ANNUAL REPORT - HSE
ANNUAL REPORT - HSE
ANNUAL REPORT - HSE
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5.7.3 Consolidated<br />
cash flow statement<br />
General<br />
The consolidated cash flow statement shows changes<br />
in the balance of cash during a financial year.<br />
The Group’s cash comprises cash on hand, deposit<br />
money in transaction accounts, and deposits redeemable<br />
at notice.<br />
The cash flow statement has been prepared using the<br />
indirect method (Format II – SAS 26.9).<br />
The data presented in the consolidated cash flow<br />
statement has been obtained from the cash flow<br />
statements of group companies, taking into account<br />
consolidation eliminations.<br />
Cash flows<br />
TYPE OF CASH FLOW YEAR 2008 YEAR 2007<br />
Cash flows from operating activities 201,464,315 118,254,485<br />
Cash flows from investing activities -235,553,558 -219,727,895<br />
Cash flows from financing activities 32,245,119 109,504,411<br />
Net cash flow for the period -1,844,124 8,031,001<br />
in €<br />
<strong>ANNUAL</strong> <strong>REPORT</strong> <strong>HSE</strong> | FINANCIAL <strong>REPORT</strong> OF THE <strong>HSE</strong> GROUP<br />
166<br />
5.7.4 Consolidated statement<br />
of changes in equity<br />
General<br />
The consolidated statement of changes in equity<br />
shows all changes in equity components during a financial<br />
year.<br />
Method<br />
The consolidated statement of changes in equity has<br />
been prepared using Format I as defined in SAS 27.2.<br />
Accumulated profit is not determined at the Group<br />
level.<br />
Movements to equity<br />
In 2008 movements to equity amounted to €<br />
164,601,213.<br />
The equity of the Group (excluding minority interests)<br />
changed by € 134,799,905 as follows:<br />
• it was increased by net profit or loss of the Group (€<br />
73,801,282),<br />
• it was increased by retained profit or loss of the<br />
Group (€ 1,111,845) arising from consolidation at<br />
the level of a subsidiary,<br />
• it was decreased by the amount of consolidation<br />
equity adjustment (€ -470,672) arising from foreign<br />
exchange differences in subsidiaries abroad,<br />
• it was increased by the amount of revaluation surplus<br />
amounting to € 60,357,450, of which € 62,261,577<br />
was recorded by a subsidiary (gain on futures used<br />
for hedging), € -1,911,221 represents the controlling<br />
company’s share of revaluation surplus of subsidiaries<br />
and € 7,094 represents the controlling company’s<br />
share of profits or losses of associates.<br />
Minority interest changed by € 29,801,308 as follows:<br />
• it was increased by € 28,768,925 due to the incorporation<br />
of a new company into the Group,<br />
• it was increased by net profit or loss of group companies<br />
(€ 713,932),<br />
• it was decreased by the amount of revaluation surplus<br />
of group companies (€ -130),<br />
• it was increased by retained profit or loss of the<br />
Group (€ 318,581) arising from consolidation at the<br />
level of a subsidiary.<br />
Movements within equity<br />
Movements within equity, which amounted to €<br />
31,183,706, comprise:<br />
• allocation of a portion of the controlling company’s<br />
accumulated profit for 2007 (in accordance with a<br />
General Meeting resolution) of € 4,305,599 to other<br />
revenue reserves,<br />
• allocation of half of the controlling company’s net<br />
profit for the current year (in accordance with a Supervisory<br />
Board decision taken on the management’s<br />
proposal) of € 26,878,107 to other revenue reserves.