GAMMON INDIA LIMITED

Franco Tosi Meccanica S.p.A.
3. CASH FLOW STATEMENT
Amounts in Euro 2008 2007
I) PRIMARY CASH FLOW
Net income for the year
Net ordinary depreciation/amortization Provisions
for employee’s leaving indemnity Provisions for
future risk and expenses net of the use Provisions for
deferred taxes net of the use
(17,662,352)
6,690,216
1,631,016
564,023
(29,722)
(47,177,368)
6,325,866
1,794,024
11,120,081
1,791,581
Gains/losses on disposal of assets
(527,907)
TOTAL I (8,806,819) (26,673,723)
II) WORKING CAPITAL CHANGE
(Increase)/Decrease of inventories
(Increase)/Decrease of payables
(Increase)/Decrease of accrued income and prepaid expenses
(Increase)/Decrease) of payables to suppliers
(Increase)/Decrease of other payables and accrued liabilities
(618,494)
10,732,620
(2,065,789)
4,318,456
10.669.471
178,186
13,675,191
(12,261,694)
3,150,860
19.898.345
TOTAL II 23,036,264 24,640,888
III) EMPLOYEE’S LEAVING INDEMNITY (1,437,961) (2,106,806)
IV) CASH FLOW DERIVED FROM(OR USED) IN FINANCIAL
OPERATIONS
Increase of Share Capital 8,553,720
TOTAL IV) 8,553,720
V) CASH FLOW DERIVED FROM (OR USED) IN INVESTMENTS
Net investments on tangible assets
Decrease of participation
Increase of intangible assets
(8,062,863)
42,826
(549,110)
(1,466,958)
(338,273)
TOTAL V (8,569,147) (1,805,231)
VI) SHAREHOLDERS’DEPOSIT
VII) DIVIDEND DISTRIBUTION/NON-SCHEDULED OPERATIONS
NET CASH FLOW OF THE YEAR 12,776,057 (5,944,873)
F
77
4/26
Original cash
Final cash
TOTAL
(40,901,792)
(28,125,735)
7,176,971
1,232,098
12,776,057 (5,944,873)