Cash Flow Statement

                                               
Consolidated statement of cash flows income for the year ended December 31
In Eur 1,000
  2009 2008
Cash flows from operating activities
Profit for the period 73,808 63,020
Adjustments for:
Depreciation and amortization 31,653 35,468
Taxes on income 36,989 32,937
Net finance expense 3,637 23,635
Income from associates (15) 47
  146,072 155,107
Share-based compensation 9,341 5,969
Sale of activities, net of cost (1,879) (1,027)
Change in operational derivatives 51  
Change in inventories 340 (237)
Change in receivables 81,512 (56,996)
Change in deferred taxes 3,963 (9,389)
Change in provisions 1,903 1,771
Change in billing in excess of costs (30,220) 29,524
Change in current liabilities (327) 9,408
Dividend received 288 564
Interest received 3,360 6,316
Interest paid (16,213) (21,774)
Corporate tax paid (45,699) (38,725)
Net cash from operating activities 152,492 80,511
Cash flows from investing activities
Investments in (in)tangible assets (26,307) (28,368)
Proceeds from sale of (in)tangible assets 1,883 1,788
Investments in consolidated companies (80,218) (73,670)
Proceeds from sale of consolidated companies 1,763 475
Investments in associates and other investments (6,342) (5,861)
Proceeds from sale of associates and other investments 22 6,228
Investments in other non-current assets (6,191) (5,285)
Proceeds from sale of other non-current assets 3,111 4,443
Net cash used in investing activities (112,279) (100,250)
Cash flows from financing activities
Proceeds from exercise of options 3,364 1,624
Proceeds from issue of shares 5,764  
Purchase of own shares   (9,113)
Settlement of financing derivatives (5,615)  
New long-term loans and borrowings 90,962 108,715
Repayment of long-term loans and borrowings (16,867) (15,011)
New short-term borrowings 18,430 372
Repayment of short-term borrowings (9,152) (202)
Dividend paid (27,263) (26,013)
Net cash from financing activities 59,623 60,372
Net change in cash and cash equivalents less bank overdrafts 99,836 40,633
Exchange rate differences 1,040 (677)
Cash and cash equivalents less bank overdrafts at January 1 111,676 71,720
Cash and cash equivalents less bank overdrafts at December 31 212,552 111,676
More Information