Tamro Web Annual Report 2005 - Consolidated Cash Flow Statement

Consolidated Cash Flow Statement

(in EUR millions)

1 Feb 2005-
31 Jan 2006

1 Jan 2004- 31 Jan 2005

CASH FLOW BEFORE CHANGE IN NET WORKING CAPITAL

Operating profit

116.5

92.5

Depreciation, value adjustments and other adjustments

30.3

32.6

Financial income and expenses

-6.0

-4.3

Other income and expenses

-7.0

0.3

Taxes

-17.0

-13.4

116.8

107.7

CHANGE IN NET WORKING CAPITAL

Inventories, increase (-), decrease (+)

2.0

-3.3

Current receivables, increase (-), decrease (+)

22.0

51.2

Non-interest bearing debts, increase (+), decrease (-)

8.7

8.6

32.7

56.5

CASH FLOW FROM OPERATING ACTIVITIES

149.5

164.2

CASH FLOW FROM INVESTING ACTIVITIES

Investments in fixed assets

-71.8

-64.1

Sale of fixed assets and other changes

17.4

1.4

-54.4

-62.7

FREE CASH FLOW

95.1

101.5

CASH FLOW FROM FINANCING ACTIVITIES

Long-term debt, increase (+), decrease (-)

0.0

-2.6

Short-term debt, increase (+), decrease (-)

21.0

-17.7

Long-term bonds, increase (-), decrease (+)

6.0

-1.2

Dividends

-121.4

-84.7

Translation differences and other changes

-4.0

-4.4

-98.4

-110.6

CHANGE IN LIQUID ASSETS, INCREASE (+), DECREASE (-)

-3.3

-9.1

CASH AND CASH EQUIVALENTS, OPENING BALANCE

13.2

22.3

CASH AND CASH EQUIVALENTS, CLOSING BALANCE

9.9

13.2

In 2005/06 the change in net working capital included an increase in the sales of receivables of EUR 43 million.

In 2004/05 the change in net working capital included an increase in the sales of receivables of EUR 59 million.