Annual report 2010 - plazacenters

Financial statements
Consolidated statement of cash flows
For the
For the
year ended
year ended
December 31, December 31,
2010 2009
Note €’000 €’000
Cash flows from operating activities
Profit/(loss) for the year 14,248 (64,712)
Adjustments necessary to reflect cash flows used in operating activities:
Depreciation and impairment on trading property, property and equipment
and other assets 10,12 8,953 35,365
Change in fair value of investment property 13 (4,647) (429)
Finance expenses, net 32 21,177 18,120
Interest received in cash 8,631 9,471
Interest paid (28,234) (5,513)
Share-based payment 27,38 2,540 2,821
Gain from a bargain purchase 37 (42,039) –
Loss/(gain) on sale of property and equipment 212 (141)
Share in loss of associate 381 780
Loss on sale of trading property 133 –
Income tax expenses (tax benefit) 33 (1,308) (3,819)
(19,953) (8,057)
Decrease/(increase) in trade accounts receivable 390 (1,001)
Decrease in other accounts receivable 9,881 7,188
Change in restricted cash (9,030) 6,945
Increase in advance payment on accounts of trading properties (4,035) (1,567)
Increase in trading properties 10 (62,693) (108,940)
Purchase of trading property companies (see appendix A) – (7,202)
Decrease in trade accounts payable (6,343) (1,538)
Increase/(decrease) in other liabilities and provisions 3,904 (4,696)
Proceeds from disposal of trading property, net of cash disposed (see appendix B) 965 –
(86,914) (110,811)
Income tax paid (121) (74)
Net cash used in operating activities (87,035) (118,942)
Purchases of property, equipment and other assets (466) (1,222)
Proceeds from sale of property and equipment 12 3,135 303
Capital expenditure on Investment properties (1,168) –
Acquisition of subsidiaries, net of cash acquired 37 (14,354) –
Purchase of available for sale financial assets 7 (21,935) (8,294)
Proceeds from sale of available for sale financial assets 7 10,195 3,808
Long-term deposits, net (33) (99)
Net cash used in investing activities (24,626) (5,504)
Cash from financing activities
Proceeds from loans from banks and financial institutions 17 53,274 44,267
Proceeds from loans from partners 21 5,130 –
Proceeds from selling settlement of derivatives 16 9,259 13,114
Proceeds from own shares sold – 21,905
Treasury shares purchased – (3,523)
Proceeds from issuance of long-term debentures 22,23 77,968 27,408
Long-term loans and debentures repaid to banks (18,694) (2,478)
Loans repaid to related parties – (32)
Net cash provided by financing activities 126,937 100,661
Effect of exchange rate fluctuations on cash held (71) 355
Increase/(decrease) in cash and cash equivalents during the year 15,205 (23,430)
Cash and cash equivalents at the beginning of the year 122,596 146,026
Cash and cash equivalents at the end of the year 137,801 122,596
The notes on pages 74-135 are an integral part of these consolidated financial statements.
72
Plaza Centers N.V. Annual report 2010