2005 Annual report - Virbac

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Consolidated financial statements
Consolidated cash flow statement
(€ thousands) 2005 2004
Consolidated net profit 22,071 17,634
Elimination of Group’s share of earnings of companies accounted
for by the equity method -229 0
Elimination of revenues and expenses with no impact on cash flow:
Elimination of depreciation and amortisation 19,442 12,484
Elimination of the change in deferred income tax -2,032 300
Elimination of gains/losses on asset disposals 129 -1,690
Other non cash generating items 469 268
Cash flow 39,850 28,996
Impact of working capital items net movements:
Net change in inventories -1,720 8,410
Net change in trade receivables -5,364 3,181
Net change in trade payables 2,716 -1,923
Net change in other operating receivables and payables -12,997 -3,412
Offsetting the impact of the corrections of errors 0 -4,488
Interest paid 2,743 3,193
Income tax paid 10,536 7,347
NET CASH FROM OPERATING ACTIVITIES 35,764 41,304
Acquisition of non-current assets:
Acquisition of intangible assets -3,692 -14,111
Acquisition of property, plant and equipment -5,917 -11,486
Investments – subsidiaries and associates -175 0
Change in other financial assets -185 763
Proceeds from sales of property, plant and equipment 603 1,940
Impact of changes in Group scope 1,363 -271
Net cash used in investing activities -8,003 -23,165
Dividends paid by the parent company -4,618 -3,988
Dividends paid to minority interests -435 -310
Disposals of treasury shares 3,610 -211
Net borrowings/repayments -26,278 -6,897
Net cash used in financing activities -27,721 -11,406
INCREASE IN CASH AND CASH EQUIVALENTS 40 6,733