Annual report 2008 - Altarea Cogedim

16. Information on the cash flow statement
n Net cash and cash equivalents
(in € thousand) 12/31/2008 12/31/2007
Marketable securitie 219,198 64,341
Cash 76,693 38,547
Total cash 295,891 102,888
Bank overdrafts (4,778) (10,164)
Total net cash and cash equivalents 291,114 92,724
Marketable securities, which consist of cash invested in money-market funds, are carried at their market value on 31 December
each year.
n Acquisitions of consolidated companies, net of cash acquired
(in € thousand) 12/31/2008 12/31/2007
Investments in consolidated securities (284,759) (456,448)
Cash held by companies acquired 12,736 60,420
acquisition of consolidated companies, less cash acquired (272,023) (396,029)
During 2008, investments in consolidated securities primarily reflected the repurchase of the Cogedim acquisition debt from
Natixis on 30 April 2008 and 19 June 2008 for a total amount of €235.3 million, as well as a €25 million earn-out payment
for Cogedim and also the consideration paid to acquire Fromagerie Paul Renard for €14.7 million. The cash acquired
primarily related to the treasury held by Fromagerie Paul Renard, which amounted to €12.7 million. (See Note 8).
During 2007, investments in consolidated securities reflected the initial amounts laid out in connection with the acquisition of
Cogedim for €380 million. The cash acquired related primarily to Cogedim’s cash position, which amounted to €61.7 million.
n Change in the working capital requirement
(in € thousand) 12/31/2008 12/31/2007 30/06/2007
Inventory 126,630 (70,127) (5,771)
Trade receivables (57,757) (16,031) (12,571)
Trade payables 79,740 11,790 8,335
Change in operating WCR 148,613 (74,368) (10,007)
Other receivables (8,948) (21,738) (3,545)
Other payables (706) 59,280 6,402
Change in the WCR and other receivables and payables (9,654) 37,541 2,857
Total change in the WCR 138,959 (36,827) (7,150)
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