Annual Report 2003 - Nobel Biocare Corporate

NOBEL BIOCARE ANNUAL REPORT 200339Consolidated cash flow statementIN EUR'000 NOTE 2003 2002Profit before tax 91 341 61 124Adjusted for:Depreciation and amortization 20 036 21 640Financial income and expenses 580 212Gain on disposal of options in associate -4 694 -Other non-cash income and expenses 2 948 2 787Changes in working capital and provisions:Increase in trade and other receivables -24 871 -7 214Decrease/increase in inventories 4 200 -6 276Increase in trade and other payables 10 842 5 873Increase/decrease in provisions 1 293 -442Income taxes paid -18 310 -7 405Net cash from operating activities 83 365 70 299Acquisitions of property, plant and equipment 8 -12 751 -11 067Acquisitions of intangible assets 9 -1 127 -1 936Gain on disposal of options in associate 5 4 694 -Investment in associate 2, 10 - -574Interest received 2 226 1 826Net cash from investing activities -6 958 -11 751Exercised warrants and options 4 904 852New share issue 333 -Disposal of treasury shares 20 179 -Increase in interest-bearing liabilities - 4 639Decrease in interest-bearing liabilities -27 481 -22 256Interest paid -1 605 -3 945Dividends paid -13 133 -8 071Net cash from financing activities -16 803 -28 781Increase in cash and cash equivalents 59 604 29 767Cash and cash equivalents as at 1 January 52 482 24 808Effect of exchange rate differences on cash held -2 582 -2 093Cash and cash equivalents at 31 December 15 109 504 52 482