| |
Group |
|
Parent Company |
|
| € million |
1.1–31.12.2003 |
1.1–31.12.2002 |
1.1–31.12.2003 |
1.1–31.12.2002 |
| |
| OPERATIONS |
| Operating profit (loss) |
205.2 |
134.4 |
-14.2 |
-8.3 |
| Adjustments to operating profit 1) |
129.5 |
136.8 |
2.3 |
-6.5 |
| Change in working capital 2) |
-1.4 |
-27.1 |
-3.5 |
4.2 |
| Cash flow from operations before financial
items and taxes |
333.3 |
244.1 |
-15.4 |
-10.6 |
| |
| Interest received from operations |
8.1 |
12.1 |
1.2 |
8.3 |
| Interest paid on operations |
-48.0 |
-72.5 |
-52.7 |
-64.1 |
| Dividend received from operations |
13.2 |
12.9 |
1.2 |
55.9 |
| Other financial items |
-2.9 |
39.0 |
-4.0 |
33.6 |
| Group contributions |
|
|
32.2 |
11.5 |
| Cash flow from other extraordinary items |
|
9.0 |
|
|
| Tax paid on operations |
-55.6 |
-57.3 |
-22.2 |
-1.3 |
| CASH FLOW FROM OPERATIONS |
248.1 |
187.3 |
-59.7 |
33.2 |
| |
| INVESTMENTS |
|
|
|
|
| Acquisition of tangible and intangible assets |
-86.1 |
-100.5 |
-1.0 |
-0.7 |
| Group companies acquired 3) |
-7.1 |
-3.8 |
|
|
| Associated companies acquired |
-1.5 |
-5.2 |
|
|
| Acquisition of other holdings |
-1.8 |
-3.4 |
|
|
| Adjustment to purchase price of companies acquired from
VNU |
|
45.1 |
|
|
| Sales of tangible and intangible assets |
14.3 |
27.0 |
0.1 |
0.5 |
| Group companies sold 4) |
0.3 |
65.6 |
|
61.0 |
| Associated companies sold |
78.9 |
17.5 |
0.0 |
5.5 |
| Sales of other companies |
17.1 |
13.7 |
10.8 |
5.2 |
| Long-term loans granted |
-2.8 |
-11.2 |
|
|
| Repayments of long-term loan receivables |
0.1 |
2.4 |
|
|
| Increase (-)/decrease (+) in current loan receivables |
4.7 |
-3.7 |
-64.4 |
26.4 |
| Investments in other assets |
-0.8 |
-4.1 |
-1.5 |
-51.4 |
| Sales of other investments |
0.0 |
0.3 |
296.0 |
26.5 |
| Interest received from investments |
0.1 |
0.2 |
45.0 |
48.6 |
| Dividend received from investments |
4.3 |
8.0 |
0.2 |
0.7 |
| CASH FLOW FROM INVESTMENTS |
19.7 |
48.1 |
285.2 |
122.3 |
| |
| CASH FLOW BEFORE FINANCING |
267.8 |
235.4 |
225.5 |
155.4 |
| |
| FINANCING |
| Minority capital investment in subsidiaries |
0.5 |
4.8 |
|
|
| Drawings on short-term loans |
152.4 |
0.3 |
236.2 |
152.5 |
| Repayments of short-term loans |
-17.7 |
-173.1 |
-70.9 |
-45.3 |
| Drawings on long-term loans |
0.9 |
8.4 |
2.5 |
55.0 |
| Repayments of long-term loans |
-325.8 |
-221.0 |
-326.2 |
-265.0 |
| Dividends paid |
-63.3 |
-77.8 |
-71.6 |
-74.1 |
| Donations |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
| CASH FLOW FROM FINANCING |
-253.4 |
-458.6 |
-230.3 |
-177.2 |
| |
| Change in liquidities according to the cash flow statement |
14.4 |
-223.3 |
-4.9 |
-21.8 |
| Liquidities received in merger with subsidiary |
|
|
12.2 |
|
| Exchange rate differences under liquidities |
-8.1 |
-19.4 |
|
|
| Net increase (+)/decrease (-) in liquidities |
6.4 |
-242.6 |
7.4 |
-21.8 |
| |
| Liquidities according to the balance sheet at 1 Jan. |
122.4 |
365.0 |
17.7 |
39.5 |
| Liquidities according to the balance
sheet at 31 Dec. |
128.8 |
122.4 |
25.1 |
17.7 |
| |
| |
| |
| NOTES TO THE CASH FLOW STATEMENT |
Group |
|
Parent Company |
|
| € million |
1.1–31.12.2003 |
1.1–31.12.2002 |
1.1–31.12.2003 |
1.1–31.12.2002 |
| |
| 1) Adjustments to operating profit |
| |
Depreciation and decrease in value |
205.2 |
212.0 |
3.9 |
1.9 |
| |
Profit(-) and loss(+) on sales of non-current assets |
-51.6 |
-43.0 |
-1.8 |
-8.4 |
| |
Interest in the results of associated companies, in profit(-) and loss(+) |
-6.1 |
-13.1 |
|
|
| |
Change in statutory provisions |
18.3 |
7.8 |
0.1 |
|
| |
Other adjustment items |
-36.3 |
-26.8 |
|
|
| |
|
129.5 |
136.8 |
2.3 |
-6.5 |
| |
| 2) Change in working capital |
| |
Increase (-)/decrease (+) in inventories |
-1.5 |
-4.5 |
|
|
| |
Increase (-)/decrease (+) in interest-free |
|
|
|
|
| |
short-term receivables |
-6.3 |
44.5 |
1.2 |
1.2 |
| |
Increase (+)/decrease (-) in interest-free |
|
|
|
|
| |
short-term debts |
6.4 |
-67.2 |
-4.7 |
3.0 |
| |
|
-1.4 |
-27.1 |
-3.5 |
4.2 |
| |
| 3) Supplementary information on acquired
Group companies |
| |
Impact of acquired companies on the Group’s assets and liabilities |
|
|
|
|
| |
Non-current assets |
-7.5 |
-4.9 |
|
|
| |
Current assets |
-6.3 |
-1.3 |
|
|
| |
Long-term liabilities |
2.2 |
|
|
|
| |
Current liabilities |
2.8 |
2.0 |
|
|
| |
Other items |
-0.7 |
-0.2 |
|
|
| |
Acquisition cost |
-9.7 |
-4.5 |
|
|
| |
Liquidities of acquired companies |
2.5 |
0.6 |
|
|
| |
Investments in Group companies |
-7.1 |
-3.8 |
|
|
| |
| |
| 4) Supplementary information on sold
Group companies |
| |
Impact of sold companies on the Group’s assets and
liabilities |
| |
Non-current assets |
3.8 |
51.8 |
|
|
| |
Current assets |
-5.9 |
13.9 |
|
|
| |
Long-term liabilities |
0.0 |
-0.7 |
|
|
| |
Current liabilities |
-2.9 |
-10.4 |
|
|
| |
Other items |
5.4 |
11.2 |
|
|
| |
Selling price |
0.4 |
65.8 |
|
|
| |
Liquidities of sold companies |
-0.1 |
-0.2 |
|
|
| |
Income on the sale of Group companies |
0.3 |
65.6 |
|
|
