Louis Vuitton 2007 Annual Report Download - page 76

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74
Consolidated cash flow statement
EUR millions 2007 2006 2005
I. OPERATING ACTIVITIES
Operating profit 3,429 3,052 2,522
Net increase in depreciation, amortization and provisions,
excluding tax and financial items 638 474 639
Other unrealized gains and losses, excluding financial items (39) (31) (102)
Dividends received 33 28 47
Other adjustments (22) (19) (17)
CASH FROM OPERATIONS BEFORE CHANGES IN WORKING CAPITAL 4,039 3,504 3,089
Cost of net financial debt: interest paid (191) (174) (222)
Income taxes paid (916) (784) (616)
NET CASH FROM OPERATIONS BEFORE CHANGES IN WORKING CAPITAL 2,932 2,546 2,251
Change in inventories and work in progress (565) (351) (281)
Change in trade accounts receivable (197) (146) (67)
Change in trade accounts payable 222 208 27
Change in other receivables and payables 66 31 64
TOTAL CHANGE IN WORKING CAPITAL (474) (258) (257)
NET CASH FROM OPERATING ACTIVITIES 2,458 2,288 1,994
II. INVESTING ACTIVITIES
Purchase of tangible and intangible fixed assets (990) (771) (707)
Proceeds from sale of tangible and intangible fixed assets 58 10 21
Guarantee deposits paid and other operating investments (20) 12 7
OPERATING INVESTMENTS (952) (749) (679)
Purchase of non-current available for sale financial assets (45) (87) (69)
Proceeds from sale of non-current available for sale financial assets 33 172 469
Impact of purchase and sale of consolidated investments (329) (48) (604)
Other financial investments - - 65
FINANCIAL INVESTMENTS (341) 37 (139)
NET CASH FROM (USED IN) INVESTING ACTIVITIES (1,293) (712) (818)
III. TRANSACTIONS RELATING TO EQUITY
Capital increases subscribed by minority interests 1 6 3
Purchase and proceeds from sale of LVMH treasury shares
and related derivatives 14 (48) 32
Interim and final dividends paid by LVMH (686) (566) (446)
Interim and final dividends paid to minority interests
in consolidated subsidiaries (156) (120) (120)
NET CASH FROM (USED IN) TRANSACTIONS RELATING TO EQUITY (827) (728) (531)
IV. FINANCING ACTIVITIES
Proceeds from borrowings 2,006 785 1,192
Repayment of borrowings (1,700) (1,757) (1,559)
Purchase and proceeds from sale of current available for sale financial assets (278) (181) (40)
NET CASH FROM (USED IN) FINANCING ACTIVITIES 28 (1,153) (407)
V. EFFECT OF EXCHANGE RATE CHANGES (44) (10) 41
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (I+II+III+IV+V) 322 (315) 279
Cash and cash equivalents at beginning of period 765 1,080 801
Cash and cash equivalents at end of period 1,087 765 1,080
Transactions generating no change in cash:
- acquisition of assets by means of finance leases 6 8 9