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Year ended at 31 December |
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2006 |
variance % |
2005 |
variance % |
2004 |
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CASH FLOWS FROM CONTINUING OPERATIONS |
|
Profit before income taxes
|
1,223 |
|
1,146 |
|
1,092 |
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Adjustments for: |
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Depreciation, amortisation and impairments |
318 |
|
303 |
|
296 |
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Share based payments |
9 |
|
8 |
|
5 |
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Investment income: |
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(Profit)/loss on sale of property, plant and equipment |
(61) |
|
(38) |
|
(5) |
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Interest and similar income |
(199) |
|
(117) |
|
(100) |
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Foreign exchange (gains) and losses |
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|
1 |
|
2 |
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Interest and similar expenses |
246 |
|
116 |
|
114 |
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Results from investments in associates |
6 |
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2 |
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2 |
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Changes in provisions: |
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Pension liabilities |
(124) |
|
(121) |
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(256) |
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Other provisions |
10 |
|
52 |
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13 |
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Changes in working capital: |
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Inventory |
(5) |
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(2) |
|
6 |
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Accounts receivable |
(170) |
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(143) |
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(38) |
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Other current assets |
(29) |
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(2) |
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14 |
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Trade accounts payable |
80 |
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(85) |
|
20 |
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Other current liabilities excluding short term financing and taxes |
34 |
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54 |
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13 |
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Cash generated from operations
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1,338 |
14.0 |
1,174 |
(0.3) |
1,178 |
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Interest paid |
(199) |
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(80) |
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(85) |
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Income taxes paid |
(282) |
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(125) |
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(403) |
| ο 24 |
Net cash from operating activities
|
857 |
(11.6) |
969 |
40.4 |
690 |
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Acquisition of group companies (net of cash) |
(89) |
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(35) |
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(196) |
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Disposal of group companies and joint ventures |
1,365 |
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(5) |
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Investments in associates |
(20) |
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(13) |
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(11) |
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Disposal of associates |
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|
3 |
|
1 |
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Capital expenditure on intangible assets |
(103) |
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(80) |
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(59) |
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Disposal of intangible assets |
2 |
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2 |
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2 |
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Capital expenditure on property, plant and equipment |
(277) |
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(230) |
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(217) |
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Proceeds from sale of property, plant and equipment |
65 |
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43 |
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14 |
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Other changes in (financial) fixed assets |
7 |
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16 |
|
165 |
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Changes in minority interests |
7 |
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(3) |
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2 |
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Interest received |
111 |
|
40 |
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33 |
| ο 25 |
Net cash used in investing activities
|
1,068 |
507.6 |
(262) |
1.5 |
(266) |
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Repurchases of shares |
(1,747) |
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(473) |
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(151) |
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Other equity changes |
52 |
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16 |
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3 |
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Proceeds from long term borrowings |
2 |
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28 |
|
5 |
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Repayments to long term borrowings |
(53) |
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(2) |
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(16) |
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Proceeds from short term borrowings ¹ |
328 |
|
14 |
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8 |
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Repayments to short term borrowings |
(166) |
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(64) |
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(45) |
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Proceeds from finance leases |
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|
6 |
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9 |
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Repayments to finance leases |
(10) |
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(4) |
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(9) |
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Dividends paid |
(282) |
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(268) |
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(237) |
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Financing relating to our discontinued operations |
(276) |
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(21) |
|
135 |
| ο 26 |
Net cash used in financing activities
|
(2,152) |
(180.2) |
(768) |
(157.7) |
(298) |
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Change in cash from continuing operations
|
(227) |
(272.1) |
(61) |
(148.4) |
126 |
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CASH FLOWS FROM DISCONTINUED OPERATIONS |
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Net cash from operating activities |
(63) |
|
43 |
|
268 |
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Net cash used in investing activities |
(30) |
|
(22) |
|
(24) |
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Net cash used in financing activities |
36 |
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8 |
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(202) |
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Change in cash from discontinued operations |
(57) |
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29 |
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42 |
| ο 27 |
TOTAL CHANGES IN CASH |
(284) |
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(32) |
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168 |
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- (in € millions, except percentages)
- 1 On adoption of IAS 32 as at 1 January 2005, bank overdraft of €46 million was no longer netted off from cash and cash equivalents.
- certain items in the consolidated cash flow statements have been adjusted for non-cash movements, principally assets aquired under finance leases, foreign currency and newly consolidated and deconsolidated entities. As a result these amounts do not correspond to the differences between the balance sheet amounts for the respective items.
- the figures ο in the line items of these financial statements refer to the notes to the financial statements.
- the accompanying notes form an integral part of the financial statements.
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