Consolidated statement of cash flows

Annual report | online edition | results of 2006

Financial Statements 2006

Compare to 2005

[ Consolidated statement of cash flows ]

For the year ended 31 December 2006

in millions of Euro	2006	2005
Operating activities
Profit for the year	186	158

Adjustments for:
Share of profit of associates	1	-16
Finance costs	32	26
Income tax expense	75	64
Gain on disposal of subsidiary	-5
Depreciation, amortisation and impairment	36	42
Share based payment expense	7	6
Other non-cash items	11	10
Increase/(decrease) in provisions	5	-3
Operating cash flows before movements in working capital	348	287
Increase in trade and other receivables	-131	-133
Increase in trade and other payables	98	65
Cash generated from operations	315	219
Interest paid	-28	-26
Income taxes paid	-81	-80
Net cash from operating activities	206	113

Investing activities
Purchase of property, equipment and software	-53	-34
Acquisition of subsidiaries	-157	-49
Disposal of subsidiaries	6
Acquisition of associates	-1	-2
Disposal of associates	1	32
Dividends from associates	1
Originated loans	-6	-6
Net cash used in investing activities	-209	-59

Financing activities
Payments to shareholders	-45	-18
Movement in long-term borrowings	58	84
Redemption preference shares A		-51
Proceeds on issue of shares	14	7
Increase/decrease in bank overdrafts	12	-48
Net cash from/used in financing activities	39	-26

Net increase in cash and cash equivalents	36	28

Cash and cash equivalents at 1 January	154	119
Effect of exchange rate changes	-3	7
Cash and cash equivalents at 31 December	187	154