ANNUAL REPORT 2008 - Gorenje Group

80
2008
Consolidated cash flow statement of the Gorenje Group
in TEUR Notes 2008 2007
A. CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period 10,181 23,664
Adjustments for:
Depreciation of property, plant and equipment 21 51,900 49,788
Amortisation of intangible assets 22 5,221 3,423
Impairment loss 0 711
Investment income 19 -19,603 -18,455
Finance expenses 19 41,023 25,296
Share of profit/loss of associates 0 -8
Gain on sale of property, plant and equipment 14 -1,807 -1,983
Gain from revaluation of investment property 14 -2,566 0
Income tax expense 20 5,292 5,736
Operating profit before changes in net
operating current assets and provisions
89,641 88,172
Change in trade receivables -17,336 -14,847
Change in inventories -35,533 -24,769
Change in provisions 3,932 4,009
Change in trade and other liabilities 31,017 -3,421
Cash generated from operations -17,920 -39,028
Interest paid -26,019 -19,534
Income taxes paid -6,786 -5,338
Indemnities received 0 1,850
Net cash from operating activities 38,916 26,122
B. CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and
equipment
2,398 4,502
Proceeds from sale of investments 6,208 0
Interest received 7,208 4,095
Dividends received 1,048 1,701
Disposal of subsidiary, net of cash disposed of 641 4,288
Acquisition of subsidiary, net of cash acquired -95,011 -6,109
Acquisition of property, plant and equipment -71,289 -69,428
Acquisition of other investments -37,023 1,222
Acquisition of intangible assets -5,518 -4,678
Net cash used in investing activities -191,338 -64,407
C. CASH FLOWS FROM FINANCING ACTIVITIES
Capital increase 0 54,900
Repurchase of own shares -112 0
Borrowings / Repayment of borrowings 164,875 -3,241
Dividends and premiums paid -5,910 -4,736
Net cash used in financing activities 158,853 46,923
Net increase/decrease in cash and cash
equivalents
6,431 8,638
Cash and cash equivalents at beginning of
period
17,684 9,046
Cash and cash equivalents at end of period 24,115 17,684