Annual Report 2003 - Modern Times Group MTG AB

financial statements
Consolidated statements of cash flows
SEK million Note 2003 2002 2001
CASH FLOW FROM OPERATIONS
Net income for the year
Adjustments to reconcile net income/loss to
289.3 -66.6 120.7
net cash provided by operations 25 297.1 314.9 221.0
CHANGES IN WORKING CAPITAL
586.4 248.3 341.7
Inventories 248.0 341.0 -523.5
Accounts receivables 114.9 244.8 -100.2
Other current receivables 69.9 -36.1 150.4
Prepaid expense and accrued income -45.0 214.0 -261.3
Advances from customers -47.5 -35.7 25.4
Accounts payable -188.1 -456.2 101.7
Liabilities to associated companies 0.0 -13.5 12.4
Tax liability -62.6 -33.8 10.2
Other short-term liabilities, non-interest-bearing -60.3 -101.0 -64.9
Accrued expense and prepaid revenue 8.3 -26.5 229.8
Net cash flow from operations 624.0 345.3 -78.3
INVESTMENT ACTIVITIES
Investment in fixed assets
Acquisitions of shares in subsidiaries and
-135.3 -98.0 -105.5
associated companies -19.1 -276.7 -160.8
Other investments in shares and securities Metro International -542.6 -204.1 -
Conversion of loans to Metro International
Proceeds from sales of shares in
542.6 - -
subsidiaries and associated companies 19.9 204.1 -
Dividends from associated companies 10.4 34.5 48.6
Cash flow to investing activities -124.1 -340.2 -217.7
FINANCING ACTIVITIES
Change in receivables from associated companies -3.1 118.8 -50.3
Metro International transaction - - -19.4
Change in other long-term receivables 86.2 -8.3 -23.2
Net change in liabilities to financial institutions -400.0 -15.0 -710.0
Change in other interest-bearing liabilities -31.1 -36.7 1,059.3
Change in non-interest-bearing liabilities -18.5 3.9 -17.8
Cash flow from financing activities -366.5 62.7 238.6
Net increase in cash and cash equivalents 133.4 67.8 -57.4
Cash and cash equivalents at beginning of year 300.6 255.4 292.1
Translation differencies in cash and cash equivalents -32.1 -22.7 20.7
Cash and cash equivalents at end of year 401.9 300.6 255.4
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