Traduction de «flows and future dividend » (Néerlandais → Français) :

As a result of the 37% decline in Alcon’s share price at the end of 2008 to USD 89.19 from the price paid for the initial 24.8% stake, Novartis performed an impairment test on the investment’s carrying value. This test assessed the “value in use” to Novartis of this strategic investment by valuing estimated discounted cash flows and future dividend streams from Alcon against the “fair value less costs to sell” of this stake, as measured by the closing price on December 31, 2008, on the NYSE for the 23% publicly traded Alcon shares.
Ce test consiste à comparer la « valeur d’utilité » de cet investissement stratégique pour Novartis sur la base d’une estimation des valeurs actualisées des flux de trésorerie futurs et des flux des dividendes futurs relatifs à la part détenue par Novartis avec la « juste valeur moins les coûts de la vente » sur la base du cours de clôture du 31 décembre 2008 des 23% d’actions Alcon négociées à la Bourse de New York.

This release contains forward-looking information that involves substantial risks and uncertainties concerning the possibility of future dividend increases. Such risks and uncertainties include, among other things, the Company’s future financial performance as well as general economic, political, business, industry, regulatory and market conditions.
Such risks and uncertainties include, among other things, the Company’s future financial performance as well as general economic, political, business, industry, regulatory and market conditions.

Free cash flow before dividends 2 368 1 916 452 Dividends -18 -10 -8 Free cash flow 2 350 1 906 444
Free cash-flow avant dividendes 2 368 1 916 452 Dividendes -18 -10 -8 Free cash-flow 2 350 1 906 444

Free cash flow before dividends 8 166 6 097 2 069 Dividends -4 486 -3 941 -545 Free cash flow 3 680 2 156 1 524
Free cash-flow avant dividendes 8 166 6 097 2 069 Dividendes -4 486 -3 941 -545 Free cash-flow 3 680 2 156 1 524

Free cash flow before dividends 5 271 3 422 1 849 Dividends -4 486 -3 941 -545 Free cash flow 785 -519 1 304
Free cash-flow avant dividendes 5 271 3 422 1 849 Dividendes -4 486 -3 941 -545 Free cash-flow 785 -519 1 304

Free cash flow before dividends 2 903 1 506 1 397 Dividends –4 468 –3 931 –537 Free cash flow –1 565 –2 425 860
Free cash-flow avant dividendes 2 903 1 506 1 397 Dividendes –4 468 –3 931 –537 Free cash-flow –1 565 –2 425 860

Cash flow used for investing activities –14 219 –10 367 –3 852 Change in current and non-current financial debts 6 539 1 295 5 244 Dividends paid to shareholders of Novartis AG –3 941 –3 345 –596 Treasury share transactions 224 –473 697 Other financing cash flows –13 –50 37 Cash flow from/used for financing activities 2 809 –2 573 5 382 Cash flow from discontinued operations –105 105 Translation effect on cash and cash equivalents 75 –46 121 Change in cash and cash equivalents 856 –3 322 4 178 Cash and cash equivalents at January 1 2 038 5 360 –3 322 Cash and cash equivalents at December 31 2 894 2 038 856
Variation des dettes financières à court et à long terme 6 539 1 295 5 244 Dividendes payés aux actionnaires de Novartis AG –3 941 –3 345 –596 Transactions sur actions propres 224 –473 697 Autres flux de financement –13 –50 37 Flux de trésorerie provenant des activités de financement 2 809 –2 573 5 382 Flux de trésorerie provenant des activités abandonnées –105 105 Effet net des écarts de conversion sur la trésorerie et les équivalents de trésorerie 75 –46 121 Variation de la trésorerie et des équivalents de trésorerie 856 –3 322 4 178

Acquisitions of subsidiaries -26 666 -890 -25 776 Change in marketable securities 12 821 -7 508 20 329 Cash flow used for investing activities -15 169 -10 026 -5 143 Change in current and non-current financial debts 12 258 6 810 5 448 Dividends paid to shareholders of Novartis AG -4 486 -3 941 -545 Treasury share transactions 438 80 358 Other financing cash flows -34 1 -35 Cash flow from financing activities 8 176 2 950 5 226 Translation effect on cash and cash equivalents -5 86 -91 Change in cash and cash equivalents 2 492 735 1 757 Cash and cash equivalents at January 1 2 894 2 038 856 Cash and cash equivalents at September 30 5 386 2 773 2 613
Acquisitions de filiales -26 666 -890 -25 776 Variation des titres de placement 12 821 -7 508 20 329 Flux de trésorerie des activités d’investissement -15 169 -10 026 -5 143 Variation des dettes financières à court et long terme 12 258 6 810 5 448 Dividendes versés aux actionnaires de Novartis AG -4 486 -3 941 -545 Transactions sur actions propres 438 80 358 Autres flux de financement -34 1 -35 Flux de trésorerie des activités de financement 8 176 2 950 5 226 Effet nets des écarts de conversion sur la trésorerie et les équivalents de trésorerie -5 86 -91