Annual_report_2006

CONSOLIDATED STATEMENT OF CASH FLOWS A N N U A L R E P O R T 48 Year ended 31 December 2006 Year ended 31 December 2005 Operating activities Profit before tax 1 624 977 1 669 949 Depreciation and amortization 531 603 605 062 Amortization of goodwill/(negative goodwill) -141 668 -279 484 Provisions 57 020 -9 723 Provisions for receivables, inventories and investments, net -102 952 34 364 Loss on impairment of property, plant and equipment 4 583 -34 406 Unrealised foreign exchange differences -238 469 29 628 Interests, net 87 279 98 778 Financial derivatives 22 277 -9 798 Income from associates -10 382 -10 101 Profit from sale of property, plant and equipment and intangible assets -50 960 -11 934 Profit from sale of financial investments -32 636 - Employee benefits 87 332 11 126 Other non-cash items 24 688 - Operating cash flows before movements in working capital 1 862 692 2 093 461 Changes in receivables -487 227 -388 925 Changes in inventories -7 225 4 037 Changes in payables 135 433 -295 570 Changes in other assets and liabilities 2 181 -12 845 Cash generated from operations 1 505 854 1 400 158 Interest received 9 891 9 755 Interest paid -94 446 -100 530 Income tax paid -363 863 -208 578 Net cash from operating activities 1 057 436 1 100 805 Investing activities Proceeds on disposal of property, plant and equipment and intangible assets 86 266 243 258 Proceeds on disposal of financial investments 36 000 165 000 Acquisition of property, plant and equipment and intangible assets -638 016 -635 848 Acquisition of subsidiary less acquired cash and cash equivalents 71 907 162 Acquisition of financial investments -1 156 -44 991 Acquisition of additional shares in current subsidiaries -116 545 -440 730 Acquisition of investment in an associate -24 490 -93 243 Net cash used in investing activity -586 034 -806 392 Financing activities Change in loans and borrowings -100 950 379 758 Change in obligations under finance lease -20 497 -43 157 Dividends paid -376 292 -151 812 Net cash (used in)/from financing activity -497 739 184 789 Net (decrease)/increase of cash and cash equivalents -26 337 479 202 Cash and cash equivalents at the beginning of the year (Note 16) 622 183 142 981 Cash and cash equivalents at the end of the year (Note 16) 595 846 622 183 For the year ended 31 December 2006 (in thousands of SKK)