| Year ended December 31 |
|
2002 |
|
2001 |
|
2000 |
 |
|
|
|
|
|
|
(millions of dollars)
|
|
|
|
|
|
|
Cash Generated from Operations |
|
|
|
|
|
|
Net income from continuing operations |
|
805 |
|
753 |
|
707 |
Depreciation |
|
848 |
|
793 |
|
737 |
Future income taxes |
|
247 |
|
127 |
|
74 |
Gain on sale of assets |
|
– |
|
– |
|
(37) |
Other |
|
(73) |
|
(49) |
|
14 |
|
|
|
|
|
|
|
Funds generated from continuing operations |
|
1,827 |
|
1,624 |
|
1,495 |
Decrease/(increase) in operating working capital (Note 17)
|
|
33 |
|
170 |
|
(416) |
|
|
|
|
|
|
|
Net cash provided by continuing operations |
|
1,860 |
|
1,794 |
|
1,079 |
Net cash provided by/(used in) discontinued
operations
|
|
59 |
|
(659) |
|
853 |
|
|
|
|
|
|
|
| |
|
1,919 |
|
1,135 |
|
1,932 |
|
|
|
|
|
|
|
| |
Investing Activities |
|
|
|
|
|
|
Capital expenditures |
|
(599) |
|
(492) |
|
(812) |
Acquisitions, net of cash acquired |
|
(228) |
|
(585) |
|
(323) |
Disposition of assets |
|
– |
|
1,170 |
|
2,233 |
Deferred amounts and other |
|
(115) |
|
30 |
|
(31) |
|
|
|
|
|
|
|
Net cash (used in)/provided by investing
activities
|
|
(942) |
|
123 |
|
1,067 |
|
|
|
|
|
|
|
| |
Financing Activities |
|
|
|
|
|
|
Dividends and preferred securities charges |
|
(546) |
|
(517) |
|
(536) |
Notes payable (repaid)/issued, net |
|
(46) |
|
186 |
|
(25) |
Reduction of long-term debt |
|
(486) |
|
(793) |
|
(2,139) |
Non-recourse debt of joint ventures issued |
|
44 |
|
23 |
|
404 |
Reduction of non-recourse debt of joint
ventures
|
|
(80) |
|
(132) |
|
(282) |
Common shares issued |
|
50 |
|
24 |
|
5 |
Partnership units of joint ventures issued |
|
– |
|
59 |
|
– |
Preferred securities redeemed |
|
– |
|
(318) |
|
– |
Preferred shares redeemed |
|
– |
|
– |
|
(328) |
|
|
|
|
|
|
|
Net cash used in financing activities |
|
(1,064) |
|
(1,468) |
|
(2,901) |
|
|
|
|
|
|
|
| |
(Decrease)/Increase in Cash and Short-Term
Investments |
|
(87) |
|
(210) |
|
98 |
| |
Cash and Short-Term Investments |
|
|
|
|
|
|
Beginning of year |
|
299 |
|
509 |
|
411 |
|
|
|
|
|
|
|
| |
Cash and Short-Term Investments |
|
|
|
|
|
|
End of year |
|
212 |
|
299 |
|
509 |
|
|
|
|
|
|
|
