Louis Vuitton 2009 Annual Report Download - page 80

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Consolidated cash flow statement
EUR millions 2009 2008 2007
I. OPERATING ACTIVITIES AND INVESTMENTS
Operating profit 3,161 3,485 3,429
Net increase in depreciation, amortization and provisions,
excluding tax and financial items 826 695 638
Other computed expenses, excluding financial items (37) (42) (39)
Dividends received 21 17 33
Other adjustments (43) (59) (22)
CASH FROM OPERATIONS BEFORE CHANGES IN WORKING CAPITAL 3,928 4,096 4,039
Cost of net financial debt: interest paid (185) (222) (191)
Income taxes paid (900) (866) (916)
NET CASH FROM OPERATING ACTIVITIES BEFORE
CHANGES IN WORKING CAPITAL 2,843 3,008 2,932
Change in inventories and work in progress 69 (826) (565)
Change in trade accounts receivable 206 (29) (197)
Change in trade accounts payable (362) 135 222
Change in other receivables and payables 178 (10) 66
TOTAL CHANGE IN WORKING CAPITAL 91 (730) (474)
NET CASH FROM OPERATING ACTIVITIES 2,934 2,278 2,458
Purchase of tangible and intangible fixed assets (748) (1,039) (990)
Proceeds from sale of tangible and intangible fixed assets 26 100 58
Guarantee deposits paid and other operating investments (7) (8) (20)
OPERATING INVESTMENTS (729) (947) (952)
NET CASH FROM (USED IN) OPERATING ACTIVITIES AND INVESTMENTS 2,205 1,331 1,506
II. FINANCIAL INVESTMENTS
Purchase of non-current available for sale financial assets (93) (155) (45)
Proceeds from sale of non-current available for sale financial assets 49 184 33
Impact of purchase and sale of consolidated investments (278) (642) (329)
NET CASH FROM (USED IN) FINANCIAL INVESTMENTS (322) (613) (341)
III. TRANSACTIONS RELATING TO EQUITY
Capital increases of LVMH 30 5 -
Capital increases of subsidiaries subscribed by minority interests 11 4 1
Acquisition and disposals of treasury shares and LVMH-share settled derivatives 34 (143) 14
Interim and final dividends paid by LVMH (758) (758) (686)
Interim and final dividends paid to minority interests in consolidated subsidiaries (175) (188) (156)
NET CASH FROM (USED IN) TRANSACTIONS RELATING TO EQUITY (858) (1,080) (827)
IV. FINANCING ACTIVITIES
Proceeds from borrowings 2,442 2,254 2,006
Repayment of borrowings (2,112) (2,301) (1,700)
Purchase and proceeds from sale of current available for sale financial assets 321 (47) (278)
NET CASH FROM (USED IN) FINANCING ACTIVITIES 651 (94) 28
V. EFFECT OF EXCHANGE RATE CHANGES (120) 87 (44)
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS (I+II+III+IV+V) 1,556 (369) 322
Cash and cash equivalents at beginning of period 718 1,087 765
Cash and cash equivalents at end of period 2,274 718 1,087
Transactions included in the table above, generating no change in cash:
- acquisition of assets by means of finance leases 12 11 6
PASSIONATE ABOUT CREATIVITY