2006 - Interparfums

STATEMENT OF CASH FLOWS
In € thousands 2005 2006
Cash flows from operating activities
Net income 16,136 18,505
Depreciation, amortization and other 5,423 3,618
Changes in deferred taxes (820) 616
Capital (gains) losses on fixed asset disposals (97) (12)
Net finance costs 497 (211)
Tax charge of the period 9,816 10,241
Operating cash flows 30,955 32,757
Interest expense (462) (1,057)
Tax payments (10,220) (10,510)
Cash flow after interest expense and tax 20,273 21,190
Change in inventories and work in progress 5,802 (8,212)
Change in trade receivables and related accounts (13,813) (15,564)
Change in other receivables (1,808) (776)
Change in trade payables and related accounts 11,413 10,159
Change in other current liabilities 2,757 11,931
Change in working capital needs 4,351 (2,462)
Net cash provided by (used in) operating activities 24,624 18,728
Cash flows from investing activities
Acquisition of intangible assets (470) (3,999)
Acquisition of property, plants and equipment (1,666) (1,398)
Changes in the scope of consolidation - -
Changes in investments and other non-current assets 219 63
Sales of fixed assets - 900
Net cash flows provided by (used in) investing activities (1,917) (4,434)
Cash flows from financing activities
Issuance of borrowings and new financial debt - -
Debt repayments (3,200) (3,200)
Dividends paid (3,222) (3,606)
Capital increases 1,870 2,265
Treasury shares 378 (71)
Net cash flows from financing activities (4,174) (4,612)
Change in net cash 18,533 9,682
Cash and cash equivalents - beginning of year 15,857 34,390
Cash and cash equivalents - end of year 34,390 44,072
The reconciliation of net cash breaks down as follows:
In € thousands 12/31/05 12/31/06
Marketable securities 34,885 43,667
Cash and cash equivalents 372 558
Short-term bank loans (867) (153)
Net cash at the end of the period 34,390 44,072
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