STATEMENT OF CONSOLIDATED CASH FLOWS Exhibit 13(e) Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions, Brackets Indicate Cash Decrease) Year Ended December 31 ------------------------------------------- 1994 1993 1992 -------------------------------------------------------------------------------------------------------------------------- OPERATING ACTIVITIES Net income (loss) $ 42.8 $ 54.6 $ (7.9) Adjustments to reconcile net income (loss) to net cash from operations: Depreciation and amortization: Consolidated 3.7 2.6 2.8 Share of associated companies 10.7 10.9 11.3 Cumulative effect of change in accounting principle-other postretirement benefits -0- -0- 64.3 Provision for deferred income taxes (1.8) 2.2 (27.4) Recovery on bankruptcy claims -0- (31.6) -0- Provision for doubtful accounts -0- -0- 17.5 Increases to capacity rationalization reserve 3.8 2.5 .5 Other (8.3) (7.4) (11.4) ------ ------ ------ Total before changes in operating assets and liabilities 50.9 33.8 49.7 Changes in operating assets and liabilities: Marketable securities (increase) decrease 92.3 (93.1) -0- Inventories and prepaid expenses (increase) decrease 13.6 22.3 (13.9) Receivables (increase) decrease (11.6) 2.7 (7.0) Payables and accrued expenses increase (decrease) 22.7 11.5 (2.5) ------ ------ ------ Total changes in operating assets and liabilities 117.0 (56.6) (23.4) ------ ------ ------ Net cash from (used by) operating activities 167.9 (22.8) 26.3 INVESTING ACTIVITIES Acquisition of Northshore Mining (97.3) -0- -0- Weirton Preferred Stock Redemption 25.0 -0- -0- Purchase of property, plant and equipment: Consolidated (6.9) (2.8) (2.9) Share of associated companies (4.0) (2.2) (2.3) Proceeds from sales of assets -0- .3 1.0 Sale (purchase) of long-term investments 5.3 (3.6) (5.5) ------ ------ ------ Net cash (used by) investing activities (77.9) (8.3) (9.7) FINANCING ACTIVITIES Proceeds from long-term debt -0- -0- 75.0 Principal payments on long-term debt: Consolidated -0- (.1) (41.1) Share of associated companies (4.3) (4.3) (4.4) Dividends * (14.8) (26.4) (14.1) Other .6 1.2 1.2 ------ ------ ------ Net cash from (used by) financing activities (18.5) (29.6) 16.6 EFFECT OF EXCHANGE RATE CHANGES ON CASH 1.2 -0- (.5) ------ ------ ------ INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 72.7 (60.7) 32.7 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 67.9 128.6 95.9 ------ ------ ------ CASH AND CASH EQUIVALENTS AT END OF YEAR $140.6 $ 67.9 $128.6 ====== ====== ====== Taxes paid on income $ 17.6 $ 16.6 $ 18.6 Interest paid on debt obligations $ 6.5 $ 6.5 $ 4.0 *The 1993 dividends exclude the non-cash distribution of 1.5 million shares ($20.4 million) of the 2.3 million shares of LTV Corporation common stock received in the 1993 bankruptcy settlement.
See notes to consolidated financial statements. 46