Annual Report 2005

OPERATING ACTIVITIES Profit before tax Depreciation and amortization Amortization of goodwill/(negative goodwill) Provisions for liabilities Provisions for assets Loss from impairment of tangible fixed assets Unrealised foreign exchange differences Interests, net Financial derivatives Income from associates Profit from sale of tangible and intangible fixed assets Profit from sale of financial investments Operating cash flows before movements in working capital Changes in receivables Changes in inventories Changes in payables Changes in other assets and liabilities Cash generated from operations Interest received Interest paid Income tax paid Net cash from operating activities INVESTING ACTIVITIES Proceeds on disposal of tangible and intangible fixed assets Proceeds on disposal of financial investments Dividends received Acquisition of tangible and intangible fixed assets Acquisition of subsidiary less acquired cash and cash equivalents Acquisition of additional shares in current subsidiaries Acquisition of financial investments Acquisition of investment in an associate Net cash used in investing activity FINANCING ACTIVITIES Change in loans and borrowings Change in obligations under finance lease Dividends paid Net cash from (used in) financing activity Net increase/(decrease) of cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Cash balances at banks and petty cash Bank overdrafts * The accompanying notes are an integral part of the consolidated financial statements. Consolidated financial statements Annual Report 2005 Železiarne Podbrezová CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended 31 December 2005 and 31 December 2004 (in thousand SKK) 48 Year ended 31 December 2005 Year ended 31 December 2004 1 669 949 605 062 (279 484) (9 723) 34 364 (34 406) 29 628 98 778 (9 798) (10 101) (11 934) - 2 082 335 (388 925) 4 037 (284 444) (12 845) 1 400 158 9 755 (100 530) (208 578) 1 100 805 243 258 165 000 - (635 848) 162 (44 991) (440 730) (93 243) (806 392) 379 758 (43 157) (151 812) 184 789 479 202 142 981 622 183 622 183 - 622 183 506 699 620 594 - 33 231 87 948 55 777 - 125 740 (28 139) (453) (975) (574) 1 399 848 (72 384) (617 798) 210 785 54 504 974 955 3 771 (129 511) (79 714) 769 501 40 365 3 755 453 (594 764) 57 025 - - - (493 166) (236 944) (60 900) (59 603) (357 447) (81 112) 224 093 142 981 401 824 (258 843) 142 981