2005 annual report and Form 20-FConsolidated cash flow statements
Before proposed appropriation of profit
| At 31 December | ||||
| 2005 | variance % | 2004 | ||
|---|---|---|---|---|
| Profit before income taxes | 1,151 | 1,096 | ||
| Adjustments for: | ||||
| Depreciation, amortisation and impairments | 320 | 303 | ||
| Share based payments | 8 | 5 | ||
| Investment income: | ||||
| Profit/loss on sale of property, plant and equipment | (38) | (5) | ||
| Interest and similar income | (115) | (99) | ||
| Foreign exchange gains | 2 | 2 | ||
| Foreign exchange (losses) | ||||
| Interest and similar expenses | 119 | 115 | ||
| Results from investments in associates | 2 | 2 | ||
| Changes in provisions: | ||||
| Pension liabilities | (123) | (254) | ||
| Other provisions | 52 | 13 | ||
| Changes in working capital: | ||||
| Inventory | (2) | 6 | ||
| Accounts receivable | (164) | (53) | ||
| Other current assets | (3) | 12 | ||
| Trade payables | (77) | 23 | ||
| Other current liabilities excluding short term financing and taxes | 66 | 33 | ||
| Cash generated from operations | 1,198 | (0.1) | 1,199 | |
| Interest paid | (84) | (87) | ||
| Income taxes paid | (130) | (404) | ||
| O 24 | Net cash from operating activities | 984 | 39.0 | 708 |
| Acquisition of group companies (net of cash) | (36) | (196) | ||
| Disposal of group companies and joint ventures | (5) | |||
| Investment in associates | (13) | (11) | ||
| Disposal of associates | 3 | 1 | ||
| Capital expenditure on intangible assets | (80) | (59) | ||
| Disposals of intangible assets | 1 | 2 | ||
| Capital expenditure on property, plant and equipment | (233) | (225) | ||
| Proceeds from sale of property, plant and equipment | 43 | 21 | ||
| Other changes in (financial) fixed assets | 18 | 164 | ||
| Changes in minority interests | (3) | 2 | ||
| Interest received | 40 | 33 | ||
| O 25 | Net cash used in investing activities | (265) | 1.1 | (268) |
| Repurchase of shares | (473) | (151) | ||
| Other equity changes | 16 | 3 | ||
| Proceeds from long term borrowings | 28 | 5 | ||
| Repayments to long term borrowings | (2) | (69) | ||
| Proceeds from short term borrowings 1 | 14 | 8 | ||
| Repayments to short term borrowings | (69) | (56) | ||
| Proceeds from finance lease | 7 | 11 | ||
| Payments of finance lease | (4) | (9) | ||
| Dividends paid | (268) | (237) | ||
| Financing relating to our discontinued logistics business 2 | (28) | 211 | ||
| O 26 | Net cash used in financing activities | (779) | 174.3 | (284) |
| Change in cash | (60) | (138.5) | 156 | |
| Cash at the beginning of the period as reported in 2004 | 633 | 470 | ||
| of which discontinued (see note 8) | (71) | (60) | ||
| Cash at the beginning of the period | 562 | 37.1 | 410 | |
| Adoption of IAS 32/39 per I January 2005 1 | 46 | |||
| Exchange rate differences | 11 | (4) | ||
| Change in cash | (60) | 156 | ||
| Cash at the end of the period | 559 | (0.5) | 562 | |
| (in € millions, except percentages) For notes see next page. | ||||
top2005 Annual Report and Form 20-F 