Statement of cash flows
for the year ended December 31, 2010
| (in euro million) | 2010 | 2009 | 2008 | |
| OPERATING ACTIVITIES | ||||
| Consolidated net income: | ||||
| Group share | 110 | 92 | 104 | |
| Minority interests | 5 | 6 | 8 | |
| Elimination of non-cash items: | ||||
| Amortization, depreciation and impairment | 39 | 24 | 31 | |
| Changes in deferred taxes | 4 | 17 | 12 | |
| (Gains) / losses on disposal of fixed assets | 2 | 3 | (1) | |
| Share of (profit) loss of associates, net of dividends | ||||
| Stock-based compensation - Equity settled plans | 1 | 7 | 10 | |
| Accrued interest | 3 | |||
| Other operations | 4 | 3 | 16 | |
| Cash flow after net cost of debt | 165 | 155 | 180 | |
| Net cost of debt, excluding accrued interest | 24 | 12 | 19 | |
| Cash flow before net cost of debt | 189 | 167 | 199 | |
| Changes in accounts receivable | (111) | 45 | 156 | |
| Changes in accounts payable | 47 | 38 | (87) | |
| Changes in advances from clients | 7 | 12 | 3 | |
| Changes in other receivables and payables | 27 | (57) | 40 | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 159 | 205 | 311 | |
| INVESTING ACTIVITIES | ||||
| Purchase of fixed assets | (63) | (41) | (109) | |
| Intangible and tangible | (32) | (24) | (46) | |
| Subsidiaries | (26) | (14) | (47) | |
| Loans granted | (5) | (3) | (16) | |
| Proceeds from sale and repayment of fixed assets | 10 | 4 | 5 | |
| Intangible and tangible | 1 | 2 | ||
| Subsidiaries | ||||
| Repayment of loans granted | 9 | 4 | 3 | |
| NET CASH USED IN INVESTING ACTIVITIES | (53) | (37) | (104) | |
| FINANCING ACTIVITIES | ||||
| Dividends paid to Havas shareholders | (34) | (17) | (17) | |
| Dividends paid to minority interests | (6) | (7) | (6) | |
| Proceeds from issuance of stock | 2 | 1 | ||
| Proceeds from issuance of bonds | 347 | 98 | ||
| Repayment of convertible bonds | (456) | (11) | ||
| Proceeds from borrowings | 48 | 49 | 45 | |
| Repayment of borrowings | (52) | (57) | (9) | |
| Net interest paid | (24) | (12) | (19) | |
| NET CASH PROVIDED (USED IN) BY FINANCING ACTIVITIES | (66) | (153) | 82 | |
| Effect of exchange rate changes on net cash | 19 | 2 | (3) | |
| Effect of changes in consolidation methods | ||||
| NET INCREASE IN NET CASH | 59 | 17 | 286 | |
| NET CASH AT OPENING | 895 | 878 | 592 | |
| NET CASH AT CLOSING | 954 | 895 | 878 | |
| Income tax paid | (24) | (29) | (27) | |