California Water Service Group Annual Report 2005

Consolidated Statements of Cash Flows
California Water Service Group

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bOARD OF DIRECTORS

Corporate Information

In thousands
For the years ended December 31,				2005	2004	2003
Operating activities:
	Net income			$27,223	$26,026	$19,417
	Adjustments to reconcile net income to net cash provided
		by operating activities:
		Depreciation and amortization		28,731	26,114	23,256
		Net change in deferred income taxes, investment tax credits,
			regulatory assets and liabilities	3,908	17,637	2,834
		Gain on sale of non-utility property		(2,250)	(8)	(4,603)
		Changes in operating assets and liabilities
			Receivables	5,545	(2,720)	1,292
			Unbilled revenue	(2,138)	(771)	(554)
			Taxes and other prepaid expenses	6,491	(7,168)	(2,879)
			Accounts payable	16,374	(4,042)	(301)
			Other current assets	(1,021)	(203)	(197)
			Other current liabilities	3,841	2,713	7,537
			Other changes, net	(445)	(2,167)	(1,374)
		Net adjustments		59,036	29,385	25,014
			Net cash provided by operating activities	86,259	55,411	44,431
Investing activities:
	Utility plant expenditures
		Company-funded		(77,569)	(50,388)	(53,884)
		Developer advances and contributions in aid of construction		(16,948)	(18,185)	(20,369)
	Proceeds from sale of non-utility assets			2,316	14	4,803
	Acquisitions			(471)	(900)	(6,094)
			Net cash used in investing activities	(92,672)	(69,459)	(75,544)
Financing activities:
	Net charges in short-term borrowings			--	(6,454)	(29,925)
	Issuance of common stock, net of expenses			720	37,538	43,781
	Issuance of long-term debt, net of expenses			227	3,501	80,114
	Advances for construction			15,389	14,388	13,248
	Refunds of advances on construction			(4,840)	(5,049)	(4,838)
	Contributions in aid of construction			7,924	6,882	9,311
	Retirement of long-term debt			(1,188)	(711)	(61,061)
	Dividends paid			(21,106)	(20,083)	(17,724)
			Net cash (used in) provided by financial activities	(2,874)	30,012	32,906
Change in cash and cash equivalents				(9,287)	15,964	1,793
Cash and cash equivalents at beginning of year				18,820	2,856	1,063
Cash and cash equivalents at end of year				$9,533	$18,820	$2,856
Supplemental disclosures of cash flow information:
	Cash paid during the year for
		Interest (net of amounts capitalized)		$16,811	$17,202	$16,873
		Income taxes		12,411	8,026	6,188

See accompanying Notes to Consolidated Financial Statements.

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