|
Self-financing capability
Consolidated cash flow from operating activities
for the first half of 1996 amounted to 21.8 billion
BEF, i.e. 32% of the turnover for the period, an
increase of 8.2% compared to the first half of
1995.
This ability to generate a high cash flow level
permits the Bevelgacom group to continue its
investments to modernize the fixed line and mobile
phone networks, to strengthen its financial
structure and to finance pension charges.
Total tangible investments for the group for the
first half of 1996 amounted to 12 billion BEF
compared to 17.7 billion BEF for the first half of
1995. After three years of higher-than-usual levels
of investment activities, capital expenditure has
decreased and is expected to remain stable. These
investment activities primarily involved the
continued digitization of the fixed line network
and its facilities as well as developing the
infrastructure for the GSM mobile phone network.
Consolidated cash flow statement
(1)
|
|
|
1st
half
of 1994
|
1st
half
of 1995
|
1st
half
of 1996
|
1st
half
of 1996
vs 1st half
of 1995
(%)
|
|
|
Net profit
|
5,625
|
5,644
|
6,697
|
18.7
|
|
-
|
Employees' share of
profit
|
351
|
422
|
491
|
16.4
|
|
+
|
Depreciation
|
13,099
|
14,640
|
14,558
|
(0.6)
|
|
+
|
Change in provisions
and deferred taxes
|
608
|
259
|
1,071
|
313.5
|
|
+
|
Write-downs on fixed
financial assets
|
40
|
53
|
(13)
|
n.s.
|
|
=
|
Cash flow from
operating activities
|
19,021
|
20,174
|
21,822
|
8.2
|
|
+
|
Change in working
capital requirements
|
(1,055)
|
4,632
|
(4,387)
|
n.s.
|
|
=
|
Net cash flow from
operating activities
|
17,966
|
24,806
|
17,435
|
(29.7)
|
|
-
|
Investments
|
(15,120)
|
(21,401)
|
(12,400)
|
(42.1)
|
|
+
|
Sale of fixed
assets
|
0
|
9
|
2
|
n.s.
|
|
+
|
Sale of shares in
associated companies
|
0
|
0
|
0
|
n.s.
|
|
=
|
Free cash flow
before financing activities
|
2,846
|
3,414
|
5,037
|
47.5
|
|
1. In millions
of BEF.
|
Since the creation of the Pension Fund, the cash
flow statement no longer includes pension
provisions unlike previously. To provide a more
accurate comparison, the figures for the first half
of 1994 and 1995 have been adjusted and also do not
include pension provisions.
|
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