Chrysler 2008 Annual Report Download - page 55

Report on Operations Financial Review – Fiat Group54
Cash Flow Statement by Activity
2008 2007
Industrial Financial Industrial Financial
(€ millions) Consolidated Activities Services Consolidated Activities Services
A) Cash and cash equivalents at beginning of the year (as reported) 6,639 5,546 1,093 7,736 6,706 1,030
Cash and cash equivalents included under Assets held for sale 22–55 –
B) Cash and cash equivalents at beginning of the year 6,641 5,548 1,093 7,741 6,711 1,030
C) Net cash from/(used in) operating activities:
Profit for the year 1,721 1,721 304 2,054 2,054 269
Amortisation and depreciation
(net of vehicles sold under buy-back commitments) 2,901 2,805 96 2,738 2,667 71
(Gains)/losses on disposal and other non-cash items (a) 203 (119) 18 (435) (704) –
Dividends received 84 115 9 81 203 13
Change in provisions (161) (149) (12) 6 (40) 46
Change in deferred income taxes (490) (532) 42 (157) (126) (31)
Changes due to buy-back commitments (b) (88) (81) (7) 34 27 7
Change in working capital (3,786) (3,604) (182) 1,588 1,675 (87)
Total 384 156 268 5,909 5,756 288
D) Net cash from/(used in) investing activities:
Investments in:
- Tangible and intangible assets
(net of vehicles sold under buy-back commitments) (5,263) (4,980) (283) (3,985) (3,666) (319)
- Unconsolidated subsidiaries and other investments (148) (152) – (122) (136) –
Proceeds from the sale of non-current assets 300 204 96 735 680 55
Net change in receivables from financing activities (1,493) 10 (1,503) (1,032) 41 (1,073)
Change in other current securities 118 24 94 (63) (5) (58)
Other changes 176 (1,194) 1,370 (134) (2,719) 2,578
Total (6,310) (6,088) (226) (4,601) (5,805) 1,183
E) Net cash from/(used in) financing activities:
Net change in financial payables and other financial assets/liabilities 3,896 3,840 56 (1,675) (425) (1,250)
Increase in share capital 15 14 5 5514
(Purchase)/Disposal of treasury shares (238) (238) – (395) (395) –
Dividends paid (546) (546) (40) (310) (310) (135)
Total 3,127 3,070 21 (2,375) (1,125) (1,371)
Currency translation differences (159) (82) (77) (33) 11 (37)
F) Net change in cash and cash equivalents (2,958) (2,944) (14) (1,100) (1,163) 63
G) Cash and cash equivalents at end of the year 3,683 2,604 1,079 6,641 5,548 1,093
of which: Cash and cash equivalents included under Assets held for sale –––22 –
H) Cash and cash equivalents at end of the year (as reported) 3,683 2,604 1,079 6,639 5,546 1,093
(a) In 2008, this item included the reversal of a €271 million loss (€67 million gain in 2007) relating to the fair value measurement of equity swaps on Fiat ordinary shares. For 2007, it included gains and
losses on the disposal of non-current assets totalling €297 million.
(b) Cash from vehicles sold under buy-back commitments for the periods shown, net of amounts already recognised through the income statement, is included in a single line item under Operating
Activities which also includes the change in working capital, capital expenditures, amortisation, depreciation, gains/(losses) and proceeds from disposal, at the end of the contract term, for those
assets which are recognised under ‘Property, plant and equipment’.