sain t-gobain annu al report 2008 annual report

Consolidated cash flow
statement
(in € millions) Notes 2008 2007 2006
Net income attributable to equity holders of the parent 1,378 1,487 1,637
Minority interests in net income (*) 59 56 45
Share in net income of associates, net of dividends received (6) (7) (6) (2)
Depreciation, amortization and impairment of assets (21) 1,681 1,875 1,717
Gains and losses on disposals of assets (21) (53) (394) (175)
Unrealized gains and losses arising from changes in fair value and share-based payments 15 50 125
Changes in inventories (8) (205) (364) (295)
Changes in trade accounts receivable and payable,
and other accounts receivable and payable (9) (16) 477 337 224
Changes in tax receivable and payable (14) (96) 12 (19)
Changes in deferred taxes and provisions for other liabilities and charges (13) (14) (15) (270) 8 (609)
Charge to provision for competition litigation (26) 400 694
Net cash from operating activities 3,379 3,755 2,648
Purchases of property, plant and equipment [2008: (2,149), 2007: (2,273),
2006: (2,191)] and intangible assets (4) (5) (2,228) (2,381) (2,285)
Increase (decrease) in amounts due to suppliers of fixed assets (16) (70) 76 61
Acquisitions of shares in consolidated companies [2008: (2,328),
2007: (837), 2006: (571)], net of cash acquired (2) (2,226) (750) (501)
Acquisitions of other investments (7) (30) (128) (13)
Increase in investment-related liabilities (15) 159 40 116
Decrease in investment-related liabilities (15) (103) (137) (311)
Investments (4,498) (3,280) (2,933)
Disposals of property, plant and equipment and intangible assets (4) (5) 174 256 208
Disposals of shares in consolidated companies, net of cash divested (2) 42 958 657
Disposals of other investments and other divestments (7) 27 (2) 22
Divestments 243 1,212 887
Increase in loans and deposits (7) (53) (32) (69)
Decrease in loans and deposits (7) 55 70 105
Net cash used in investing activities (4,253) (2,030) (2,010)
Issues of capital stock (*) 356 325 1,147
Minority interests’ share in capital increases of subsidiaries (*) 4 2 2
(Increase) decrease in treasury stock (*) (7) 86 29
Dividends paid (*) (767) (621) (459)
Dividends paid to minority shareholders of consolidated subsidiaries
and increase (decrease) in dividends payable (65) (42) (33)
Increase (decrease) in bank overdrafts and other short-term debt 762 (506) (462)
Increase in long-term debt 2,987 371 1,356
Decrease in long-term debt (1,642) (1,486) (2,768)
Net cash from (used in) financing activities 1,628 (1,871) (1,188)
Increase (decrease) in cash and cash equivalents 754 (146) (550)
Net effect of exchange rate changes on cash and cash equivalents (111) (28) (47)
Cash and cash equivalents classified as assets held for sale (2) 0 0 (15)
Cash and cash equivalents at beginning of year 1,294 1,468 2,080
Cash and cash equivalents at end of year 1,937 1,294 1,468
131 CONSOLIDATED FINANCIAL STATEMENTS
(*) References to the consolidated statement of changes in equity.
Income tax paid amounted to €734 million in 2008, €809 million in 2007 and €821 million in 2006. Interest paid net of interest received amounted to €603 million in
2008, €521 million in 2007 and €462 million in 2006.
The accompanying notes are an integral part of the consolidated financial statements.
Saint-Gobain – Financial Report 2008