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Download the consolidated cash flow statement in Excel format |
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Download the consolidated cash flow statement in Excel format (in USD) |
| (thousands of euro) | 2005 | 2004 | |
|---|---|---|---|
| Operating activities | |||
| Net income for the year attributable to the Parent Company and minority interests | 114,104 | 108,343 | |
| Income taxes expense | 20,288 | 27,663 | |
| Income before taxes | 134,392 | 136,006 | |
| Adjustments for: | |||
| - depreciation and amortization | 85,367 | 95,327 | |
| - (gains)/losses on disposal of assets | 48,336 | 36,325 | |
| - net provisions charged to income statement | 32,146 | 80,635 | |
| - use of provisions | (10,809) | (28,931) | |
| - exchange differences | (409) | 81 | |
| - shares of (income)/losses of associated companies | 60 | (33) | |
| - net financial (income)/expenses | 23,131 | 21,829 | |
| Cash flow from operating activities before changes in working capital | 312,214 | 341,239 | |
| Cash flow from changes in working capital | 10,373 | (12,556) | |
| Payment of taxes | (9,403) | (160,141)(A) | |
| Interest paid | (53,104) | (51,597) | |
| Interest received | 24,842 | 23,826 | |
| Exchange differences | 408 | 114 | |
| Cash flow generated by operating activities | 285,330 | 140,885 | |
| Investing activities | |||
| Operating investments | (115,621) | (122,950) | |
| Operating divestments | 15,265 | 61,440(D) | |
| Purchase of investments | (14,390) | (14,107) | |
| Sale of investment | (74) | 15,167(D) | |
| Operations in non-current financial assets | 114,374(B) | (64,945)(C) | |
| Cash flow provided/(used) by investing activities | (446) | (125,395)(C,D) | |
| Financing activities | |||
| Change in shareholders’ equity | 2,182 | 1,960 | |
| Payment of bond | (300,000) | - | |
| Net change in other sources of finance | 9,780 | (12,164) | |
| Payment of dividends | (62,361) | (69,414) | |
| Cash flow provided/(used) by financing activities | (350,399) | (79,618) | |
| Net decrease in cash and cash equivalents | (65,515) | (64,128) | |
| Cash and cash equivalents at the beginning of the year | 260,196 | 324,825 | |
| Cash in companies purchased | - | - | |
| Translation differences and other movements | 1,646 | (501) | |
| Cash and cash equivalents at the end of the year | 196,327 | 260,196 | |
| (A) | Includes payment of substitute taxes of 124.5 million euro. |
| (B) | Includes 118 million euro for the sale of financial assets. |
| (C) | Includes the acquisition of subsidiary in the amount of 90 million euro. |
| (D) | Includes residual amounts relating to the sale of the sports equipment segment, of 8, 15, and 26 million euro, respectively, for a total of 49 million euro. |