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The following is an excerpt from a 10-Q SEC Filing, filed by MERCER INTERNATIONAL INC on 11/9/2004. |
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MERCER INTERNATIONAL INC - 10-Q - 20041109 - CASH_FLOW
MERCER INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For Nine Months Ended September 30, 2004 and 2003
(Unaudited)
(Euros in thousands)
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2004
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2003
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Cash Flows from (used in) Operating Activities:
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Net loss
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€
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(12,604
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)
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€
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(9,173
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)
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Adjustments to reconcile net loss to cash flows from operating activities
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Unrealized net loss on interest rate derivatives
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15,825
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22,832
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Unrealized and realized net gains on foreign exchange rate derivatives
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(14,748
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(19,228
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)
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Depreciation and amortization
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17,217
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18,135
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Impairment of capital assets
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6,000
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—
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Impairment of investments
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—
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5,511
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Minority interest
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(3,936
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)
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(8,499
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)
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Stock-based expenses
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690
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432
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Other
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1,139
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748
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Changes in current assets and liabilities
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Inventories
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(35,825
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(6,554
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Receivables
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(2,056
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(8,138
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Accounts payable and accrued expenses
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26,331
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11,554
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Other
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782
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(651
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Net cash from (used in) operating activities
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(1,185
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6,969
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Cash Flows from (used in) Investing Activities:
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Purchase of property, plant and equipment, net of investment grants
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(213,115
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(226,240
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Sale of long-term investments
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1,161
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296
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Other
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115
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48
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Net cash used in investing activities
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(211,839
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(225,896
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Cash Flows from (used in) Financing Activities:
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Cash restricted
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(17,517
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(486
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)
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Increase in construction costs payable
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118,196
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34,362
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Proceeds from borrowings of notes payable and debt
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126,000
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186,859
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Repayment of notes payable and debt
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(21,886
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(15,444
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Repayment of capital lease obligations
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(1,781
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)
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(38
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)
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Issuance of shares of beneficial interest
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582
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913
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Net cash from financing activities
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203,594
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206,166
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Effect of exchange rate changes on cash and cash equivalents
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80
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54
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Net decrease in cash and cash equivalents
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(9,350
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)
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(12,707
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)
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Cash and cash equivalents, beginning of period
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51,993
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30,261
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Cash and cash equivalents, end of period
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€
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42,643
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€
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17,554
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