Louis Vuitton 2005 Annual Report Download - page 76

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PASSIONATE ABOUT CREATIVITY
74
LVMH 2005 CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED
CASH-FLOW STATEMENT
(EUR millions) 2005 2004 (1)
I. OPERATING ACTIVITIES
Operating profit 2,522 2,173
Net increase in depreciation, amortization and provisions, excluding tax and financial items 639 529
Unrealized gains and losses, excluding financial items (102) (25)
Dividends received 47 20
Other adjustments (17) 11
CASH FROM OPERATIONS BEFORE CHANGES IN WORKING CAPITAL 3,089 2,708
Cost net financial debt: interest paid (222) (215)
Income taxes paid (616) (389)
NET CASH FROM OPERATIONS BEFORE CHANGES IN WORKING CAPITAL 2,251 2,104
Change in inventories and work in progress (281) (252)
Change in trade accounts receivable (67) 29
Change in trade accounts payable 27 (88)
Change in other receivables and payables 64 92
TOTAL CHANGE IN WORKING CAPITAL (257) (219)
NET CASH FROM OPERATING ACTIVITIES 1,994 1,885
II. INVESTING ACTIVITIES
Purchase of tangible and intangible fixed assets (707) (640)
Proceeds from sale of tangible and intangible fixed assets 21 63
Guarantee deposits paid and other operating investments 7 (11)
OPERATING INVESTMENTS (679) (588)
Purchase of non-current available for sale financial assets (69) (57)
Proceeds from sale of non-current available for sale financial assets 469 95
Impact of purchase and sale of consolidated investments (604) (401)
Other financial investments 65 -
FINANCIAL INVESTMENTS (139) (363)
NET CASH FROM (USED IN) INVESTING ACTIVITIES (818) (951)
III. TRANSACTIONS RELATING TO EQUITY
Capital increases subscribed by by minority interests 3 1
Purchase and proceeds from disposal of LVMH treasury shares 32 (131)
Interim and final dividends paid by LVMH (446) (412)
Interim and final dividends paid to minority interests in consolidated subsidiaries (120) (109)
NET CASH FROM (USED IN) TRANSACTIONS RELATING TO EQUITY (531) (651)
IV. FINANCING ACTIVITIES
Proceeds from borrowings 1,192 1,599
Repayment of borrowings (1,559) (1,686)
Acquisitions and disposals of current available for sale financial assets (40) 11
NET CASH FROM (USED IN) FINANCING ACTIVITIES (407) (76)
V. EFFECT OF EXCHANGE RATE CHANGES 41 (9)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (I+II+III+IV+V) 279 198
Cash and cash equivalents at beginning of period 801 603
Cash and cash equivalents at end of period 1,080 801
Transactions included in the above statement generating no change in cash:
- acquisition of assets by means of finance leases 9 56
(1) Data published under French accounting standards has been restated under IFRS.