ARCO VARA AS - NASDAQ OMX Baltic

CONSOLIDATED CASH FLOW STATEMENT
in thousands of kroons
Note 2006 2005
Cash flow from operating activities
Operating profit 260 351 153 532
Adjustment of operating profit, incl. -333 738 -107 453
Depreciation of property, plant and equipment and amortisation of 921 9 771
Impairment of plant, property and equipment (Note 9) 72 823 0
Gains/losses from disposals of property, plant and equipment and -6 346 -661
Gains/losses from disposals of investment property (Note 9) -25 224 -12 353
Gains/losses from changes in fair value of investment property and -375 912 -104 227
Other adjustments 0 17
Change in receivables related to operating activities and inventories -208 908 -16 344
Change in liabilities and prepayments related to operating activities 164 835 26 015
Total cash flow from operating activities 35 -117 460 55 750
Cash flow from investing activities
Purchase of property, plant and equipment, and intangible assets -294 375 -138 894
Proceeds from disposals of property, plant and equipment 11 944 472
Acquisition of investment property and biological assets -17 616 -318 187
Sale of investment property and biological assets 57 087 144 113
Acquisition of subsidiaries and joint ventures (net of cash acquired) -91 251 -21 713
Proceeds from disposals of subsidiaries and joint ventures 0 -5 187
Acquisition of other investments 0 -516
Proceeds from disposals of other investments 0 5 965
Loans granted -22 338 -15 293
Repayments of loans granted and finance lease 12 690 45 362
Interest received 1 941 4 546
Total cash flow from investing activities 36 -341 918 -299 332
Cash flow from financing activities
Loans received 723 267 719 842
Loan and finance lease repayments -292 312 -466 883
Change in overdraft 10 116 -8 791
Interest paid -45 412 -24 243
Issue of shares 1 -1 223 157 026
Dividends paid -13 263 -9 720
Paid income tax on dividends -6 297 -2 711
Total cash flow from financing activities 374 876 364 520
TOTAL CASH FLOW -84 502 120 938
Cash and cash equivalents at the beginning of the period 143 985 23 344
Change in cash and cash equivalents -84 502 120 938
Effect of changes in currency exchange rates on cash and cash equivalents -1 138 -297
Cash and cash equivalents at the end of the period 37 58 345 143 985
1 The negative cashflows from the issuance of shares in 2006 relate to transaction costs payable in
2006 incurred in connection with the 2005 issuance.
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