EX-99.6 7 a08-14590_1ex99d6.htm ALTADIS S.A. CONSOLIDATED BALANCE SHEETS AS AT DEC 31, 2005 & 2004

Exhibit 99.6

 

Consolidated balance sheets

 

AS OF DECEMBER 31, 2005 AND 2004 (THOUSAND OF EUROS)

 

ASSETS

 

 

 

Notes

 

Year 2005

 

Year 2004 (*)

 

NON-CURRENT ASSETS:

 

 

 

 

 

 

 

Property, plant and equipment

 

7

 

971,014

 

884,508

 

Investment property

 

8

 

24,164

 

28,282

 

Goodwill

 

9

 

2,863,811

 

2,401,354

 

Other intangible assets

 

10

 

859,303

 

717,561

 

Investments in associates

 

11

 

32,976

 

379,366

 

Non-current financial assets-

 

 

 

211,239

 

89,643

 

Available-for-sale

 

12.1

 

145,954

 

8,495

 

Other non-current financial assets

 

12.2

 

65,285

 

64,959

 

Treasury stock

 

17

 

—

 

16,189

 

Deferred tax assets

 

30

 

422,460

 

438,051

 

Total non-current assets

 

 

 

5,384,967

 

4,938,765

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

Inventories

 

13

 

1,966,350

 

1,759,418

 

Trade and other receivables

 

14

 

2,516,490

 

2,536,115

 

Tax receivables

 

30

 

250,451

 

234,576

 

Current financial assets-

 

 

 

192,734

 

233,141

 

Financial assets at fair value

 

12.3

 

97,074

 

70,627

 

Other current financial assets

 

12.4

 

95,660

 

162,514

 

Cash and cash equivalents

 

15

 

1,092,465

 

977,904

 

Other current assets

 

16

 

33,028

 

39,110

 

Total current assets

 

 

 

6,051,518

 

5,780,264

 

ASSETS CLASSIFIED AS HELD FOR SALE

 

5.8

 

7,877

 

1,101

 

TOTAL ASSETS

 

 

 

11,444,362

 

10,720,130

 

 

(*) Included for comparison purposes (see Note 2.4).

 

The accompanying Notes 1 to 41 and Exhibit I are an integral part of the consolidated balance sheet as of December 31, 2005.

 

1


 

EQUITY AND LIABILITIES

 

 

 

Notes

 

Year 2005

 

Year 2004 (*)

 

EQUITY:

 

 

 

 

 

 

 

Capital stock

 

17

 

161,533

 

169,933

 

Treasury stock

 

17

 

(124,782

)

—

 

Reserves of the Parent Company

 

18

 

195,729

 

105,122

 

Reserves at consolidated companies

 

19 y 20

 

302,125

 

325,436

 

Valuation adjustments recognised in equity

 

21

 

(14,814

)

—

 

Income for the year

 

 

 

576,615

 

539,337

 

Equity attributable to equity holders of the Parent Company

 

 

 

1,096,406

 

1,139,828

 

Minority interest

 

22

 

227,430

 

286,649

 

Total equity

 

 

 

1,323,836

 

1,426,477

 

NON-CURRENT LIABILITIES:

 

 

 

 

 

 

 

Bonds and other marketable debt securities

 

23

 

1,591,150

 

1,100,000

 

Bank loans and other financial debt

 

24

 

646,738

 

644,829

 

Obligations under finance leases

 

25

 

43,754

 

40,333

 

Other liabilities

 

26

 

109,356

 

38,231

 

Provisions

 

29

 

341,168

 

384,813

 

Deferred tax liabilities

 

30

 

253,081

 

167,705

 

Total non-current liabilities

 

 

 

2,985,247

 

2,375,911

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

Bonds and other marketable debt securities

 

23

 

354,998

 

587,195

 

Bank loans and other financial debt

 

24

 

1,382,956

 

701,032

 

Obligations under finance leases

 

25

 

2,805

 

3,250

 

Trade and other payables

 

31

 

1,223,158

 

1,360,208

 

Other liabilities

 

 

 

340,775

 

302,566

 

Tax payables

 

30

 

3,699,381

 

3,658,722

 

Provisions

 

29

 

131,206

 

304,769

 

Total current liabilities

 

 

 

7,135,279

 

6,917,742

 

 

 

 

 

 

 

 

 

TOTAL EQUITY AND LIABILITIES

 

 

 

11,444,362

 

10,720,130

 

 

2


 

Consolidated statements of income

 

FOR THE YEARS ENDED AS OF DECEMBER 31, 2005 AND 2004

 

 

 

Notes

 

Year 2005

 

Year 2004 (*)

 

 

 

 

 

 

 

 

 

Revenue

 

33 a)

 

12,708,226

 

9,545,857

 

Other operating income

 

33 a)

 

131,648

 

130,497

 

Procurements

 

 

 

(8,154,641

)

(5,552,070

)

Personnel expenses

 

 

 

(896,694

)

(792,070

)

Depreciation and amortisation

 

 

 

(194,926

)

(168,883

)

Impairments

 

 

 

(5,690

)

(31,110

)

Other operating expenses

 

 

 

(2,534,520

)

(2,196,439

)

Financial revenues

 

33 b)

 

108,684

 

93,160

 

Financial expenses

 

33 c)

 

(203,416

)

(175,826

)

Net foreign exchange: Gain/(Loss)

 

 

 

6,897

 

(9,623

)

Profit from associates

 

11

 

453

 

34,352

 

 

 

 

 

 

 

 

 

PROFIT BEFORE TAX

 

 

 

966,021

 

877,845

 

 

 

 

 

 

 

 

 

Income tax expense

 

30

 

(336,515

)

(281,646

)

 

 

 

 

 

 

 

 

PROFIT FOR THE YEAR

 

 

 

629,506

 

596,199

 

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

Equity holders of the Parent Company

 

 

 

576,615

 

539,337

 

Minority interest

 

22

 

52,891

 

56,862

 

 

(*) Included for comparison purposes (see Note 2.4)

 

The accompanying Notes 1 to 41 and Exhibit I are an integral part of the consolidated statement of income for the year endedas of December 31, 2005.

 

3


 

Consolidated statement of changes in equity

 

FOR THE YEARS ENDED AS OF DECEMBER 31, 2005 AND 2004

 

 –NOTES 17 TO 22– (THOUSAND OF EUROS)

 

 

 

 

 

 

 

 

 

Reserves of the Parent Company

 

 

 

Capital
(Stock)

 

Treasury
Stock

 

Additional
Paid in
Capital

 

Legal
Reserve

 

Revaluation
Reserve
Regulation
7/1996

 

Differences due
to Redenomination
of Capital Stock
in Euros

 

Balance at 1 January 2004 (see Note 3)

 

174,283

 

—

 

132,219

 

36,657

 

53,461

 

309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution of the Parent Company income -

 

 

 

 

 

 

 

 

 

 

 

 

 

- Reserves

 

—

 

—

 

—

 

—

 

—

 

—

 

- Dividends

 

—

 

—

 

—

 

—

 

—

 

—

 

Capital Stock reduction

 

(4,350

)

—

 

(171,330

)

(2,670

)

—

 

—

 

Translation differences

 

—

 

—

 

—

 

—

 

—

 

—

 

Variations in treasury stock

 

—

 

—

 

39,111

 

—

 

—

 

—

 

Profit for the year

 

—

 

—

 

—

 

—

 

—

 

—

 

Other movements

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 December 2004

 

169,933

 

—

 

—

 

33,987

 

53,461

 

309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First time adoption of IAS 32 and IAS 39 (see Note 2.3)

 

—

 

(131,167

)

—

 

—

 

—

 

—

 

Distribution of the Parent Company income -

 

 

 

 

 

 

 

 

 

 

 

 

 

- Reserves

 

—

 

—

 

—

 

—

 

—

 

—

 

- Dividends

 

—

 

—

 

—

 

—

 

—

 

—

 

Acquisition of treasury stock

 

—

 

(431,766

)

—

 

—

 

—

 

—

 

Capital Stock reduction

 

(8,400

)

456,357

 

—

 

(1,680

)

 

 

 

 

Translation differences

 

—

 

—

 

—

 

—

 

—

 

—

 

Other variations in treasury stock (see Note 17)

 

—

 

(18,206

)

—

 

—

 

—

 

—

 

Profit for the year

 

—

 

—

 

—

 

—

 

—

 

—

 

Valuation adjustments recognised in equity

 

—

 

—

 

—

 

—

 

—

 

—

 

Changes in the perimeter of consolidation (see Notes 9 and 22)

 

—

 

—

 

—

 

—

 

—

 

—

 

Other movements

 

—

 

—

 

—

 

—

 

—

 

—

 

Balance at 31 December 2005

 

161,533

 

(124,782

)

—

 

32,307

 

53,461

 

309

 

 

The accompanying Notes 1 to 41 and Exhibit I are an integral part of the consolidated statement of changes in equity for the year ended as of December 31, 2005.

 

4


 

 

 

Reserves of the Parent Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reserves
for

 

Reserves at

 

Adjustments
Recognised

 

Income
for the year

 

 

 

 

 

 

 

 

 

Voluntary

 

Treasury

 

Consolidated

 

in Equity for

 

Attributable to the

 

 

 

Minority

 

Total

 

 

 

Reserves

 

Stock

 

Companies

 

Valuation

 

Parent Company

 

Total

 

Interest

 

Equity

 

Balance at 1 January 2004 (see Note 3)

 

38,901

 

11,907

 

368,689

 

—

 

293,151

 

1,109,577

 

256,403

 

1,365,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution of the Parent Company income -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Reserves

 

63,777

 

—

 

1,798

 

—

 

(65,575

)

—

 

—

 

—

 

- Dividends

 

—

 

—

 

—

 

—

 

(227,576

)

(227,576

)

(16,513

)

(244,089

)

Capital Stock reduction

 

2,670

 

—

 

—

 

—

 

—

 

(175,680

)

—

 

(175,680

)

Translation differences

 

—

 

—

 

(45,189

)

—

 

—

 

(45,189

)

(2,563

)

(47,752

)

Variations in treasury stock

 

(104,171

)

4,281

 

—

 

—

 

—

 

(60,779

)

—

 

(60,779

)

Profit for the year

 

—

 

—

 

—

 

—

 

539,337

 

539,337

 

56,862

 

596,199

 

Other movements

 

—

 

—

 

138

 

—

 

—

 

138

 

(7,540

)

(7,402

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 December 2004

 

1,177

 

16,188

 

325,436

 

—

 

539,337

 

1,139,828

 

286,649

 

1,426,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First time adoption of IAS 32 and IAS 39 (see Note 2.3)

 

—

 

114,978

 

(14,654

)

(2,849

)

—

 

(33,692

)

(10,745

)

(44,437

)

Distribution of the Parent Company income -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Reserves

 

423,586

 

—

 

(130,885

)

—

 

(292,701

)

—

 

—

 

—

 

- Dividends

 

—

 

—

 

—

 

—

 

(246,636

)

(246,636

)

(17,223

)

(263,859

)

Acquisition of treasury stock

 

—

 

—

 

—

 

—

 

—

 

(431,766

)

—

 

(431,766

)

Capital Stock reduction

 

(446,277

)

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Translation differences

 

—

 

—

 

129,404

 

—

 

—

 

129,404

 

4,103

 

133,507

 

Other variations in treasury stock (see Note 17)

 

26,289

 

(26,289

)

—

 

—

 

—

 

(18,206

)

—

 

(18,206

)

Profit for the year

 

—

 

—

 

—

 

—

 

576,615

 

576,615

 

52,891

 

629,506

 

Valuation adjustments recognised in equity

 

—

 

—

 

—

 

(11,965

)

—

 

(11,965

)

—

 

(11,965

)

Changes in the perimeter of consolidation (see Notes 9 and 22)

 

—

 

—

 

—

 

—

 

—

 

—

 

(88,221

)

(88,221

)

Other movements

 

—

 

—

 

(7,176

)

—

 

—

 

(7,176

)

(24

)

(7,200

)

Balance at 31 December 2005

 

4,775

 

104,877

 

302,125

 

(14,814

)

576,615

 

1,096,406

 

227,430

 

1,323,836

 

 

5


 

Consolidated cash flow statements

 

AS OF DECEMBER 31, 2005 AND 2004 (THOUSAND OF EUROS)

 

 

 

Year 2005

 

Year 2004 (*)

 

 

 

 

 

 

 

OPERATING ACTIVITIES

 

 

 

 

 

Net income before taxes

 

966,021

 

877,845

 

Amortizations + impairments

 

200,616

 

199,144

 

Income from equity method companies

 

(453

)

(34,352

)

Net Financial (income)/ loss

 

87,835

 

92,289

 

Other net income and expenses result

 

(22,145

)

(31,266

)

Flows from ordinary activities

 

1,231,874

 

1,103,660

 

 

 

 

 

 

 

Working capital variation (including operating provisions)

 

(388,606

)

430,240

 

Income taxes paid

 

(226,379

)

(237,332

)

Restructuring

 

(143,868

)

(60,498

)

Net cash from used in operating activities (I)

 

473,021

 

1,236,070

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

Dividends received from associates

 

29,053

 

12,410

 

Increase/decrease on ST financial investments

 

44,552

 

(82,412

)

Proceeds from assets disposals and subsidiaries

 

116,779

 

91,416

 

Purchases of intangible assets

 

(171,145

)

(149,705

)

Acquisition of subsidiaries, net of cash acquired

 

(423,780

)

(490,296

)

Net cash from used in investing activities (II)

 

(404,541

)

(618,587

)

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

Borrowing cost

 

(96,852

)

(91,902

)

Dividends paid (**)

 

(259,292

)

(244,731

)

Purchases of treasury stock (**)

 

(455,759

)

(254,880

)

Variations in debt

 

844,228

 

(17,807

)

Net cash from used in financing activities (III)

 

32,325

 

(609,320

)

 

 

 

 

 

 

Opening cash and cash equivalents

 

977,904

 

702,329

 

Net change in cash and cash equivalents (I+II+III)

 

100,805

 

280,559

 

Effect of exchange rate changes

 

13,756

 

(4,984

)

Closing cash and cash equivalents

 

1,092,465

 

977,904

 

 

(*) Included for comparison purposes (see Note 2.4)

 

(**) Transactions from the Parent Company and from Dependent Companies are included

 

The accompanying Notes 1 to 41 and Exhibit I are an integral part of the consolidated cash flow statement for the year ended December 31, 2005

 

6