Consolidated statement of cash flows

This table shows the causes of the changes in liquid assets net of short-term bank overdrafts. in accordance with IAS no. 7.

Amounts in €/000 2009 2008
Operating activities  
Consolidated net income 46,031 43,001
Minority shareholders 1,388 330
Taxation for the period 26,674 16,302
Amortisation/depreciation of property, plant and equipment 37,148 38,073
Amortisation/depreciation of intangible assets 59,230 56,467
Non-monetary costs for stock options 723 1,980
Allocations for risks and retirement funds and employee benefits 28,740 29,836
Write-downs / (Revaluations) 7,360 6,268
Losses / (Gains) on the disposal of property, plants and equipment 83 (237)
Financial income (1,445) (3,905)
Dividend income (601)  
Financial charges 28,051 35,723
Income from public grants (7,428) (7,316)
Change in working capital:    
(Increase)/Decrease in trade receivables (12,886) 31,134
(Increase)/Decrease other receivables (2,818) (1,035)
(Increase)/Decrease in inventories 5,465 (32,432)
Increase/(Decrease) in trade payables
(16,237) 14,764
(Increase)/Decrease other payables 8,890 (3,766)
Increase/(Decrease) in provisions for risks (19,015) (18,411)
Increase/(Decrease) in retirement funds and employee benefits (11,470) (11,621)
Other changes 20,299 (16,452)
Cash generating by operating activities 198,182 178,703
Interest paid (33,522) (32,716)
Taxation paid (35,325) (22,394)
Penalty for the debenture loan redeemed in advance (6,098)  
Cash flow from operating activities (A) 123,237 123,593

 

Amounts in €/000 2009 2008
Investment activity    
Investment in property, plant and equipment (39,254) (45,635)
Sale price, or repayment value, of property, plant and equipment 1,505 1,116
Investment in intangible assets (54,535) (57,293)
Sale price, or repayment value, of intangible assets 55 22
Sale price of equity investments   496
Repayment of loans provided 45 71
Purchase of financial assets   (10)
Sale price of financial assets 1,615 12,630
Collected interests 2,082 4,030
Cash flow from investment activities (B) (88,487) (84,573)
Financing activities    
Purchase of own shares (1,179) (26,102)
Outflow for dividends paid (22,533) (23,251)
Loans received 395,365 43,456
Outflow for repayment of loans (234,179) (101,635)
Repayment of finance leases (726) -695
Cash flow from funding activities (C) 136,748 (108,227)
Increase / (Decrease) in liquid funds (A+B+C) 171,498 (69,207)
Opening balance 25,976 94,862
Exchange differences 807 321
Closing balance 198,281 25,976

The table below shows the breakdown of the liquid funds balance as of 31 December 2009 and as of 31 December 2008.

In thousands of Euros 31 December 2009 31 December 2008 Change
Liquid funds 200,239 39,985 160,254
Current account overdrafts (1,958) (14,009) 12,051
Final balance 198,281 25,976 172,305