A N N U A L R E P O R T - Bouygues
A N N U A L R E P O R T - Bouygues
A N N U A L R E P O R T - Bouygues
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CONSOLIDATED CASH FLOW STATEMENT<br />
(French GAAP - in millions of euros)<br />
2004 2003<br />
2004 2003<br />
A - OPERATING ACTIVITIES<br />
Cash flow from operations 2,267 2,073<br />
Net earnings of consolidated companies (1) 1,045 611<br />
Depreciation, amortisation and provisions on fixed assets 1,234 1,255<br />
Net change in provisions and deferred taxes 367 264<br />
Expenses to be amortised over several periods (gross) (6) (4)<br />
Net gain (loss) on disposals of assets and other items (373) (53)<br />
Change in working capital requirement 423 239<br />
Current assets, prepaid expenses and similar items (137) (236)<br />
Net progress payments received, non-financial liabilities and other items 560 475<br />
NET CASH FROM OPERATING ACTIVITIES 2,690 2,312<br />
B - INVESTING ACTIVITIES<br />
Increase in fixed assets: (1,601) (2,250)<br />
Acquisitions of intangible and tangible fixed assets (1,263) (1,133)<br />
Acquisitions of participating interests (338) (1,117)<br />
Decrease in fixed assets: 1,371 677<br />
Disposals of intangible and tangible fixed assets 177 203<br />
Disposals of participating interests 1,194 474<br />
C - FINANCING ACTIVITIES<br />
Decrease in shareholders’ equity and other equity (1,748) (248)<br />
Exceptional payout to be made in 2005 1,664<br />
Dividends paid during the year (258) (213)<br />
Net change in financial liabilities (464) 558<br />
NET CASH FROM (USED FOR) FINANCING ACTIVITIES (806) 97<br />
D - NET IMPACT OF EXCHANGE RATE MOVEMENTS (7) (19)<br />
CHANGE IN CASH AND EQUIVALENTS (A + B + C + D) 635 737<br />
Cash and equivalents at 1 January (2) 2,374 1,624<br />
Net flows during the year 635 737<br />
Other non-monetary movements (3) (3) 13<br />
CASH AND EQUIVALENTS AT 31 DECEMBER (2) 3,006 2,374<br />
(1) net earnings of consolidated companies after amortisation of goodwill, including dividend received from companies accounted for by<br />
the equity method<br />
(2) cash plus marketable securities less short-term bank borrowings<br />
(3) transfers between line items<br />
Net investment: (230) (1,573)<br />
Net change in other long-term investments (18) (4)<br />
Receivables on Saur disposal (1,031)<br />
Net change in liabilities relating to fixed assets 115 (91)<br />
Impact from changes in scope of consolidation (78) 15<br />
NET CASH USED FOR INVESTING ACTIVITIES (1,242) (1,653)<br />
168
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