CFE - 2006 annual report - Vinci

Consolidated cash flow statement
For the year ended 31 December (in thousand Euro) 2006 2005
Operating activities
Net profit 40,705 25,502
Depreciation of property, plant & equipment (PPE) and investment property 53,525 42,519
Amortization of intangible assets 397 236
Impairment losses 533 -
Net increase/decrease of provisions 4,983 (1,242)
Write-off on current assets 1,402 (2,921)
Foreign exchange difference not realized (gain)/loss (648) 663
Interest & investment income (4,594) (3,776)
Interest expense 15,041 11,728
Fair-value adjustment on derivatives (662) (420)
Loss/(profit) on sale of property, plant & equipment (4,879) (1,213)
Income tax expense 15,663 13,377
Minority interests 1,301 1,381
Share in the result of companies consolidated by the equity method (357) (329)
Operating profit before changes in working capital and current provisions 122,410 85,505
Decrease/(increase) in trade receivables and other current and non current
receivables
(35,257) (105,481)
Decrease/(increase) in inventories (3,388) (6,203)
Increase/(decrease) generated in trade payables and other short term payables 64,507 71,516
Cash flow from operating activities 148,272 45,337
Interest paid (14,010) (9,614)
Interest received 4,521 3,761
Income tax paid/received (9,880) (8,936)
Net cash flow from operating activities 128,903 30,548
Investment activities
Proceeds from the sale of fixed assets 3,595 3,965
Acquisition of fixed assets (132,002) (83,889)
Acquisition/Cession of subsidiaries, net of cash acquired and impact of capital
increase in consolidated entities
(6,522) (15,889)
Cash flow from investing activities (134,929) (95,814)
Financing activities
Proceeds from borrowings 58,338 78,475
Debts reimbursements (38,449) (19,291)
Dividends paid (6,110) (4,946)
Capital increase 45,625
Cash flow from financing activities 59,404 54,238
Net Increase/(Decrease) of cash 53,378 (11,027)
Cash and cash equivalents at the beginning of the year 88,357 98,393
Translation differences (1,011) 991
Cash and cash equivalents at the end of the year 140,724 88,357
The operating profit before changes in working capital includes the variation in current provisions.
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