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As of December 31st, 2006, EADS’ cash position (stated as cash and cash equivalents in the Consolidated Statement of Cash-Flows) includes 597 M € (579 M € and 602 M € as of December 31st, 2005 and 2004, respectively) which represent EADS’ share in MBDA’s cash and cash equivalents, deposited at BAE Systems and Finmeccanica and which are available upon demand. Additionally included were 1,202 M € as of December 31st, 2005 and 687 M € as of December 31st, 2004 representing the amount Airbus had deposited at BAE Systems.
The following charts provide details on acquisitions (resulting in additional assets and liabilities acquired) of subsidiaries and joint ventures:
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December 31, |
|
(in €m) |
2006 |
2005 |
|
|
|
Total purchase price |
(108) |
(131) |
thereof paid in cash and cash equivalents |
(108) |
(131) |
Cash and cash equivalents included in the acquired subsidiaries and joint ventures |
26 |
0 |
Cash Flow for acquisitions, net of cash |
(82) |
(131) |
In 2006 the aggregate cash flow for acquisitions, net of cash of (82) M € includes mainly the acquisition of Atlas Elektronik Group (43) M €, Sofrelog (12) M €, IFR France (8) M € and Dynamic Process Solutions Inc. (8) M €.
Included in the aggregate cash flow for acquisitions, net of cash in 2005 of (131) M € is mainly the acquisition of Nokia’s Professional Mobile Radio – PMR activities (EADS Secure Networks Oy). In addition, there have been cash investments mainly in Dornier GmbH which had been already fully consolidated.
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|
December 31, |
|
(in €m) |
2006 |
2005 |
|
|
|
Intangible assets; property, plant and equipment |
59 |
21 |
Financial assets |
4 |
0 |
Inventories |
44 |
4 |
Trade receivables |
60 |
11 |
Other assets |
4 |
27 |
Cash and cash equivalents |
26 |
0 |
Assets |
197 |
63 |
Provisions |
(91) |
(4) |
Trade liabilities |
(46) |
0 |
Financial liabilities |
(3) |
0 |
Other liabilities |
(13) |
(1) |
Liabilities |
(153) |
(5) |
Fair value of net assets |
44 |
58 |
Goodwill arising on acquisitions |
64 |
73 |
Less own cash and cash equivalents of acquired subsidiaries and joint ventures |
(26) |
0 |
Cash Flow for acquisitions, net of cash |
82 |
131 |
The following charts provide details on disposals (resulting in assets and liabilities disposed) of subsidiaries:
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|
December 31, |
|
(in €m) |
2006 |
2005 |
|
|
|
Total selling price |
87 |
110 |
thereof received by cash and cash equivalents |
87 |
110 |
Cash and cash equivalents included in the (disposed) subsidiaries |
(1) |
(21) |
Cash Flow from disposals, net of cash |
86 |
89 |
The aggregate cash flow from disposals, net of cash, in 2006 of 86 M € includes the sale of LFK GmbH and TDW GmbH amounting to 81 M € and Seawolf of 2 M €. After the disposal of LFK the cash of LFK was reallocated to the shareholders of MBDA in proportion to their interest.
Included in the aggregate net selling price in 2005 of 89 M € are the sale of the 50% participation in TDA – Armements S.A.S. to Thales and the sale of the Enterprise Telephony Business to Aastra.
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|
December 31, |
|
(in €m) |
2006 |
2005 |
|
|
|
Intangible assets; property, plant and equipment |
(18) |
(12) |
Financial assets |
(4) |
0 |
Inventories |
(89) |
(34) |
Trade receivables |
(17) |
(64) |
Other assets |
(22) |
(34) |
Cash and cash equivalents |
(1) |
(21) |
Assets |
(151) |
(165) |
Provisions |
132 |
16 |
Trade liabilities |
18 |
18 |
Financial liabilities |
1 |
13 |
Other liabilities |
52 |
45 |
Liabilities |
203 |
92 |
Book value of net assets |
52 |
(73) |
Goodwill arising from disposals |
0 |
(6) |
Result from disposal of subsidiaries |
(139) |
(31) |
Less own cash and cash equivalents of disposed subsidiaries |
1 |
21 |
Cash Flow from disposals, net of cash |
(86) |
(89) |
