APC 2005 Annual Report Download - page 126

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124
Consolidated Statement of Cash Flows
(in millions of euros)
2004 2003
I - Net cash provided by operating activities:
Net income (attributable to Schneider Electric SA) 564.6 432.8
Minority interests 30.1 21.5
Group share of loss/(income) of
companies accounted for by the equity method (net of dividend received) 3.6 18.1
A
djustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment 285.7 283.5
Amortization of intangible assets other than goodwill 76.7 60.2
Amortization of goodwill 217.1 190.7
Increase/(decrease) in provisions 4.7 44.6
Increase/(decrease) in deferred taxes 46.4 (144.1)
(Gains)/losses on disposals of assets (8.9) 15.4
Other 40.1 19.3
Net cash provided by operating activities
before changes in operating assets and liabilities 1,260.1 942.0
(Increase)/decrease in accounts receivable (183.0) (14.8)
(Increase)/decrease in inventories and work in process (160.7) (5.3)
(Decrease)/increase in accounts payable (2.5) 67.2
Change in other current assets and liabilities 208.7 265.1
Change in working capital (137.5) 312.2
Total I 1,122.6 1,254.2
II - Net cash (used)/provided by investing activities:
Purchases of property, plant and equipment (277.8) (253.2)
Disposals of property, plant and equipment 48.3 48.3
Purchases of intangible assets (54.7) (61.8)
Disposals of intangible assets 0.4 1.3
Net cash used by investment in operating assets (283.8) (265.4)
Financial investments, net (800.9) (595.8)
Other long-term investments (25.9) (262.1)
Long-term pension assets (13.4) (142.2)
Sub-total (840.2) (1,000.1)
Total II (1,124.0) (1,265.5)
III - Net cash (used)/provided by financing activities
Increase in long-term debt - 789.8
Reduction of long-term debt (1,351.4) (73.1)
(Purchase)/sale of Company shares (278.2) (112.3)
(Decrease)/increase in other borrowings (49.6) (481.6)
Common stock issued 61.0 101.8
Dividends paid: Schneider Electric SA (334.2) (308.0)
Minority interests (23.3) (18.6)
Total III (1,975.7) (102.0)
IV - Net effect of exchange rate and other changes: Total IV 21.2 (54.7)
Net (decrease)/increase
in cash and cash equivalents: I + II + III + IV (1,955.9) (168.0)
Cash and cash equivalents at beginning of year 2,902.4 3,070.4
(Decrease)/increase in cash and cash equivalents (1,955.9) (168.0)
Cash and cash equivalents at end of year 946.5 2,902.4