Tiscali 2003 Annual Report Download - page 96

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Cash flow statement
9898
CASH FLOW STATEMENT 31.12.2003 31.12.2002
A) Net debt at the end of the previous year 286,911 517,480
Net profit (loss) for the year (242,448) (593,145)
Depreciation, amortisation and write-downs 293,635 525,936
Net change in reserve for risks and charges liabilities 6,852 (21,620)
Net change in staff severance indemnity reserve 3,848 (96)
Write-downs on long-term investments (749) -
Change in net working capital, of which: (1,666) (120,838)
- change in receivables (8,818) 33,942
- change in inventories (3,596) 11,542
- change in accrued income and deferred charges (49,040) 2,772
- change in payables 40,209 (225,060)
- change in accrued liabilities and deferred income 19,579 55,966
B) Cash flows from operations 59,472 (209,763)
Net changes in non-current assets
- tangible assets (60,353) (89,210)
- intangible assets (166,034) (183,505)
- investments (1,194) 17,606
C) Cash flows from investments (227,581) (255,109)
Change in financial payables 80,543 165,541
Changes in the consolidation area 107,910
Changes in minoritiy’ interest (9,973) 34,645
Other medium-/long-term liabilities (21,625) (91,393)
Other medium-/long-term assets (3,200)
Changes in shareholders' equity 45,640 20,800
D) Cash flows from financing operations 94,585 234,303
E) Cash flows for the year (B + C + D) (73,524) (230,569)
F) Net debt at year end (A - E ), of which: 213,387 286,911
Cash and cash equivalents and receivables from banks 203,544 209,570
Short-term investments 129,019 124,187
Short-term bank debt (119,176) (46,846)
Total 213,387 286,911
For the Board of Directors
The Chairman
Renato Soru