annual report grupo security - Banco Security

annual report 2007grupo securitypage 109CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006 · IN THOUSANDS OF CONSTANT CHILEAN PESOS · ThCh$2007 2006CASH FLOWS FROM OPERATING ACTIVITIESNet income for the year 32,017,836 28,725,689Charges (credits) to income that do not represent cash flows· Depreciation and amortization 1,118,373 757,697· Amortization of intangibles 4,333,389 532,296· Accruals and write-offs 5,711,781 1,200,837· Equity in income of related companies (45,190,175) (41,495,687)· Equity in loss of related companies - 7,365· Amortization of goodwill 2,834,322 2,364,737· Amortization of negative goodwill (16,639) (5,287)· Price-level restatement 2,314,342 499,344· Foreign exchange differences (395,482) (32,232)· Minority interest 589,041 (171,907)· Other credits to income that do not represent cash flows (43,963) (24,734)· Other charges to income that do not represent cash flows 359,477 284,001Changes in assets affecting cash flows· Trade accounts receivable (16,754,537) (27,445,421)· Inventories 5,893 454· Other assets (14,150,289) 19,468,331Changes in liabilities affecting cash flows· Accounts payable 333,629 (3,938,441)· Interest payable 832 60,517· Income tax payable, net (10,637) (117,761)· Other accounts payable 217,880 (849,346)· Other liabilities 2,910,477 1,096,951Net cash provided by (used in) operating activities (23,814,450) (19,082,597)MINORITY INTEREST INCOME (LOSS)589,041 (171,907)CASH FLOWS FROM FINANCING ACTIVITIES· Placement and payments for shares 1,494,512 60,527,801· Loans obtained 30,514,958 58,725,887· Documented loans from related companies 13,090 -· Other sources of financing 8,570,710 2,130,691· Payment of dividends (17,448,191) (15,157,054)· Decrease of capital (879,864) (7,576,585)· Repayment of loans (13,849,736) (18,362,025)· Issuance of bonds 28,173,105 37,535,512· Bonds payable (18,215,616) (6,302,195)· Repayment of borrowings to related companies (less) (19,191,683) -· Other financing disbursements (2,181,902) -Net cash provided by (used in) financing activities (3,000,617) 111,522,032CASH FLOW FROM INVESTING ACTIVITIES· Other investment income 48,248,181 50,826,959· Collection from borrowings disbursed to related companies 1,011,547 -· Purchase of fixed assets (1,450,568) (1,135,514)· Permanent investments (3,004,463) (105,740,796)· Investments in financial instruments 895,014 (35,266)· Documented loans to related companies - (13,523,281)· Other loans to related companies - (27,620)· Other investment disbursements (576,055) (24,885,815)Net cash used in investing activities 45,123,656 (94,521,333)TOTAL NET NEGATIVE CASH OUTFLOW GENERATED DURING THE YEAR 18,308,589 (2,081,898)EFFECT OF INFLATION ON CASH AND CASH EQUIVALENTS (532,300) 118,644NET VARIATION IN CASH AND CASH EQUIVALENTS 17,776,289 (1,963,254)CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 7,932,666 9,895,920CASH AND CASH EQUIVALENTS AT END OF YEAR 25,708,955 7,932,666The accompanying notes are an integral part of these financial statements.