VÝROČNÍ ZPRÁVA ANNUAL REPORT - Philip Morris
VÝROČNÍ ZPRÁVA ANNUAL REPORT - Philip Morris
VÝROČNÍ ZPRÁVA ANNUAL REPORT - Philip Morris
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<strong>ANNUAL</strong> <strong>REPORT</strong> 2008 | FINANCIAL RESULTS<br />
Statement of Changes in Equity<br />
for the year ended December 31, 2008 (in CZK million)<br />
Share<br />
premium<br />
and other Statutory<br />
Registered shareholders’ reserve Retained Total<br />
Note capital contributions fund earnings equity<br />
Balance as at January 1, 2007 2 745 2 355 549 2 695 8 344<br />
Profit - - - 2 424 2 424<br />
Total recognised income for the year - - - 2 424 2 424<br />
Profit distribution 24 - - - (1 647) (1 647)<br />
Forfeited dividends - - - 3 3<br />
Balance as at December 31, 2007 2 745 2 355 549 3 475 9 124<br />
Profit - - - 1 534 1 534<br />
Total recognised income for the year - - - 1 534 1 534<br />
Profit distribution 24 - - - (2 416) (2 416)<br />
Share based payments compensation expense - 1 - - 1<br />
Forfeited dividends - - - 4 4<br />
Balance as at December 31, 2008 2 745 2 356 549 2 597 8 247<br />
Cash Flow Statement<br />
for the year ended December 31, 2008 (in CZK million)<br />
Note 2008 2007<br />
Cash flow from operating activities<br />
Profit before tax 1 966 3 166<br />
Depreciation and amortisation expense, including intangibles 16 366 399<br />
Impairment 20 -<br />
Unrealised foreign exchange (gain) / loss (41) 15<br />
Net interest income (77) (91)<br />
Gain on disposal of PP&E (40) (9)<br />
Dividend income 14 - (39)<br />
Other non-cash loss / (gains), net 16 (41)<br />
Operating cash flows before working capital changes 2 210 3 400<br />
Changes in:<br />
Trade and other receivables 4 806 (5 283)<br />
Trade and other payables (4 318) 1 824<br />
Inventories (182) 790<br />
Cash generated from operations 2 516 731<br />
Interest paid (8) (1)<br />
Income tax paid (532) (561)<br />
Net cash generated from operating activities 1 976 169<br />
Cash flow from investing activities<br />
Purchase of PP&E 5 (425) (139)<br />
Proceeds from sale of PP&E 72 26<br />
Purchase of intangible assets (113) (6)<br />
Interest received 87 92<br />
Dividends received 14 - 39<br />
Net cash used by investing activities (379) 12<br />
Cash flow from financing activities<br />
Dividends paid 24 (2 416) (1 647)<br />
Net cash used by financing activities (2 416) (1 647)<br />
Net decrease in cash and cash equivalents (819) (1 466)<br />
Cash and cash equivalents as at the beginning of the year 2 191 3 657<br />
Cash and cash equivalents as at the end of the year 9 1 372 2 191<br />
The accompanying notes form an integral part of the financial statements.<br />
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