ARCO VARA AS - NASDAQ OMX Baltic

Cash Flow Statement
2006 2005
Cash flows from operating activities
Operating profit -15 758 -2 916
Adjustments to operating profit -2 178 0
Change in receivables and prepayments related to operating activities -3 569 -447
Change in payables and prepayments related to operating activities 3 704 313
Other financial income and expenses 0 0
Total cash flows from operating activities -17 801 -3 050
Cash flows from investing activities
Acquisition of property plant and equipment and intangible assets -532 0
Acquisition of investment property -9 170 0
Acquisition of subsidiaries and joint ventures -10 301 -8 893
Sales of subsidiaries and joint ventures 7 128 250
Acquisition of other investments 0 -34
Sales of other investments 0 50
Loans granted -89 509 -61 709
Repayments of loans granted 195 227 5 774
Interest received 29 010 1 522
Change in cash pool receivable -227 120 -229 748
Dividends received 2 401 9 003
Total cash flows from investing activities -102 866 -283 785
Cash flows from financing activities
Loans received 94 178 283 362
Repayments of loans and finance lease obligations -97 093 -142 693
Change in cash pooling liabilities 33 745 0
Change in overdraft credit 15 901 8
Interest paid -8 620 -885
Issue of shares -1 408 156 466
Dividends paid -12 584 -9 003
Income tax on paid dividends -3 745 0
Total cash flows from financing activities 20 374 287 255
TOTAL CASH FLOWS -100 293 420
Cash and cash equivalents at the beginning of the period 114 473 3
Change in cash and cash equivalents -100 293 420
Effect of changes in exchange rates on cash and cash equivalents -38 -1
Cash and cash equivalents at the end of the period 14 142 422
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