annual report 2009 - Fiskars Corporation

52 FISKARS Financial statements 2009
Consolidated Statement of Cash Flows
M€ 2009 2008
Cash flow from operating activities
Profit before taxes 91.4 51.5
Adjustments for
Depreciation, amortization and impairment 28.1 32.9
Share of profit from associate -66.5 -70.5
Investment income 0.3 -1.0
Interest expenses 14.2 20.4
Change in fair value of biological assets 0.4 5.6
Change in provisions and other non-cash items -12.4 0.0
Cash flow before changes in working capital 55.6 39.0
Changes in working capital
Change in current assets, non-interest bearing -0.7 10.9
Change in inventories 50.3 10.6
Change in current liabilities, non-interest bearing 4.1 -7.5
Cash flow from operating activities before financial items and taxes 109.3 53.0
Dividends received from associate 25.3 67.2
Financial items paid / received (net) -13.8 -18.0
Taxes paid 0.2 -5.2
Cash flow from operating activities (A) 121.0 97.0
Cash flow from investing activities
Acquisitions -0.2 -3.1
Investments in plant, property & equipment -14.5 -25.4
Proceeds from sale of plant, property & equipment and other investments 1.6 4.1
Cash flow from other investments 4.2 -1.4
Cash flow from investing activities (B) -8.7 -25.8
Cash flow from financing activities
Sale of treasury shares 0.0 0.2
Borrowings of non-current debt 40.0 62.2
Repayment of non-current debt -86.5 -0.1
Change in current debt 2.0 -85.6
Payment of finance lease liabilities -2.5 -3.4
Cash flow from other financing items -0.1 -3.5
Dividends paid -38.2 -61.5
Cash flow from financing activities (C) -85.4 -91.7
Change in cash and cash equivalents (A+B+C) 26.9 -20.5
Cash and cash equivalents at beginning of period 11.3 34.5
Translation difference 0.5 -2.8
Cash and cash equivalents at end of period 38.6 11.3
The notes are an integral part of these consolidated financial statements.