APC 2005 Annual Report Download - page 71

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69
2
Consolidated Statement of Cash Flows
(in millions of euros)
2005 * 2004
I - Cash flows from operating activities:
Profit attributable to equity holders of the parent 994.3 823.9
Minority interests 35.2 34.4
Share of (profit)/ losses of associates, net of dividends received 2.8 3.5
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation of property, plant and equipment 279.3 285.7
Amortization of intangible assets other than goodwill 88.8 76.7
Losses on non current assets 20.7
Increase/(decrease) in provisions 22.5 (27.7)
Change in deferred taxes 97.0 78.1
Losses/(gains) on disposals of assets (0.7) (9.0)
Other 8.2 16.5
Net cash provided by operating activities
before changes in operating assets and liabilities 1,548.1 1,282.1
(Increase)/decrease in accounts receivable (185.0) (186.0)
(Increase)/decrease in inventories and work in process (85.2) (162.1)
Increase/(decrease) in accounts payable 165.6 37.9
Change in other current assets and liabilities (118.8) 212.2
Change in working capital requirement (223.4) (98.0)
Total I 1,324.7 1,184.1
II - Cash flows from investing activities:
Purchases of property, plant and equipment (308.1) (277.8)
Proceeds from disposals of property, plant and equipment 45.2 45.1
Purchases of intangible assets (213.7) (97.2)
Proceeds from disposals of intangible assets 0.6 0.4
Net cash used by investment in operating assets (476.0) (329.5)
Purchases of financial investments - net
(note 3)
(1,267.3) (800.9)
Purchases of other long-term investments (20.7) (25.5)
Increase in long-term pension assets (48.1) (13.4)
Sub-total (1,336.1) (839.8)
Total II (1,812.1) (1,169.3)
III - Cash flows from financing activities:
Issuance of long-term debt
(note 17)
1,490.9 –
Repayment of long-term debt (70.4) (1,352.3)
Sale/(purchase) of treasury shares (1) (73.2) (278.2)
Increase/(reduction) in other financial debt (76.1) (49.6)
Issuance of shares 22.4 61.0
Dividends paid: Schneider Electric SA (395.4) (334.2)
Minority interests (22.9) (23.3)
Total III 875.3 (1,976.6)
IV - Net effect of exchange rate: Total IV (31.1) 6.0
Net increase/(decrease) in cash and cash equivalents: I + II + III + IV 356.8 (1,955.8)
Cash and cash equivalents at beginning of period 946.5 2,902.4
Increase/(decrease) in cash and cash equivalents 356.8 (1,955.9)
Cash and cash equivalents at end of period
(note 13)
1,303.3 946.5
(1) Adjusted for shares exchanged for Legrand shares (negative
10.1 million) - note 8.
* IAS 32/39 applied as from January 1, 2005 with no adjustment for 2004 (note 2).
The accompanying notes are an integral part of the consolidated financial statements.
Consolidated Financial Statements