| |
in millions of Euro |
2005 |
2004 |
| |
|
|
|
| |
Operating activities |
|
|
| |
Profit for the year |
158 |
125 |
| |
|
|
|
| |
Adjustments for: |
|
|
| |
Share of profit of associates |
-16 |
-1 |
| |
Finance costs |
26 |
41 |
| |
Income tax expense |
64 |
66 |
| |
Gain on disposal of subsidiaries |
- |
-18 |
| |
Depreciation, amortisation and impairment |
42 |
44 |
| |
Share based payment expense |
6 |
5 |
| |
Other non-cash items |
10 |
5 |
| |
Increase/(decrease) in provisions |
-3 |
1 |
| |
Operating cash flows before movements in working capital |
287 |
268 |
| |
Increase in trade and other receivables |
-133 |
-135 |
| |
Increase in trade and other payables |
65 |
65 |
| |
Cash generated from operations |
219 |
198 |
| |
Interest paid |
-26 |
-43 |
| |
Income taxes paid |
-80 |
-41 |
| |
Net cash from operating activities |
113 |
114 |
| |
|
|
|
| |
Investing activities |
|
|
| |
Purchase of property and equipment |
-34 |
-29 |
|
Acquisition of subsidiaries and minority interests |
-49 |
-25 |
| |
Disposal of subsidiaries |
- |
40 |
| |
Acquisition of associates |
-2 |
- |
| |
Disposal of associates |
32 |
1 |
| |
Dividends from associates |
- |
1 |
| |
Originated loans |
-6 |
-5 |
| |
Net cash used in investing activities |
-59 |
-17 |
| |
|
|
|
| |
Financing activities |
|
|
| |
Dividends paid |
-18 |
-20 |
| |
Movement in long-term borrowings |
84 |
-65 |
| |
Redemption preference shares A |
-51 |
- |
| |
Proceeds on issue of shares |
7 |
2 |
| |
Decrease in bank overdrafts |
-48 |
-32 |
| |
Net cash used in financing activities |
-26 |
-115 |
| |
|
|
|
| |
Net increase /(decrease) in cash and cash equivalents |
28 |
-18 |
| |
|
|
|
| |
Cash and cash equivalents at 1 January |
119 |
137 |
| |
Effect of exchange rate changes |
7 |
|
| |
Cash and cash equivalents at 31 December |
154 |
119 |