Panalpina Annual Report 2006

Consolidated and Annual Financial Statements 2006
74 Panalpina Annual Report 2006
Consolidated Cash Flow Statement
for the years ended 31 December 2006 and 2005
in thousand CHF Notes 2006 2005 1
Total cash flow from operating activities 26 338,264 214,571
Interest received 11,688 7,753
Interest paid (23,334) (18,194)
Taxes paid (52,884) (37,409)
Other liabilities utilized (18,651) (21,359)
Long-term provisions utilized 17 (14,150) (3,496)
Net cash flow from operating activities 240,933 141,866
Cash flow from investing activities
Property, plant and equipment 14 (48,219) (45,081)
Investments (incl. goodwill) in consolidated subsidiaries 0 (11,658)
Investments held for trading 0 (73)
Other financial investments 15 (4,477) (6,942)
Intangible assets 15 (8,761) (14,810)
Total investments (61,457) (78,564)
Proceeds from sales of property, plant and equipment 2,767 39,010
Proceeds from sales of investments 47 0
Loan repayments 212 1,498
Proceeds from sales of securities 2,720 11,158
Repayment of other financial assets 735 6,395
Sale of intangible assets 91 47
Total cash flow from investing activities (54,885) (20,456)
Cash flow from financing activities
Proceeds from (repayment of) short-term borrowings 5,680 (2,896)
Proceeds from long-term borrowings 1,613 1,246
Dividends paid 20 (49,384) (60,000)
Dividends paid to minority interests 21 (98) (96)
Treasury shares 3,282 (20,000)
Total cash flow from financing activities (38,907) (81,746)
Effect of exchange rate changes on cash and cash equivalents (618) (23,793)
Increase (decrease) in cash and cash equivalents 146,523 15,871
Cash and cash equivalents at the beginning of the year 224,829 208,958
Cash and cash equivalents at the end of the year 371,352 224,829
1 Certain comparatives have been reclassified to conform with the current period’s presentation.