Ubisoft 2005 Annual Report Download - page 60

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Consolidated cash flow statement
2.4
In thousands of euros 03.31.06 03.31.05
Cash flow from operating activities
Consolidated net income 11,932 24,732
+/- Share in earnings of associates -19,109 -199
+/- Depreciation 158,792 142,542
+/- Provisions 2,776 -6,727
+/- Unrealized gains and losses resulting from changes in fair value - -
+/- Cost of share-based payments 2,692 5,464
+/- Flows from disposal of fixed assets 126 3,506
+/- Dilution profit and loss - -
+/- Other calculated income and expenses -147 -
Inventory -2,873 13,936
Trade receivables 54,688 -48,941
Other assets -7,048 -10,213
Trade payables -32,204 38,792
Other liabilities -19,084 29,702
+/-Change in working capital requirement -6,521 23,276
Cash flow from operating activities 150,541 192,594
- Purchases of tangible and intangible assets -201,866 -147,167
+ Sales of tangible and intangible assets 140 176
+/- Purchases/sales of financial assets -4,227 -642
+/- Other flow related to investment operations - 153 -
+ Investment grants received - -
+ Proceeds from loans and other financial assets 3,787 665
+/- Partial sale of associates (1) 22,691 -19,508
Cash flow from investing activities -179,628 -166,476
Cash flow from financing activities
+ New finance leasing loans 128 647
+ New long- and medium-term loans 7,537 4,525
- Repayment of finance leasing loans -1,040 -1,032
- Repayment of loans -24,875 -
+ Proceeds from issue of capital 40,786 6,562
+/- Resales/purchases of own shares -503 646
- Dividends paid during the fiscal year - -
+/- Other flow --
Cash flow from financing activities 22,033 11,348
Net change in cash and cash equivalents -7,054 37,466
Cash and cash equivalents at the beginning of the fiscal year 90,493 51,192
Exchange gains/losses on cash -2,545 1,835
Net cash and cash equivalents position at the end of the fiscal year 80,894 90,493
(1) Including cash position of companies purchased and sold 22,697 1