2005	2004
	(in TEUR)	(in TEUR)
Earnings before taxes (EBT)	110,024	76,631
Interest result	(3,216)	(1,979)
Depreciation, write-ups and amortization of fixed assets	24,253	39,226
Income/Expense from associated companies	(147)	1,543
Changes in non-current provisions	13,127	2,549
Results from the sale of fixed and financial assets	(1,359)	(3,359)
Other non-cash income/expenses	8,767	(2,273)
Taxes paid	(23,127)	(19,973)
Interest received	10,754	8,356
Interest paid	(7,443)	(6,397)
Gross cash flow	131,633	94,324
Changes in inventories	(44,950)	(17,659)
Changes in advance payments made	(6,696)	3,338
Changes in receivables, prepayments and
deferred charges	25,934	22,298
Changes in current provisions	12,659	(3,169)
Changes in advance payments received	48,231	11,803
Changes in liabilities and deferred income	70,459	97,087
Cash flow from operating activities	237,270	208,022
Payments received for asset disposals	2,631	11,523
Payments made for investments in fixed tangible and intangible assets	(26,760)	(24,002)
Payments made for investments in financial assets	(1,491)	(9,750)
Cash flow due to purchase of minority interests
and business acquisitions	(20,568)	(5,215)
Payments made for short-term financial investments	(8,578)	(10,079)
Cash flow from investing activities	(54,766)	(37,523)
Changes in interest bearing borrowings	(14,285)	(3,642)
Dividends paid by Andritz AG	(18,013)	(12,889)
Dividends paid to minority shareholders	(618)	(372)
Payments concerning own shares	(13,020)	1,328
Cash flow from financing activities	(45,936)	(15,575)
Change in cash and cash equivalents	136,568	154,924
Changes in cash and cash equivalents resulting from
exchange rate fluctuations	8,278	(1,861)
Cash and cash equivalents at the beginning of the period	273,939	120,876
Cash and cash equivalents at the end of the period	418,785	273,939

cashflowstatement.htm

cashflowstatement.xls (Download size=19968 Bytes): 

The following notes to the consolidated financial statements form an integral part of this consolidated cash flow statement.