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This excerpt taken from the ARM 10-Q filed Aug 5, 2008. Cash provided by operating activities was $6 million in the first nine months of fiscal year 2008, compared to cash used of $190 million in the prior year. The improvement in cash flow is primarily attributable to higher earnings, lower pension and retiree medical contributions, an increase in
the sale of receivables and a lower use of cash in discontinued operations, partially offset by an increase in working capital levels. Working capital levels reflect both an increase in accounts receivable and inventory balances and a decrease in accounts payable balances at June 30, 2008. The higher working capital levels are primarily a result of the higher sales volumes compared to the prior year. However, we were able to balance the increased requirements for working capital
through operational improvements and higher utilization of our accounts receivables securitization and factoring programs, and improved collections. The lower accounts payables balance was due to paying at a more expeditious rate than previous practice. We intend to work with our suppliers towards reaching payment term practices that meet supplier needs as well as creating less volatility in the company’s working capital needs going
forward.
We also received proceeds of $28 million from the termination of our interest rate swaps during the first nine months of fiscal year 2008.
This excerpt taken from the ARM 10-K filed Nov 19, 2007. Cash provided by operating activities was $36 million in fiscal year 2007, compared to $440 million in fiscal year 2006. The decrease in cash flow reflects lower earnings, an $88 million increase in pension contributions and retiree medical payments and a $235 million increase in cash used for discontinued operations. Working capital levels reflect growth in our operations outside North America where we are subject to extended customer payment terms. However, growth in accounts receivable and inventory were partially offset by an increase in accounts payable at September 30, 2007.
The increase in cash flow in fiscal year 2006, when compared to fiscal year 2005, was largely driven by a reduction in working capital, including non-recourse sales of accounts receivable, and lower pension and retiree medical contributions of $50 million, partially offset by higher cash restructuring costs. In addition, in fiscal year 2005, we used approximately $110 million of cash for working capital requirements at our new joint ventures with AB Volvo and to support higher CVS volumes. In fiscal year 2005, we partially terminated certain interest rate swaps and received proceeds from these terminations, including interest received, of $22 million. 33
This excerpt taken from the ARM 8-K filed Nov 16, 2007. Cash provided by operating activities 226 $
128 $
36 $
440 $
This excerpt taken from the ARM 10-Q filed Aug 1, 2006. Cash provided by operating activities was $312 million in the first nine months of fiscal year 2006, compared to $12 million of cash used by operating activities for the same period in the prior year. The increase in cash flow is primarily attributable to lower usage of cash for working capital for both continuing operations and discontinued operations and lower pension and retiree medical contributions of $62 million. Cash used by discontinued operations was $38 million compared to cash used by discontinued operations of $151 million a year ago.
This excerpt taken from the ARM 10-Q filed Apr 28, 2006. Cash provided by operating activities was $126 million in the first six months of fiscal year 2006, compared to $203 million of cash used by operating activities for the same period in the prior year. The increase in cash flow is primarily attributable to lower usage of cash for working capital. Cash used by discontinued operations was $33 million compared to cash used by discontinued operations of $129 million a year ago. LVA did not participate in our accounts receivable securitization program in the in fiscal year 2005. As a result, LVA’s outstanding receivables increased by approximately $80 million in the first six months of fiscal year 2005.
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