Food Lion 2006 Annual Report Download - page 63

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(in millions of EUR) 2006 2005
(1)
2004
(1)
Operating activities
Group share in net profit 351.9 365.2 295.7
Net profit attributable to minority interest 8.4 4.9 6.1
Adjustments for:
Depreciation and amortization - continuing operations 496.0 474.6 457.2
Depreciation and amortization - discontinued operations 7.2 8.7 12.1
Impairment - continuing operations 2.8 6.8 8.1
Impairment - discontinued operations 64.8 5.0 21.5
Provisions for losses on accounts receivable and inventory obsolescence 11.8 13.0 0.3
Share-based compensation 23.5 27.6 24.3
Income taxes 242.2 222.2 178.1
Finance costs 300.0 328.4 325.9
Income from investments (20.0) (26.2) (14.8)
Other non-cash items 2.4 10.2 5.4
Changes in operating assets and liabilities:
Inventories (55.5) (40.8) 75.2
Receivables (71.1) (26.2) (6.6)
Prepaid expenses and other assets (8.5) (2.4) (5.5)
Accounts payable 112.5 60.0 27.2
Accrued expenses and other liabilities 12.5 13.3 (17.0)
Provisions (31.9) (25.9) (7.1)
Interests paid (292.1) (302.2) (290.8)
Interests and dividends received 18.6 24.8 17.3
Income taxes paid (265.2) (238.7) (123.4)
Net cash provided by operating activities 910.3 902.3 989.2
Investing activities
Purchase of shares in consolidated companies, net of cash
and cash equivalents acquired 0.5 (175.5) (151.1)
Sale of shares in consolidated companies, net of cash and
cash equivalents disposed - - 2.1
Purchase of tangible and intangible assets (capital
expenditures) (699.9) (636.1) (494.1)
Sale of tangible and intangible assets 15.9 30.5 34.5
Investment in debt securities (102.0) (52.7) (25.7)
Sale and maturity of debt securities 75.3 49.5 -
Purchase of other financial assets (0.3) (2.6) (30.1)
Sale and maturity of other financial assets 1.7 36.7 22.5
Settlement of derivative instruments (13.1) (6.4) -
Net cash used in investing activities (721.9) (756.6) (641.9)
Cash flow before financing activities 188.4 145.7 347.3
Financing activities
Proceeds from the exercise of share warrants and stock options 56.6 32.5 38.7
Treasury shares purchased (30.2) (22.6) (9.5)
Dividends paid (113.2) (105.3) (92.7)
Dividends paid by subsidiaries to minority interests (1.6) - (1.5)
Escrow maturities 10.8 11.9 9.2
Borrowing under long-term loans (net of financing costs) 0.9 96.2 295.0
Repayment of long-term loans (630.6) (17.8) (48.3)
Repayment of lease obligations (36.2) (33.3) (30.7)
Borrowings under short-term loans (> three months) 497.8 - 19.8
Repayment under short-term loans (> three months) (402.2) (29.9) (5.0)
Addition to (repayment of) short-term loans (< three months) 11.1 (0.3) (220.7)
Net cash used in financing activities (636.8) (68.6) (45.7)
Effect of foreign exchange translation differences (42.2) 67.4 (32.3)
Net (decrease) increase in cash and cash equivalents (490.6) 144.5 269.3
Cash and cash equivalents at beginning of period 804.9 660.4 391.1
Cash and cash equivalents at end of period 314.3
(2)
804.9 660.4
(1) Adjusted for the change in accounting policy described in Note 3 and for the reclassification of the Czech operations in discontinued operations
(2) Of which EUR 9.5 million included in assets classified as held for sale
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/ ANNUAL REPORT 2006 61