MTA » Topics » Analysis of group cashflow

This excerpt taken from the MTA 6-K filed Nov 5, 2009.

Analysis of group cashflow

 

Net cash generated from operating activities decreased by 4.0% compared to the first nine months of 2008 and amounted to HUF 147,714 million in the first three quarters of 2009 mainly due to lower EBITDA.

 

Net cash used in investing activities amounted to HUF 98,834 million in the first three quarters of 2009, while it was HUF 53,700 million for the same period in 2008. This considerable increase in cash outflow is mainly due to the increase in the investments in tangible and intangible assets (mainly satellite TV) and the change in other financial assets (short term deposits).

 

Net cash used in financing activities amounted to HUF 64,435 million in the first nine months of 2009 compared to HUF 76,207 million in the same period of 2008 due to higher net amount of loan received in 2009.

 

This excerpt taken from the MTA 6-K filed Aug 6, 2009.

Analysis of group cashflow

 

Net cash generated from operating activities decreased by 13.3% compared to the first six months of 2008 and amounted to HUF 89,008 million in the first half of 2009 mainly due to lower EBITDA.

 

Net cash used in investing activities amounted to HUF 59,887 million in the first half of 2009, while it was HUF 43,334 million for the same period in 2008. This considerable increase in cash outflow is mainly due increase in the investments in tangible and intangible assets (mainly satellite TV) and the change in other financial assets (short term deposits).

 

Net cash used in financing activities amounted to HUF 44,922 million in the first six months of 2009 compared to HUF 41,141 million in the same period of 2008 due to higher dividend paid, partly offset by higher net amount of loan received in 2009.

 

This excerpt taken from the MTA 6-K filed May 7, 2009.

Analysis of group cashflow

 

Net cash generated from operating activities increased by 2.9% compared to the first three months of 2008 and amounted to HUF 50,536 million in the first quarter of 2009 mainly due to lower working capital requirements and higher interest received.

 

Net cash used in investing activities amounted to HUF 40,879 million in the first quarter of 2009, while it was HUF 6,116 million for the same period in 2008. This considerable increase in cash outflow is predominantly due to the change in other financial assets (short term deposits and financial receivables).

 

Net cash used in financing activities amounted to HUF 14,103 million in the first three months of 2009 compared to HUF 12,799 million in the same period of 2008 due to higher net amount of loan repaid in 2009.

 

This excerpt taken from the MTA 6-K filed Feb 24, 2009.

Analysis of group cashflow

 

Net cash generated from operating activities decreased by 9.1% compared to 2007 and amounted to HUF 210,289 million in 2008, due to the combined effect of strong increase in severance payments (mainly at Magyar Telekom Plc.) and higher EBITDA.

 

Net cash used in investing activities amounted to HUF 113,449 million in 2008, while it was HUF 134,881 million in 2007. This considerable decrease in cash outflow is predominantly due to the change in other financial assets.

 

Net cash used in financing activities amounted to HUF 79,230 million in 2008 compared to HUF 109,221 million in 2007. Dividends paid to shareholders decreased by HUF 67,215 million as Magyar Telekom Plc. paid dividend after the 2005 results in January 2007. Consequently, the significant decrease in the amount of loans received refers to the different financing need of dividend payments.

 

17



 

This excerpt taken from the MTA 6-K filed Nov 6, 2008.

Analysis of group cashflow

 

Net cash generated from operating activities decreased by 12.7% compared to the first nine months of 2007 and amounted to HUF 153,826 million in the first three quarters of 2008, due to the combined effect of strong increase in severance payments (mainly at Magyar Telekom Plc.) and higher EBITDA.

 

Net cash used in investing activities amounted to HUF 53,700 million in the first nine months of 2008, while it was HUF 38,580 million for the same period in 2007. This considerable increase in cash outflow is predominantly due to higher additions to tangible and intangible assets (mainly at Magyar Telekom Plc., Dataplex and Makedonski Telekom) and the change in other financial assets, somewhat offset by the proceeds from the sale of Montmak.

 

Net cash used in financing activities amounted to HUF 76,207 million in the first three quarters of 2008 compared to HUF 103,352 million in the same period of 2007. Dividends paid to shareholders decreased by HUF 67,273 million as Magyar Telekom Plc. paid dividend after the 2005 results in January 2007. Consequently, the significant decrease in the amount of loans received refers to the different financing need of dividend payments.

 

19



 

This excerpt taken from the MTA 6-K filed Aug 7, 2008.

Analysis of group cashflow

 

Net cash generated from operating activities decreased by 15.7% compared to the first six months of 2007 and amounted to HUF 102,626 million in the first half of 2008, due to the combined effect of strong increase in severance payments (mainly at Magyar Telekom Plc.), higher income tax paid and higher EBITDA.

 

18



 

Net cash used in investing activities amounted to HUF 43,334 million in the first half of 2008, while it was HUF 21,549 million for the same period in 2007. This considerable increase in cash outflow is predominantly due to higher additions to tangible and intangible assets (mainly at Magyar Telekom Plc.) and the change in other financial assets (cash deposits over three months expired at Stonebridge), somewhat offset by the proceeds from the sale of Montmak.

 

Net cash used in financing activities amounted to HUF 41,141 million in the first six months of 2008 compared to HUF 62,718 million in the same period of 2007. Dividends paid to shareholders decreased by HUF 71,758 million as Magyar Telekom Plc. paid dividend after the 2007 results in May 2008, while dividends after the 2005 and 2006 results were paid in the first half of 2007. Consequently, the significant decrease in the amount of loans received refers to the different financing need of dividend payments.

 

19



 

This excerpt taken from the MTA 6-K filed May 8, 2008.

Analysis of group cashflow

 

Net cash generated from operating activities decreased by 14.3% compared to the first three months of 2007 and amounted to HUF 49,116 million in the first quarter of 2008, primarily due to the combined effect of strong increase in severance payments and higher EBITDA.

 

Net cash used in investing activities amounted to HUF 6,116 million in the first quarter of 2008, while it was HUF 7,365 million for the same period in 2007. This decrease in cash outflow is predominantly due to the change in other financial assets, proceeds from the sale of Montmak and higher proceeds on sale of buildings at Magyar Telekom Plc., partly offset by higher additions to tangible and intangible assets.

 

Net cash used in financing activities amounted to HUF 12,799 million in the first three months of 2008 compared to HUF 25,590 million in the same period of 2007. While during the first quarter of 2007, Magyar Telekom took a net HUF 50,441 million loan, in the same period of 2008 it repaid a net HUF 12,798 million loan. Dividends paid to shareholders decreased by HUF 76,030 million due to dividend payment after the 2005 results in the first quarter of 2007 at Magyar Telekom Plc.

 

18



 

This excerpt taken from the MTA 6-K filed Feb 14, 2008.

Analysis of group cashflow

 

Net cash generated from operating activities increased by 21.6% compared to the previous year and amounted to HUF 231,305 million in 2007 primarily due to the combined effect of strong decrease in working capital requirements, lower EBITDA and lower income tax paid.

 

Net cash used in investing activities amounted to HUF 134,833 million in 2007, while it was HUF 120,301 million in 2006. This increase in cash outflow is predominantly due to significant change in other financial assets mainly due to higher amount of bank deposits with maturities over three months at the Macedonian subsidiaries, higher additions to tangible and intangible assets and lower amount paid for purchase of new subsidiaries.

 

Net cash used in financing activities amounted to HUF 109,234 million in 2007 compared to HUF 35,154 million in 2006. While during 2006, Magyar Telekom repaid a net HUF 35,568 million loan, in 2007 it took a net HUF 52,946 million loan. Dividends paid to shareholders increased by HUF 162,481 million due to dividend payment after the 2005 and 2006 results in 2007 at Magyar Telekom Plc.

 

This excerpt taken from the MTA 6-K filed Nov 8, 2007.

Analysis of group cashflow

 

Net cash generated from operating activities increased by 17.1% compared to the first nine months of 2006 and amounted to HUF 176,282 million in the same period of 2007 primarily due to the combined effect of strong decrease in working capital requirements, higher EBITDA and lower income tax paid.

 

Net cash used in investing activities amounted to HUF 38,580 million in the first three quarters of 2007, while it was HUF 98,767 million for the same period in 2006. This significant decrease in cash outflow is predominantly due to the lower amount paid for purchase of new subsidiaries and lower additions to tangible and intangible assets.

 

Net cash used in financing activities amounted to HUF 103,352 million in the first nine months of 2007 compared to HUF 29,763 million in the same period of 2006. While during the first three quarters of 2006, Magyar Telekom repaid a net HUF 29,662 million loan, in the same period of 2007 it took a net HUF 58,804 million loan. Dividends paid to shareholders increased by HUF 162,467 million due to dividend payment after the 2005 and 2006 results in 2007 at Magyar Telekom Plc.

 

This excerpt taken from the MTA 6-K filed Aug 9, 2007.

Analysis of group cashflow

Net cash generated from operating activities increased by 29.8% compared to the first six months of 2006 and amounted to HUF 121,746 million in the same period of 2007 primarily due to strong decrease in working capital requirements and lower income tax paid. 

Net cash used in investing activities amounted to HUF 21,549 million in the first half of 2007, while it was HUF 67,101 million for the same period in 2006. This significant

16




decrease in cash outflow is predominantly due to the lower amount paid for purchase of new subsidiaries and lower additions to tangible and intangible assets.

Net cash used in financing activities amounted to HUF 62,718 million in the first six months of 2007 compared to HUF 14,640 million in the same period of 2006. While during the first half of 2006, Magyar Telekom repaid a net HUF 14,556 million loan, in the same period of 2007 it took a net HUF 85,703 million loan. Dividends paid to shareholders increased by HUF 148,749 million due to dividend payment after the 2005 and 2006 results in 2007 at Magyar Telekom Plc.

This excerpt taken from the MTA 6-K filed May 10, 2007.

Analysis of group cashflow

Net cash generated from operating activities increased by 31.5% compared to the first three months of 2006 and amounted to HUF 57,317 million in the same period of 2007 due to strong decrease in working capital requirements, partly offset by lower EBITDA and higher income tax paid.

Net cash used in investing activities amounted to HUF 24,998 million in the first quarter of 2007, while it was HUF 28,825 million for the same period in 2006. This decrease in cash outflow is predominantly due to the lower amount paid for purchase of new subsidiaries, partly offset by higher payments for purchase of financial assets.

Net cash used in financing activities amounted to HUF 25,590 million in the first three months of 2007 compared to HUF 8,549 million in the same period of 2006. While during the first quarter of 2006, Magyar Telekom repaid a net HUF 8,515 million loan, in the same period of 2007 it took a net HUF 50,441 million loan. Dividends paid to shareholders increased by HUF 76,015 million mainly due to dividend payment after the 2005 results at Magyar Telekom Plc.

15




This excerpt taken from the MTA 6-K filed Feb 13, 2007.

Analysis of group cashflow

Net cashflows from operating activities decreased by 7.6% compared to the previous year and amounted to HUF 186,006 million in 2006 due to strong increase in working capital requirements (mainly due to Pro-M) and increased amount of income tax paid, partly offset by higher EBITDA.

Net cash outflow for investing activities amounted to HUF 119,357 million in 2006, while it was HUF 131,566 million in 2005. This decrease in cash outflow is predominantly due to the combined effect of the lower cash outflow for capital expenditures, the higher amounts of proceeds from disposal of real estate and from the sale of financial assets, partly offset by lower amount of dividends received.

Net cashflows from financing activities amounted to minus HUF 61,848 million in 2005 compared to minus HUF 35,150 million in the same period of 2006. While during 2005,

17




Magyar Telekom took a net HUF 20,734 million loan (mainly in connection with the acquisition of Crnogorski Telekom) and paid HUF 84,551 million dividend, in 2006 it repaid a net HUF 35,564 million loan as Magyar Telekom Plc. and Maktel did not pay dividends in 2006.

This excerpt taken from the MTA 6-K filed Nov 9, 2006.

Analysis of group cashflow

Net cashflows from operating activities increased by 0.7% compared to the first nine months of 2005 and amounted to HUF 145,587 million in the same period of 2006 due to lower HUF interest paid, decrease in working capital requirements (driven mainly by a change in trade receivables) and higher EBITDA, which was partly offset by increased amount of income tax paid.

Net cashflows from investing activities amounted to minus HUF 98,306 million in the first nine months of 2006, while it was minus HUF 98,639 million for the same period in 2005. This small decrease in cash outflow is predominantly due to the combined effect of the higher amounts of proceeds from disposal of real estate and lower amount paid for the purchase of subsidiaries, partly offset by higher cash outflow in connection with the purchase of tangible and intangible assets.

Net cashflows from financing activities amounted to minus HUF 44,903 million in the first three quarters of 2005 compared to minus HUF 29,755 million in the same period of 2006. While during the first nine months of 2005, Magyar Telekom took a net HUF 37,704 million loan (mainly in connection with the acquisition of Crnogorski Telekom) and paid HUF 84,507 million dividend, in the same period of 2006 it repaid a net HUF 29,662 million loan as Magyar Telekom Plc. and MakTel have not paid dividends in 2006 yet.

This excerpt taken from the MTA 6-K filed Aug 10, 2006.

Analysis of group cashflow

Net cashflows from operating activities decreased by 1.2% compared to the first half of 2005 and amounted to HUF 91,689 million in the same period of 2006 due to higher income tax paid, which was partly offset by lower amount of severance payments in 2006.

Net cashflows from investing activities amounted to minus HUF 74,702 million in the first half of 2006, while it was minus HUF 78,359 million for the same period in 2005. This HUF 3,657 million decrease in cash outflow is predominantly due to the combined effect of the lower amounts paid for the purchase of subsidiaries (as Magyar Telekom Plc. acquired a total share of 76.53% in TCG in 2005) and higher cash outflow in connection with the purchase of tangible and intangible assets, which was HUF 8,599 million higher in the first six months of 2006, than a year earlier.

Net cashflows from financing activities amounted to HUF 4,228 million in the first half of 2005 compared to minus HUF 15,524 million in the same period of 2006. While during the first half of 2005, Magyar Telekom took a net HUF 74,798 million loan, mainly in connection with the dividend payments of Magyar Telekom Plc., in the same period of 2006 it repaid a net HUF 15,448 million as Magyar Telekom Plc. has not paid dividend yet in 2006.

7




This excerpt taken from the MTA 6-K filed May 11, 2006.

Analysis of group cashflow

 

Net cashflows from operating activities increased by 23.7% compared to the first three months of 2005 and amounted to HUF 42,840 million in the same period of 2006 due to higher EBITDA, favorable change in working capital requirement and lower amount of interest paid.

 

Net cashflows from investing activities amounted to minus HUF 28,083 million in the first quarter of 2006, while it was minus HUF 51,527 million for the same period in 2005. This HUF 23,444 million decrease in cash outflow is predominantly due to the amounts paid for the purchase of subsidiaries as Magyar Telekom acquired a total share of 76.53% in TCG in 2005. In connection with the purchase of tangible and intangible assets the cash outflow was HUF 7,915 million higher in the first three month of 2006, than a year earlier.

 

Net cashflows from financing activities amounted to HUF 26,414 million in the first three months of 2005 compared to minus HUF 8,547 million in the same period of 2006. While during the first quarter of 2005, Magyar Telekom took a net HUF 26,466 million loan, mainly in connection with the acquisition of Telekom Montenegro and the dividend payments of Magyar Telekom Plc., in the same period of 2006 it repaid a net HUF 8,513 million.

 

These excerpts taken from the MTA 6-K filed Nov 9, 2005.

Analysis of group cashflow

 

Net cashflows from operating activities slightly increased by 0.4% compared to the first nine months of 2004 and amounted to HUF 144,614 million in the same period of 2005. The increase in EBITDA and interest income was almost offset by higher increase in debtor balance in the first three quarters of 2005 compared to the same period in 2004 and the severance payments made in the first nine months of 2005.

 

Net cashflows from investing activities amounted to minus HUF 98,639 million in the first three quarters of 2005, while it was minus HUF 64,350 million for the same period in 2004. This HUF 34,289 million increase in cash outflow is predominantly due to higher amounts paid for the purchase of subsidiaries as Magyar Telekom acquired a total share of 76.53% in TCG in 2005.

 

Net cashflows from financing activities amounted to minus HUF 66,756 million in the first nine months of 2004 compared to minus HUF 44,903 million in the same period of 2005. While during the first three quarters of 2004, Magyar Telekom took a net HUF 11,528 million loan, in the same period of 2005 it took a net HUF 37,704 million mainly in connection with the acquisition of Telekom Montenegro and the dividend payments of Magyar Telekom Rt. Dividends paid to shareholders increased by HUF 6,223 million mainly due to higher amount of dividends paid to minority shareholders of Maktel in 2005.

 

14



 

Analysis of group cashflow

 

Net cashflows from operating activities slightly increased by 0.4% compared to the first nine months of 2004 and amounted to HUF 144,614 million in the same period of 2005. The increase in EBITDA and interest income was almost offset by higher increase in debtor balance in the first three quarters of 2005 compared to the same period in 2004 and the severance payments made in the first nine months of 2005.

 

Net cashflows from investing activities amounted to minus HUF 98,639 million in the first three quarters of 2005, while it was minus HUF 64,350 million for the same period in 2004. This HUF 34,289 million increase in cash outflow is predominantly due to higher amounts paid for the purchase of subsidiaries as Magyar Telekom acquired a total share of 76.53% in TCG in 2005.

 

Net cashflows from financing activities amounted to minus HUF 66,756 million in the first nine months of 2004 compared to minus HUF 44,903 million in the same period of 2005. While during the first three quarters of 2004, Magyar Telekom took a net HUF 11,528 million loan, in the same period of 2005 it took a net HUF 37,704 million mainly in connection with the acquisition of Telekom Montenegro and the dividend payments of Magyar Telekom Rt. Dividends paid to shareholders increased by HUF 6,223 million mainly due to higher amount of dividends paid to minority shareholders of Maktel in 2005.

 

14



 

These excerpts taken from the MTA 6-K filed Aug 11, 2005.

Analysis of group cashflow

 

Net cashflows from operating activities decreased by 8.4% compared to 2Q2004 and amounted to HUF 92,771 million in 2Q2005. The decrease was mainly due to lower increase in trade creditor balance in the first half of 2005 compared to the same period in 2004. The decrease was also attributable to lower EBITDA and the severance payments made in 2Q2005.

 

Net cashflows from investing activities amounted to minus HUF 78,359 million in the first half of 2005, while it was minus HUF 38,685 million for the same period in 2004. This HUF 39,674 million increase in cash outflow is predominantly due higher amounts paid for the purchase of subsidiaries. Magyar Telekom acquired a 51.12% stake in Telekom Montenegro and a 21.92% stake from its minority shareholders in March 2005. In May 2005, the acquisition of an additional 3.49% stake resulted in a total share of 76.53%.

 

Net cashflows from financing activities amounted to minus HUF 49,096 million in 2Q2004 compared to HUF 4,228 million in 2Q2005. While during the first half of 2004, Magyar Telekom took a net HUF 27,901 million loan, in the same period of 2005 it took a net HUF 74,798 million mainly in connection with the acquisition of Telekom Montenegro and the dividend payments of Magyar Telekom Rt. Dividends paid to shareholders decreased by HUF 6,427 million mainly due to less dividends paid to minority shareholders of Maktel in 2005.

 

Analysis of group cashflow

 

Net cashflows from operating activities decreased by 8.4% compared to 2Q2004 and amounted to HUF 92,771 million in 2Q2005. The decrease was mainly due to lower increase in trade creditor balance in the first half of 2005 compared to the same period in 2004. The decrease was also attributable to lower EBITDA and the severance payments made in 2Q2005.

 

Net cashflows from investing activities amounted to minus HUF 78,359 million in the first half of 2005, while it was minus HUF 38,685 million for the same period in 2004. This HUF 39,674 million increase in cash outflow is predominantly due higher amounts paid for the purchase of subsidiaries. Magyar Telekom acquired a 51.12% stake in Telekom Montenegro and a 21.92% stake from its minority shareholders in March 2005. In May 2005, the acquisition of an additional 3.49% stake resulted in a total share of 76.53%.

 

Net cashflows from financing activities amounted to minus HUF 49,096 million in 2Q2004 compared to HUF 4,228 million in 2Q2005. While during the first half of 2004, Magyar Telekom took a net HUF 27,901 million loan, in the same period of 2005 it took a net HUF 74,798 million mainly in connection with the acquisition of Telekom Montenegro and the dividend payments of Magyar Telekom Rt. Dividends paid to shareholders decreased by HUF 6,427 million mainly due to less dividends paid to minority shareholders of Maktel in 2005.

 

These excerpts taken from the MTA 6-K filed May 12, 2005.

Analysis of group cashflow

 

Net cashflows from operating activities decreased by 15.4% compared to 1Q2004 and amounted to HUF 34,625 million in 1Q2005. The decrease was mainly due to lower EBITDA and the severance payments made in 1Q2005.

 

Net cashflows from investing activities amounted to minus HUF 51,527 million in the first quarter of 2005, while it was minus HUF 22,348 million for the same period in 2004. This HUF 29,179 million increase in cash outflow is predominantly due higher amounts paid for the purchase of subsidiaries. In March 2005, Magyar Telekom acquired a 51.12% stake in Telekom Montenegro and an additional 21.92% stake from its minority shareholders resulting in a total share of 73.04%. This increase was slightly offset by a decrease in gross additions to tangible and intangible assets at T-Mobile Hungary.

 

Net cashflows from financing activities amounted to minus HUF 13,454 million in 1Q2004 compared to HUF 26,414 million in 1Q2005. While during the first quarter of 2005, Magyar Telekom took a net HUF 26,466 million loan mainly in connection with the acquisition of Telekom Montenegro, in the same period of 2004 it repaid a net HUF 10,314 million. Dividends paid to shareholders decreased by HUF 3,088 million, mainly as a result of dividends paid to minority shareholders of Maktel and Stonebridge in 2004.

 

Analysis of group cashflow

 

Net cashflows from operating activities decreased by 15.4% compared to 1Q2004 and amounted to HUF 34,625 million in 1Q2005. The decrease was mainly due to lower EBITDA and the severance payments made in 1Q2005.

 

Net cashflows from investing activities amounted to minus HUF 51,527 million in the first quarter of 2005, while it was minus HUF 22,348 million for the same period in 2004. This HUF 29,179 million increase in cash outflow is predominantly due higher amounts paid for the purchase of subsidiaries. In March 2005, Magyar Telekom acquired a 51.12% stake in Telekom Montenegro and an additional 21.92% stake from its minority shareholders resulting in a total share of 73.04%. This increase was slightly offset by a decrease in gross additions to tangible and intangible assets at T-Mobile Hungary.

 

Net cashflows from financing activities amounted to minus HUF 13,454 million in 1Q2004 compared to HUF 26,414 million in 1Q2005. While during the first quarter of 2005, Magyar Telekom took a net HUF 26,466 million loan mainly in connection with the acquisition of Telekom Montenegro, in the same period of 2004 it repaid a net HUF 10,314 million. Dividends paid to shareholders decreased by HUF 3,088 million, mainly as a result of dividends paid to minority shareholders of Maktel and Stonebridge in 2004.

 

These excerpts taken from the MTA 6-K filed Feb 11, 2005.

Analysis of group cashflow

 

Net cashflows from operating activities decreased by 4.2% compared to 2003 and amounted to HUF 189,751 million in 2004. The decrease was mainly due to lower EBITDA and increased amount of interest paid reflecting higher average HUF denominated loan balance with higher average interest rates in 2004 compared to 2003.

 

Net cashflows from investing activities amounted to minus HUF 100,787 million in 2004, while it was minus HUF 94,701 million in 2003. This HUF 6,086 million increase in cash outflow is due to T-Mobile Hungary’s payment of the first installment of the UMTS license fee and higher amounts paid for the purchase of subsidiaries and business units. In 2004, Matáv acquired an additional 3.05% stake in Stonebridge in July 2004 from SEEF and further 7.44% stake from CosmoTelco in October 2004 as well as acquired a 49% stake in T-Systems Hungary.

 

Net cashflows from financing activities amounted to minus HUF 92,035 million in 2003 compared to minus HUF 72,095 million in 2004. While during 2004, Matáv took a net HUF 6,199 million loan, in 2003 it repaid a net HUF 68,526 million. In 2004, Matáv paid dividends to its shareholders in an amount of HUF 78,294 million compared to HUF 23,507 million in 2003. This significant growth is primarily due to the increase in dividend per share from HUF 18 in 2002 to HUF 70 in 2003.

 

12



 

Analysis of group cashflow

 

Net cashflows from operating activities decreased by 4.2% compared to 2003 and amounted to HUF 189,751 million in 2004. The decrease was mainly due to lower EBITDA and increased amount of interest paid reflecting higher average HUF denominated loan balance with higher average interest rates in 2004 compared to 2003.

 

Net cashflows from investing activities amounted to minus HUF 100,787 million in 2004, while it was minus HUF 94,701 million in 2003. This HUF 6,086 million increase in cash outflow is due to T-Mobile Hungary’s payment of the first installment of the UMTS license fee and higher amounts paid for the purchase of subsidiaries and business units. In 2004, Matáv acquired an additional 3.05% stake in Stonebridge in July 2004 from SEEF and further 7.44% stake from CosmoTelco in October 2004 as well as acquired a 49% stake in T-Systems Hungary.

 

Net cashflows from financing activities amounted to minus HUF 92,035 million in 2003 compared to minus HUF 72,095 million in 2004. While during 2004, Matáv took a net HUF 6,199 million loan, in 2003 it repaid a net HUF 68,526 million. In 2004, Matáv paid dividends to its shareholders in an amount of HUF 78,294 million compared to HUF 23,507 million in 2003. This significant growth is primarily due to the increase in dividend per share from HUF 18 in 2002 to HUF 70 in 2003.

 

12



 

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki