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114<br />
CONSOLIDATED CASH FLOW STATEMENT<br />
(in thousands of Euro) NOTES 31 December 2008 31 December 2007<br />
Profit before taxation 38,655 40,872<br />
Depreciation, amortisation, write-downs (write-backs) 23,836 23,915<br />
Provisions for risks (amounts released) 3,274 730<br />
Provision for employee severance indemnities 727 (905)<br />
Charges (income) from investments carried at equity, net of dividends received 584 10<br />
Taxes paid during the year (14,889) (28,174)<br />
Cash flow from current operations 52,187 36,448<br />
Decrease (increase) in inventories 283 (204)<br />
Decrease (increase) in trade receivables (14,694) 66,592<br />
Decrease (increase) in other operating assets (1,160) (394)<br />
Change in trade payables 24,493 24,816<br />
Change in other operating liabilities 9,865 2,470<br />
Utilisation of employee severance indemnities (4,541) (5,337)<br />
Utilisation of provisions for risks and charges (2,390) (1,891)<br />
Change in operating assets and liabilities 11,856 86,052<br />
Cash flow generated by operating activities 64,043 122,500<br />
(Purchase of intangible fixed assets) (3,625) (3,188)<br />
(Purchase of property, plant and equipment) (20,025) (18,609)<br />
Disposal of property, plant and equipment 744 339<br />
(Net purchases of equity investments) (10,558) (1,570)<br />
Loans (granted) repaid 160 2,064<br />
Financial effects of business combinations 4 (102,189) (62,070)<br />
Cash flow absorbed by investing activities (135,493) (83,034)<br />
Net loans acquired (repaid) (42,910) 105<br />
Distribution of dividends (3,664) (13,617)<br />
Change in scope of consolidation (1,338) 44<br />
Increase in share capital and reserves 15 174,871<br />
Cash flow generated (absorbed) by financing activities 126,959 (13,468)<br />
Change in cash and cash equivalents 55,509 25,998<br />
Cash and cash equivalents - start of year 42,418 16,420<br />
Change in cash and cash equivalents 55,509 25,998<br />
Cash and cash equivalents - end of year 97,927 42,418<br />
Analysis of cash and cash equivalents<br />
Bank current accounts 97,927 42,418<br />
Bank overdrafts<br />
Total cash and cash equivalents 97,927 42,418<br />
(in thousands of Euro)<br />
Supplementary information NOTES 31 December 2008 31 December 2007<br />
Interest paid (21,273) (19,013)<br />
Interest received 3,802 4,195<br />
Dividends received 3,708 2,723