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Strategies & Market Trends : BAK - Investing
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From: PoorAnthony5/7/2013 6:41:03 PM
   of 3249
 
DTV

So, here are condensed CFSs for DTV for the last 5 years...


31-Dec-201231-Dec-201131-Dec-201031-Dec-200931-Dec-2008
Period Length12 Months12 Months12 Months12 Months12 Months
UpdateType/DateUpdated Normal
31-Dec-2012		Updated Normal
31-Dec-2011		Updated Normal
31-Dec-2010		Updated Normal
31-Dec-2009		 Reclassified Normal
31-Dec-2009
Filed CurrencyUSDUSDUSDUSDUSD
Exchange Rate (Period Average)11111
AuditorDeloitte & Touche LLPDeloitte & Touche LLPDeloitte & Touche LLPDeloitte & Touche LLPDeloitte & Touche LLP
Auditor OpinionUnqualifiedUnqualifiedUnqualifiedUnqualified with ExplanationUnqualified with Explanation
Net Income/Starting Line2,977.02,636.02,312.01,007.01,613.0
Depreciation2,437.02,349.02,482.02,640.02,320.0
Depreciation/Depletion2,437.02,349.02,482.02,640.02,320.0
Deferred Taxes-102.0328.0375.0441.0107.0
Discontinued Operations---0.0-6.0
Unusual Items0.00.0-67.0536.00.0
Equity in Net Earnings (Loss)-131.0-109.0-90.0--
Other Non-Cash Items1.0104.095.0-58.0-77.0
Non-Cash Items-130.0-5.0-62.0478.0-83.0
Accounts Receivable-50.0-524.0-391.0-141.095.0
Inventories-206.0-33.0-35.0-12.018.0
Prepaid Expenses58.0-139.0-4.0-5.0-96.0
Payable/Accrued370.0391.0437.0-215.0-23.0
Other Liabilities28.047.052.055.08.0
Other Assets & Liabilities, Net173.031.0-38.089.0-84.0
Other Operating Cash Flow79.0104.078.094.035.0
Changes in Working Capital452.0-123.099.0-135.0-47.0
Cash from Operating Activities5,634.05,185.05,206.04,431.03,910.0
Purchase of Fixed Assets-3,349.0-3,170.0-2,416.0-2,071.0-2,229.0
Capital Expenditures-3,349.0-3,170.0-2,416.0-2,071.0-2,229.0
Acquisition of Business-0.00.0-97.00.0
Sale/Maturity of Investment24.0116.0-0.00.0
Purchase of Investments-16.0-11.0-617.0-37.0-204.0
Other Investing Cash Flow-22.043.0-66.011.045.0
Other Investing Cash Flow Items, Total-14.0148.0-683.0-123.0-159.0
Cash from Investing Activities-3,363.0-3,022.0-3,099.0-2,194.0-2,388.0
Other Financing Cash Flow-67.0-63.0-166.0-81.0149.0
Financing Cash Flow Items-67.0-63.0-166.0-81.0149.0
Repurchase/Retirement of Common-5,175.0-5,496.0-5,111.0-1,696.0-3,174.0
Common Stock, Net-5,175.0-5,496.0-5,111.0-1,696.0-3,174.0
Options Exercised3.00.038.035.0105.0
Issuance (Retirement) of Stock, Net-5,172.0-5,496.0-5,073.0-1,661.0-3,069.0
Short Term Debt Issued358.00.038.00.0-
Short Term Debt Reduction0.0-39.0---
Short Term Debt, Net358.0-39.038.00.00.0
Long Term Debt Issued5,590.03,990.05,978.01,990.02,490.0
Long Term Debt Reduction-1,951.0-1,184.0-3,987.0-1,885.0-170.0
Long Term Debt, Net3,639.02,806.01,991.0105.02,320.0
Issuance (Retirement) of Debt, Net3,997.02,767.02,029.0105.02,320.0
Cash from Financing Activities-1,242.0-2,792.0-3,210.0-1,637.0-600.0
Net Change in Cash1,029.0-629.0-1,103.0600.0922.0
Net Cash - Beginning Balance873.01,502.02,605.02,005.01,083.0
Net Cash - Ending Balance1,902.0873.01,502.02,605.02,005.0
Cash Interest Paid781.0687.0460.0412.0334.0
Cash Taxes Paid1,406.01,042.0705.0484.0706.0


I don't know the co well enough, but assuming that the depreciation is a reasonable approx of maint capex, the FCF is a touch higher than NI. So, say cum FCF for the last 5 years is $12B. They've bot back $20B of stock over that time and issued $11B of debt. Total BS debt went from $6 to $18B over the timeframe.
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