ASF - 2002 annual report - Vinci

Consolidated statement of cash flows
(in millions of euros) 2002 2001 2000
proforma
Net income
Adjustments to reconcile net income to cash flow:
267.4 218.4 261.4
Amortization, depreciation and provisions 422.0 397.2 351.5
Changes in differred taxes 41.6 (34.1) 31.9
Gains/(losses) on disposals, net of tax 0.2 1.8 (2.4)
Other 13.4 (20.2) 15.1
Cash flow before tax effect of reform-related changes of
accounting method
744.7 563.1 657.5
Tax effect of reform-related changes of accounting method (742.0)
Cash flow 744.7 563.1 (84.5)
Net change in operating working capital
Accounts receivable and inventories (14.8) (23.1) (78.4)
Accounts payable 25.3 (35.8) 151.5
Other (16.0) 55.7 (23.9)
Net change in operating working capital (5.5) (3.2) 49.2
VTax effect of legal reform on working capital (185.5) (371.0) 742.0
Net cash provided by operating activities 553.6 188.9 706.7
Additions to property, plant and equipment and intangible assets (729.1) (1,131.6) (988.6)
Proceeds from disposals of property, plant and equipment and intangible assets 5.8 1.0 0.7
Acquisitions of investments - - -
Disposals of investments - - 6.3
Net change in other investments (1.3) (1.2) (2.6)
VAT refund - - 201.3
Net change in working capital related to investing activities (54,2) 185,6 (4,2)
Net cash used by investing activities (778.7) (946.2) (787.1)
Dividends paid - (110.4) -
Issuance of shares paid up in cash* 858.1 - -
Investment grants 4.0 6.6 12.7
Bond issues 832.0 1,196.8 739.7
Bond redemptions (370.1) (559.0) (518.5)
Other (13.5) (13.6) (5.8)
Net cash provided by financing activities 1,310.5 520.4 228.1
Net change in cash and cash equivalents 1,085.4 (236.9) 147.7
Cash and cash equivalents at beginning of year 160.2 397.1 249.4
Cash and cash equivalents (excl. financial instruments) at end of year 1,245.6 160.2 397.1
* Net amount received at December 31, 2002 on issuance of shares, less issuance costs and net of €20.3 million in tax.