Annual report 2005 - Sava dd

| financial statements of the company Sava d.d. in accordance with SAS |
A. CASH FLOWS FROM OPERATING ACTIVITIES
1 9 1 |
Audited Cash Flow Statement of the company Sava d.d.
(SIT in thousands)
JAN-DEC 2005 JAN-DEC 2005 JAN-DEC 2004 JAN-DEC 2004
INFLOWS OUTFLOWS INFLOWS OUTFLOWS
a) Inflows from operating activities 2,484,993 2,253,740
Operating revenues 2,011,123 1,976,570
Extraordinary revenues arising from operating
activities 22 37,234
Opening minus closing operating receivables
Opening minus closing deferred costs
474,475 239,977
and accrued revenues -627 -41
b) Outflows from operating activities
Operating expenses exclusive of depreciation
1,843,322 3,087,603
expenses and long-term provisions
Extraordinary expenses arising from operating
1,652,769 1,655,247
activities 1,329 90
Income tax and other taxes not included in
operating expenses 906,351 708,291
Closing minus opening inventories 0 -201
Opening minus closing operating liabilities
Opening minus closing accrued costs and
-741,520 722,204
deferred revenues 24,393 1,972
c) Net cash from operating activities (a minus b), or 641,671 0
Net cash from operating activities (b minus a) 0 833,863
B. CASH FLOWS FROM INVESTING ACTIVITIES
a) Inflows from investing activities 7,103,728 19,191,462
Financial revenues from investing activities 6,709,055 6,356,379
Extraordinary revenues from investing activities 0 0
Offset decrease in intangible fixed assets 0 0
Offset decrease in tangible fixed assets 0 738,421
Offset decrease in long-term investments 394,673 0
Offset decrease in short-term investments 0 12,096,662
b) Outflows from investing activities 12,721,712 23,939,160
Financial expenses from investing activities 277,181 797,808
Extraordinary expenses from investing activities 0 0
Offset increase in intangible fixed assets 999 0
Offset increase in tangible fixed assets 1,958,899 0
Offset increase in long-term investments 0 23,141,352
Offset increase in short-term investments 10,484,633 0