ANNUAL REPORT - HSE

5.5 Consolidated cash flow statement
ITEMS 2008 2007
in €
ANNUAL REPORT HSE | FINANCIAL REPORT OF THE HSE GROUP
A. CASH FLOWS FROM OPERATING ACTIVITIES
a) Items of income statement 193,539,109 155,162,910
Operating revenue (except from revaluation)
and finance income from operating receivables
904,614,858 1,001,790,115
Operating expenses without depreciation or amortisation (except
from revaluation) and finance expenses for operating liabilities
(701,239,643) (836,106,276)
Income taxes and other taxes not included in operating expenses (9,836,106) (10,520,929)
b) Changes in net operating assets in balance sheet items (including
accruals and deferrals, provisions and deferred tax assets and liabilities)
7,925,206 (36,908,425)
Opening less closing operating receivables 24,692,459 (50,422,595)
Opening less closing accrued revenue and deferred costs 1,283,815 (2,550,054)
Opening less closing deferred tax assets 8,700,950 (9,561,983)
Opening less closing inventories (3,594,707) (609,806)
Closing less opening operating liabilities (22,144,432) 24,784,325
Closing less opening accrued costs
and deferred revenue, and provisions
(1,012,879) 1,451,688
c) Net cash from operating activities (a + b) 201,464,315 118,254,485
B. CASH FLOWS FROM INVESTING ACTIVITIES
a) Cash receipts from investing activities 1,097,142,789 1,699,829,662
Interest and dividends received from investing activities 8,824,179 23,522,728
Cash receipts from disposal of intangible assets 5,224,704 197,350
Cash receipts from disposal of property, plant and equipment 309,254 9,422,237
Cash receipts from disposal of investment property 1,287,469 49,089
Cash receipts from disposal of long-term investments 173,727 2,009,442
Cash receipts from disposal of short-term investments 1,081,323,456 1,664,628,816
b) Cash disbursements from investing activities (1,332,696,347) (1,919,557,557)
Cash disbursements to acquire intangible assets (11,402,735) (2,344,218)
Cash disbursements to acquire property, plant and equipment (193,443,912) (163,341,825)
Cash disbursements to acquire long-term investments (4,547,219) (88,121,235)
Cash disbursements to acquire short-term investments (1,123,302,481) (1,665,750,279)
c) Net cash from investing activities (a + b) (235,553,558) (219,727,895)
C. CASH FLOWS FROM FINANCING ACTIVITIES
a) Cash receipts from financing activities 334,533,248 449,873,139
Cash proceeds from paid-in capital 9,553,549 0
Cash proceeds from increase in long-term financial liabilities 99,155,847 128,671,555
Cash proceeds from increase in short-term financial liabilities 225,823,852 321,201,584
b) Cash disbursements from financing activities (302,288,129) (340,368,728)
Interest paid on financing activities (14,803,124) (10,851,660)
Cash repayments of long-term financial liabilities (35,687,717) (25,059,182)
Cash repayments of short-term financial liabilities (249,897,288) (295,507,032)
Dividends and other profit shares paid (1,900,000) (8,950,854)
c) Net cash from financing activities (a + b) 32,245,119 109,504,411
D. CLOSING BALANCE OF CASH 13,453,168 15,297,292
x) Net cash flow for the period (1,844,124) 8,031,001
y) Opening balance of cash 15,297,292 7,266,291
* The accompanying notes are an integral part of the consolidated financial statements and
should be read in conjunction with them.
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