| |
|
|
2004 |
|
2003 |
| |
|
|
|
|
|
| |
Operating income
before goodwill amortisation |
|
240 |
|
174 |
 |
|
|
|
|
|
| |
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
| |
Depreciation |
|
44 |
|
44 |
|
|
|
|
|
|
| |
Gain on disposal of discontinued operations |
|
- 23 |
|
- |
|
|
|
|
|
|
| |
Movement in provisions |
|
1 |
|
- 1 |
|
|
|
|
|
|
| |
Changes in: |
|
|
|
|
|
|
|
|
|
|
| |
Receivables |
- 128 |
|
- 36 |
|
|
|
|
|
|
|
| |
Current liabilities, excluding interest bearing liabilities |
64 |
|
30 |
|
|
|
|
|
|
|
| |
Movement in operating working capital |
|
- 64 |
|
- 6 |
|
|
|
|
|
|
| |
Cash flow from business activities |
|
198 |
|
211 |
|
|
|
|
|
|
| |
Financial income and financing expenses paid (net) |
|
- 43 |
|
- 42 |
|
|
|
|
|
|
| |
Company tax paid |
|
- 41 |
|
- 35 |
|
|
|
|
|
|
| |
Cash flow from operating activities |
|
114 |
|
134 |
|
|
|
|
|
|
| |
Net investments in tangible fixed assets |
- 29 |
|
- 30 |
|
|
|
|
|
|
|
| |
Investments in Group companies |
- 25 |
|
- 13 |
|
|
|
|
|
|
|
| |
Disposal of Group companies |
40 |
|
- |
|
|
|
|
|
|
|
| |
Net investments in financial fixed assets |
- 3 |
|
- 9 |
|
|
|
|
|
|
|
| |
Cash flow used in investment activities |
|
- 17 |
|
- 52 |
|
|
|
|
|
|
| |
Repayments of long-term liabilities |
- 65 |
|
- 56 |
|
|
|
|
|
|
|
| |
Proceeds from equity issue |
2 |
|
3 |
|
|
|
|
|
|
|
| |
Decrease/increase in short-term debts |
- 32 |
|
60 |
|
|
|
|
|
|
|
| |
Payments to shareholders |
- 20 |
|
- 17 |
|
|
|
|
|
|
|
| |
Cash flow used in financing activities |
|
- 115 |
|
- 10 |
|
|
|
|
|
|
| |
Balance of cash flows |
|
- 18 |
|
72 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Balance of Cash as at 1 January |
|
137 |
|
65 |
|
|
|
|
|
|
| |
Balance of cash flows |
|
- 18 |
|
72 |
|
|
|
|
|
|
| |
Balance of Cash as at 31 December |
|
119 |
|
137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|