Villeroy & Boch Consolidated
Cash Flow Statement


 2005
Euro´000 		2004
Euro´000 		Change 
Result after tax 13,178 16,682 -3,504 
Amortisation of non-current assets 44,560 52,653 -8,093 
Write-ups on non-current assets -599 -288 -311 
Change in non-current provisions -13,563 -12,260 -1,303 
Result from disposal of fixed assets -2,631 -459 -2,172 
Change in inventories, accounts receivable and other assets 20,358 2,123 18,235 
Chang in liabilities, current provisions and other liabilities -13,155 7,654 -20,809 
Taxes paid in business year -1,538 -6,836 5,298 
Interest paid in business year -3,593 -3,248 -345 
Interest received in business year 4,271 2,484 1,787 
Other income/expense without effects on liquid assets 9,572 4,607 4,965 
CASH FLOW FROM OPERATING ACTIVITIES 56,860 63,112 -6,252 
    
Investment in intangible and tangible fixed assets -35,438 -51,859 16,421 
Investment in non-current financial assets and payments for the acquisition of consolidated companies -13,636 -5,868 -7,768 
Deposits from disposals of fixed assets 16,290 20,650 -4,360 
Deposits form change in consolidated companies 0 28,095 -28,095 
CASH FLOW FROM INVESTING ACTIVITIES -32,784 -8,982 -23,802 
    
Change in financial liabilities -6,000 -28,824 22,824 
Deposits due to sale of/payment for the acquisition of treasury stock 0 -3,724 3,724 
Withholding tax paid 0 -93 93 
Dividend payments -10,388 -7,258 -3,130 
CASH FLOW FROM FINANCING -16,388 -39,899 23,511 
    
TOTAL OF CASH FLOWS 7,688 14,231 -6,543 
Changes in balance of cash due to exchange rates -532 75 -607 
    
OVERALL CHANGE IN THE BALANCE OF CASH 7,156 14,306 -7,150 
    
Balance of cash as of 01.01. 51,334 37,028 14,306 
Overall change in balance of cash 7,156 14,306 -7,150 
BALANCE OG CASH AS OF 31.12. 58,490 51,334 7,156 

The balance of cash consists of the items "Cash at banks" and "Cheques and cash on hand".