Annual report (20-F) - Ono

Euro thousand
2004 2003 2002
Change in working capital Increase Decrease Increase Decrease Increase Decrease
Cash 2,749 — 57 — 646 —
Short term investments — 15,278 — 26,054 11,292 —
Accounts receivable 1,282 — — 135,036 65,760 —
Other current assets — 847 — 3,893 — 7,481
Contributions due from
shareholders — — — — — 2
Current liabilities — 7,842 25,833 — 62,439 —
Total 4,031 23,967 25,890 164,983 140,137 7,483
Change in working capital — 19,936 — 139,093 132,654 —
Euro thousand
Sources generated / (applied to) operations 2004 2003 2002
Profit / (loss) attributable to the parent company (81,179) 97,019 (194,642)
Loss attributable to minority shareholders — — (818)
Amortization of fixed assets and start-up costs 100,839 102,422 98,303
Amortization of goodwill on consolidation 10,229 13,390 13,434
Amortization of deferred expenses 10,214 10,088 14,156
Write-off of start-up costs 276 781 139,859
Write-off and provision for intangible assets — 6,163 —
Write-off and provision for tangible assets 23,646 14,376 34,281
Loss / (gain) on disposal of assets — 1,545 —
Write-off of deferred expenses 7,120 — —
Impairment of goodwill — — 754
Provision for Incentive Plan 2,100 2,100 —
Notes first call commitment 9,900 — —
Effect of revaluation of Phantom Plan — — (16,660)
Cancellation of provision for liabilities and charges (902) (2,726) (1,371)
Provision for discontinuing operations in Portugal — — 10,922
Loss / (gain) from cancellation of debt related to the Notes 36,801 (352,540) —
Capitalization of tax credit (21,475) — (211,459)
Income tax balances — (12,774) 36,736
Exchange rate differences — (18,133) (9,966)
Other long term financial loss (883) 883 —
Other extraordinary expenses — — 3,714
Effect of revaluation of EVC — — (51,492)
Changes in shareholding of subsidiaries — — (12)
Total sources applied to operations 96,686 (137,406) (134,261)
27. Differences between Spanish and US GAAP and other required disclosures
The consolidated financial statements of the Group are prepared in accordance with Spanish GAAP,
which differ in certain material respects from US GAAP. A description of these differences and a
reconciliation of net result and shareholders’ equity from Spanish GAAP to US GAAP are presented
below.
F-36