Annual Report 2006 - Munters

Cash-flow statementGroupParent CompanyAmounts in SEK M Note 2006 2005 2006 2005CURRENT OPERATIONSEarnings after financial items 514 391 929 104Reversal of items not affecting liquidityDepreciation and impairments 6 136 141 2 1Earnings from sales and disposals of fixed assets –4 3 0 6Provisions for pensions and similar commitments 4 –2 –2 0Other provisions 16 –2 0 –Other profit/loss items not affecting liquidity 3 –2 –337 –155 138 –337 7Taxes paid –181 –163 12 8Cash flow from current operations before changes in working capital 488 366 604 119Cash flow from changes in working capitalChanges in inventory 22 –89 – –Changes in accounts receivable 5 –118 2 –2Changes in other receivables –19 –6 –117 –132Changes in accounts payable 19 40 –2 3Changes in other liabilities 15 113 –262 –642 –60 –379 –137Cash flow from current operations 530 306 225 –18INVESTING ACTIVITIESAcquisitions of enterprises 3, 13 –159 –41 – –Sale of operating segments 5 27 – – –Investments in tangible assets 11 –153 –126 –11 –5Investments in intangible assets 12 –6 –2 –3 –6Sales of tangible assets 4 5 – –Changes in other financial assets – –2 –110 –Cash flow from investing activities –287 –166 –124 –11FINANCING ACTIVITIESPayments received for issued stock options 2 – 2 –Loans raised 696 620 696 620Amortization of loans –772 –646 –652 –525Dividend paid –135 –98 –135 –98Sales of treasury stock 3 29 3 29Cash flow from financing activities –206 –95 –86 26Cash flow for the year 37 45 15 –3Cash and cash equivalents at the beginning of the year 176 117 7 10Translation differences in cash and cash equivalents –12 14 – –Cash and cash equivalents at the end of the year 201 176 22 7Interest received by the Group amounts to 7 (3), and by the Parent Company, 21 (13).Interest paid by the Group amounts to 12 (12), and by the Parent Company, 17 (10).OPERATING CASH FLOWOperating cash flow 375 181 – –NET DEBTShort-term interest-bearing liabilities 298 348 268 223Long-term interest-bearing liabilities 16 3 – –Defined-benefit pension plans, etc. 144 142 35 36Interest-bearing assets –201 –178 –22 –7Net debt 257 315 281 25246 M U N T E R S A N N U A L R E P O R T 2 0 0 6