Tamro Web Annual Report 2006/07 - Consolidated Cash Flow Statement

Consolidated Cash Flow Statement

(in EUR millions)

1 Feb 2006-
31 Jan 2007

1 Feb 2005- 31 Jan 2006

Operating profit

115.9

116.5

Depreciation, value adjustments and other adjustments

30.4

30.3

Financial income and expenses

-5.9

-6.0

Other income and expenses

-6.4

-7.0

Taxes

-15.9

-17.0

CASH FLOW BEFORE CHANGE IN NET WORKING CAPITAL

118.2

116.8

Inventories, increase (-), decrease (+)

-66.6

2.0

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

-84.2

22.0

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

158.6

8.7

CHANGE IN NET WORKING CAPITAL

7.7

32.7

CASH FLOW FROM OPERATING ACTIVITIES

126.0

149.5

Investments in tangible and intangible assets

-32.8

-71.8

Proceeds from disposal of tangible and intangible assets and financial investments

58.9

17.4

CASH FLOW FROM INVESTING ACTIVITIES

26.0

-54.4

FREE CASH FLOW

152.0

95.1

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

0.4

0.0

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

-39.9

21.0

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

0.5

0.0

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

1.5

6.0

Dividends

-67.8

-121.4

Translation differences and other changes

-1.4

-4.0

CASH FLOW FROM FINANCING ACTIVITIES

-106.7

-98.4

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

45.3

-3.3

CASH AND CASH EQUIVALENTS, OPENING BALANCE

9.9

13.2

CASH AND CASH EQUIVALENTS, CLOSING BALANCE

55.2

9.9

In 2006/07 the change in net working capital included an increase in the sales of receivables of EUR 14 million.

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