Consolidated 1995 1994
Statement of Cash Flows
in thousands of guilders
Cash flow from operating activities
Trading profit 1,005,814 894,711
Earnings of non-consolidated participations 49,664 38,593
Depreciation and value adjustments 555,921 586,406
Changes in provisions 10,754 33,041
Working capital changes 98,897 223,298
Cash flow from operations 1,721,050 1,776,049
Interest paid and received 14,695 17,761
Taxation paid on profit - 326,031 - 301,964
Extraordinary Group income after taxation - 58,636
Cash flow from operating activities 1,409,714 1,550,482
Dividends paid - 176,693 - 169,469
Cash dividend in respect of bonus share issue - 27,875 -
Cash flow from operating activities less
dividends paid 1,205,146 1,381,013
Cash flow from investing activities
Tangible fixed assets - 563,344 - 368,207
Consolidated participations - 92,923 - 269,559
Non-consolidated participations - 74,502 - 60,191
Other financial fixed assets - 27,286 - 37,158
758,055 - 735,115
Cash flow front financing activities
Long-term borrowings
Repayment of long-term debts
Investment facilities
78,741 43,805
254,121 - 446,287
20,991 8,074
154,389 - 394,408
Net cash flow
Other movements in funds:
Changes in the consolidation
Changes in exchange rates
Movement in balance of funds
292,702 251,490
13,059 - 158,262
42,807 - 27,294
236,836 65,934
The balance of funds consists of:
- Cash at bank and in hand
- Securities
Indebtedness to credit institutions
2,027,405
127,456
505,216
1,605,919
134,377
327,487
Position on December 31
1,649,645 1,412,809
