NH Consolidated financial statements 2006
16
for the years ended on 31 december 2006 and 2005 (Euros 000s)
CONSOLIDATED CASH FLOW STATEMENTS
Note
Year 2006
Year 2005
1. OPERATING ACTIVITIES
Consolidated profit before tax
86,945
88,226
Adjustments to profit:
Depreciation and amortisation of tangible and intangible assets (+)
71,549
68,101
Asset impairment losses (net) (+/-)
3,190
799
Provisions (net) (+/-)
25.4
3,244
878
Gains/losses on sale of tangible and intangible assets (+/-)
(10,491)
(2,689)
Gains/losses in companies accounted for by equity method (+/-)
9
(1,270)
649
Financial income (-)
25.2
(6,978)
(9,961)
Financial expenses (+)
25.6
40,157
35,188
Other non-cash items (+/-)
Adjusted profit
186,346
181,191
Net variation in assets / liabilities:
(Increase)/Decrease in inventories
11
(12,771)
(13,383)
(Increase)/Decrease in trade debtors and other accounts receivable
(7,230)
(42,790)
(Increase)/Decrease in other current assets
(2,038)
(1,538)
Increase/(Decrease) in trade creditors
22
49,549
20,627
Increase/(Decrease) in other current liabilities
(23,131)
38,031
Increase/(Decrease) in provisions for liabilities and charges
(4,180)
(40,773)
Income taxes paid
(12,720)
(16,573)
Total net cash flows from operating activities (I)
173,825
124,792
2. INVESTING ACTIVITIES
Financial income
25.2
6,978
9,961
Investments (-):
Group and associated companies, joint ventures
(62,973)
(59,455)
Tangible and intangible assets and property investments
(83,368)
(145,494)
Long-term financial investments
(48,687)
(55,437)
Financial investments and financial assets held short-term
13.1
(200,000)
(723)
(395,028)
(261,109)
Divestments (+):
Group and associated companies, joint ventures
17,753
5,967
Tangible and intangible assets and property investments
40,898
16,736
Long-term financial investments
10.1 & 10.2
2,998
10,458
Financial investments and financial assets held short-term
13.1 & 13.2
19,875
37,778
Other assets
3,903
7,048
85,427
77,987
Total net cash flows from investing activities (II)
(302,623)
(173,161)
3. FINANCING ACTIVITIES
Dividends paid (-)
(31,080)
(29,882)
Interest paid on debts (-)
(37,539)
(36,388)
Variations in (+/-):
Equity instruments
- Capital
24,131
-
- Reserves
31,197
23,518
- Minority interests
57,894
(25,754)
Liability instruments (+/-):
- Payable to credit institutions
147,015
128,582
- Finance leases
19
(342)
(13,468)
- Debentures and other negotiable securities
17
(13)
(25)
- Other long-term liabilities
(38,135)
(3,926)
Total net cash flows from financing activities (III)
153,128
42,657
5. GROSS INCREASE / DECREASE IN CASH AND CASH EQUIVALENTS (I+II+III)
24,330
(5,712)
4. Effect of exchange rate fluctuations on cash and cash equivalents (IV)
(612)
743
6. NET INCREASE / DECREASE IN CASH AND CASH EQUIVALENTS (I+II+III-IV)
24,942
(6,455)
7. Cash and cash equivalents at start of year
18,039
23,751
8. Cash and cash equivalents at end of the year (7+5)
42,369
18,039
Notes 1 to 30 in the Report and Appendices I/III form an integral part of the consolidated cash flow statements for 2006
The Consolidated Cash Flow Statement for 2005 is presented solely for purposes of comparison.
