TAV IT

124
TAV Airports Holding Annual Report 2008
TAV AIRPORTS HOLDING AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2008
(Amounts expressed in Euro unless otherwise stated)
Notes 31 December 2008
Restated (*)
31 December 2007
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) for the period 4,667,741 (43,836,419)
Adjustments for:
Amortisation of airport operation right 14-19 19,098,532 18,931,596
Depreciation of property and equipment 14-17 11,673,655 8,588,490
Amortisation of intangible assets 14-18 4,119,224 2,583,113
Amortisation of concession asset 12 151,756,635 140,789,005
Non-recoverable VAT related to concession payments - 10,135,128
Provision for employment termination benefits 31 532,968 723,817
Provisions set for doubtful receivables 38 736,615 46,458
Reversal of provision for doubtful receivables 38 - (676,397)
(Reversal of)/provision for tax penalties 34 (2,900,918) 9,248,823
Other provisions set 34 55,195 -
Discount on receivables and payables, net 41,733 112,806
Gain on sale of property and equipment (448,847) -
Impairment of property and equipment 14-17 318,277 -
Accrual for unused vacation 34 713,239 1,256,739
Addition/(Reversal) of provision for slow moving inventory 23 135,864 (97,767)
Unrealised foreign exchange differences on balance sheet items 16,828,426 (18,480,348)
Accrued interest expense (289,393) -
Accrued interest expense on financial liabilities 69,068,363 55,257,881
Income tax benefit 16 (3,434,844) (4,745,445)
Marked to market valuation of derivative instruments - 7,203,279
Cash flows from operating activities 272,672,465 187,040,759
Change in derivative instruments (14,250,258) -
Change in trade receivables (6,756,180) 13,835,281
Change in non-current trade receivables 23,124,365 24,476,033
Change in inventories (597,107) 2,190,048
Change in due from related parties (10,457,349) (108,694)
Change in restricted bank balances 104,994,275 5,056,392
Change in other receivables and current assets 18,453,605 (7,852,633)
Change in trade payables (5,153,312) (25,977,895)
Change in due to related parties 32,721,912 (16,023,619)
Change in other payables and provisions (2,631,291) 1,420,715
Change in other long term assets 28,396,308 (2,093,673)
Additions to prepaid concession expenses 21 (95,196,116) (107,355,756)
Change in VAT portion of prepaid rent (38,605,549) (7,801,633)
Cash generated from operations 306,715,768 66,805,325
Income taxes paid (7,605,088) (2,371,559)
Interest paid (71,603,765) (50,058,532)
Retirement benefits paid 31 (1,187,169) (990,213)
Net cash provided from operating activities 226,319,746 13,385,021
The accompanying notes form an integral part of these consolidated financial statements.