Vodafone Qatar

Global Research - QatarVodafone QatarCASH FLOW STATEMENTVodafone QatarQAR mn 2008-09 2009-10 2010-11e 2011-12e 2012-13e 2013-14eOperating ActivitiesProfit for the year (133) (673) (595) (386) (166) 23Depreciation 1 80 145 150 159 164Amortization of licenses - 369 403 403 403 403Interest income (12) (27) (4) (3) (4) (6)Interest expense 20 25 35 40 44 41Working capital changes:Inventories (5) (17) 1 (9) (13) (9)Trade and other receivables (31) (92) (107) (33) (56) (30)Financing costs (20) (5) - - - -Trade and other payables 79 185 199 22 (149) 2Increase in end of employee benefits 0 2 - - - -Increase in provisions 0 5 0 0 0 0Cash Flow from Operations (100) (148) 76 183 219 589Investing ActivitiesPurchase of property, plant andequipment (389) (424) (347) (271) (165) (161)Licence fees (4,630) (3,086) (10) - - -Prepayments - - (2) (1) (1) (1)Interest received 12 27 4 3 4 6Cash Flow from Investing Activities (5,007) (3,484) (355) (269) (162) (156)Financing ActivitiesIssue of ordinary share capital 5,072 3,393 - - - -Proceeds ( Repayment) fromborrowings - 379 291 127 - (120)Net movement in short termborrowings 35 (35) - - - -Interest paid (0) (21) (35) (40) (44) (41)Cash Flow from Financing Activities 5,107 3,716 256 87 (44) (160)Cash and cash equivalents - Beginning - 1 85 63 65 78Increase / Decrease in Cash 1 85 (22) 2 13 272Cash and cash equivalents - Ending 1 85 63 65 78 350Source: Company Reports & Global ResearchThe company's Financial Year ends in MarchMarch - 2011 15