and equivalents (beginning of period – restated)1,5972,0413,6702,4421,244
Cash and equivalents (end of period – assets in discontinued operations)415342322325153
Cash and equivalents (beginning of period – total)2,0122,3833,9922,7671,397
Cash and equivalents (end of period – restated)2,4781,5972,0413,6702,442
Cash and equivalents (end of period – assets in discontinued operations)288415342322325
Cash and equivalents (end of period – total)2,7662,0122,3833,9922,767
Interest paid30169139137702
Taxes paid96629743273

Last edited 2003-02-27
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