LensCrafters 2006 Annual Report Download - page 56

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>56 | ANNUAL REPORT 2006
(1) 2003-2006 figures include results of OPSM Group operations from the acquisition date (August 1, 2003).
(2) 2004-2006 figures include results of Cole National operations from the acquisition date (October 4, 2004).
(3) Results of Things Remembered, Inc., a former subsidiary that was sold in September 2006, are reclassified as discontinued operations and are not
included in results from continuing operations for 2004, 2005 and 2006.
STATEMENTS
OF CHANGE IN NET
FINANCIAL POSITION
(Euro/000) 2004 2005 2006
(1) (3) (1) (2) (3) (1) (2) (3)
Cash 299,937 253,246 367,461
Bank overdraft (516,905) (286,979) (275,956)
Current portion of long-term debt (390,935) (405,079) (110,978)
Long-term debt (862,492) (1,275,373) (1,417,931)
Net financial position, beginning of the year (1,470,395) (1,714,185) (1,437,404)
Net income (continuing operations) 279,109 330,790 430,705
Depreciation and amortization 150,140 184,652 220,797
Change in net working capital 22,922 139,312 (34,423)
Provision and other 56,148 (49,051) (13,805)
Operating cash flow 508,319 605,704 603,274
Capital expenditure (116,626) (220,016) (272,180)
(Investments)/Disposal in intangible assets (301) (4,479) (1,140)
Purchase of business net of cash acquired (362,978) (86,966) (134,114)
Sale of Pearle Europe - 144,000 -
Sale of Things Remembered - - 128,007
Other 198 1,022 15,691
Free cash flow 28,613 439,265 339,538
Dividends (94,113) (103,484) (131,369)
Exercise of stock options 5,993 28,229 24,445
Debt acquired through acquisitions (275,952)
Effect of exchange adjustments to net financial position 91,669 (87,228) 56,292
Decrease/(Increase) in net financial position (243,790) 276,781 288,906
Cash 253,246 367,461 339,122
Bank overdraft and notes payable (286,979) (275,956) (168,358)
Current portion of long-term debt (405,079) (110,978) (359,527)
Long-term debt (1,275,373) (1,417,931) (959,735)
Net financial position, end of the year (1,714,185) (1,437,404) (1,148,498)