Annual Report 1999 - Kemira

CONSOLIDATED CASH FLOW STATEMENT
1999 1998
EUR million EUR million
Funds from operations
Operating income 111.0 148.1
Adjustments to operating income 1) –6.5 1.3
Depreciation 188.1 170.7
Interest income 6.4 10.7
Interest expense –56.2 –55.8
Dividend received 4.2 4.4
Other financing items 0.1 –7.5
Extraordinary items – –
Taxes –31.5 –38.2
Total funds from operations 215.6 233.7
Change in net working capital
Inventories –26.7 –45.1
Short-term receivables –83.5 –18.7
Interest-free short-term liabilities 75.5 –47.2
Change in net working capital, total –34.7 –111.0
Cash flow from operations 180.9 122.7
Capital expenditure
Acquisitions of Group companies –4.1 –76.9
Acquisitions of associated companies – –7.3
Purchase of other shares –9.9 –0.3
Purchase of other fixed assets –154.1 –171.0
Disposal of Group companies – 0.2
Disposal of associated companies – 4,9
Sales of other shares 0.3 0.4
Sales of other fixed assets 18.2 8.6
Total capital expenditure –149.6 –241.4
Cash flow before financing 31.3 –118.7
Financing
Change in long-term loans (increase +, decrease -) 18.6 60.0
Change in long-term loan receivables (increase -, decrease +) 0.6 4.9
Short-term financing, net (increase +, decrease -) –20.2 52.6
Dividend paid –36.8 –36.8
Other –0.6 –7.6
Financing, total –38.4 73.1
Increase / decrease in liquid funds –7.1 –45.6
Liquid funds at end of year 88.4 95.5
Liquid funds at beginning of year 95.5 141.1
Increase / decrease in liquid funds –7.1 –45.6
The above figures cannot be directly derived from the balance sheets owing to changes, e.g., in the Group
structure and foreign exchange rates. The cash flows of the business areas are shown in the segment data
(p. 34).
1)
Non-cash flow items included in operating income (e.g. results of associated companies) and gains and losses on the
sale of fixed assets.
20