2005 Annual report - Virbac

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62 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
63 Consolidated financial statements Statement of changes in cash position (€ thousands) 2005 2004 Cash and cash equivalents 14,481 10,123 Bank overdrafts -6,256 -8,551 Opening net cash position 8,225 1,572 Cash and cash equivalents 14,139 14,481 Cash subject to restrictions 187 0 Bank overdrafts -5,199 -6,256 Closing net cash position 9,127 8,225 Impact of translation adjustments 862 -80 Change in net cash position 40 6,733 Consolidated statement of changes in shareholders' equity Share Share Reserves Net profit Translation Shareholders’ Minority Total capital premium for the year adjustment equity - interests shareholders’ (€ thousands) Group share equity Shareholders’ equity at 31 December 2003 under French GAAP 10,893 6,534 112,844 -11,728 118,543 10,542 129,085 Impact of transition from French -19,302 11,728 -7,574 -1,808 -9,382 GAAP to IFRS Shareholders’ equity at 1 January 2004 10,893 6,534 93,542 0 110,969 8,734 119,703 Dividend distribution -3,992 -3,992 -284 -4,276 Translation adjustments 0 -1,818 -1,818 -522 -2,340 Treasury shares -6 -6 -87 -93 Other changes 558 558 -16 542 Net profit for the year ended 31 December 2004 0 16,726 16,726 908 17,634 Shareholders’ equity at 31 December 2004 (*) 10,893 6,534 90,102 16,726 -1,818 122,437 8,733 131,170 Allocation of 2004 net profit 16,726 -16,726 0 0 0 Dividend distribution -4,618 -4,618 -438 -5,056 Translation adjustments 0 6,586 6,586 1,220 7,806 Treasury shares 3,213 3,213 0 3,213 Other changes (*) 658 658 325 983 Net profit for the year ended 31 December 2005 0 19,799 19,799 2,272 22,071 Shareholders’ equity at 31 December 2005 (*) 10,893 6,534 106,081 19,799 4,768 148,075 12,112 160,187 (*) see note B11
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2005 Annual report Passionate about
Page 3 and 4:
Bringing our expertise and care to
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1 Contents A message from the Chair
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3 Éric Marée Chairman of the Exec
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5 Breakdown of shareholders in term
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7 In 2005, 30% of sales were genera
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9 Cash flow (in € million) 39.9 2
Page 15 and 16: 11 • A new freeze-dryer with a ca
Page 17 and 18: 13 Finance and stock market Share p
Page 20 and 21: 2005 Annual Report 16 Innovation Mo
Page 22 and 23: 2005 Annual Report 18 The customer
Page 24 and 25: 20 2005 Annual Report The Virbac-Pa
Page 26 and 27: 2005 Annual Report 22 Industrial co
Page 28 and 29: 2005 Annual Report 24 Human resourc
Page 30: 2005 Annual Report 26
Page 33 and 34: 29 Management report 2005 Virbac sa
Page 35 and 36: 31 ❖ Equine Equine products close
Page 37 and 38: 33 ❖ In Portugal 2005 sales at Vi
Page 39 and 40: 35 Acquisitions and disposals Virba
Page 41 and 42: 37 Consolidated balance sheet and f
Page 43 and 44: 39 A resolution will be submitted f
Page 45 and 46: 41 - Member of the Management board
Page 47 and 48: 43 ◆ Investors and analysts are w
Page 49 and 50: 45 ◆ checking air emissions, ◆
Page 51 and 52: 47 Virbac in France Workforce Virba
Page 53 and 54: 49 Report of the Chairwoman of the
Page 55 and 56: 51 financial information, execution
Page 57 and 58: 53 This organisation, put in place
Page 59 and 60: 55 the recognition of transactions
Page 61 and 62: 57 The Industrial operations depart
Page 63 and 64: 59 Consolidated financial statement
Page 65: 61 Consolidated financial statement
Page 69 and 70: 65 Translation of financial stateme
Page 71 and 72: 67 Inventories and work-in-progress
Page 73 and 74: 69 In the case of exchange rate hed
Page 75 and 76: 71 Notes to the consolidated financ
Page 77 and 78: 73 Property, plant and equipment by
Page 79 and 80: 75 Note B7 - Deferred income tax As
Page 81 and 82: 77 Note B12 - Employee benefits (
Page 83 and 84: 79 Note R1 - Sales Sales breakdown
Page 85 and 86: 81 Note R6 - Breakdown of net incom
Page 87 and 88: 83 Note A4 - Composition of Virbac
Page 89 and 90: 85 Note A10 - Consolidation scope a
Page 91 and 92: 87 Transition to IFRS Consolidated
Page 93 and 94: 89 Transition to IFRS LIABILITIES A
Page 95 and 96: 91 Transition to IFRS Breakdown of
Page 97 and 98: 93 Supervisory board report The Exe
Page 99 and 100: 95 As required by law, details of t
Page 101 and 102: 97 ❖ to record the finalisation o
Page 103 and 104: 99 Index Page 5 ◆ Shareholder str
Page 105: Virbac 13 ème rue LID - BP 27 0651
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2005 Annual report - Virbac

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