Annual report 2008 - Altarea Cogedim

3. Cash flow statement
(in € thousand) Note 12/31/2008 12/31/2007
Cash flows from operating activities Consolidated profit after tax (383,547) 439,541
Elim. of income tax expense (income) (172,176) 18,161
Elim. of net interest expense (income) 74,781 45,077
Profit before tax and before net interest expense (income) (480,942) 502,779
Elim. of allowances for depreciation and impairment 381,007 27,142
Elim. of changes in fair value relating to assets held for sale 166 –
Elim. of changes in fair value relating to investment properties 86,141 (411,911)
Elim. of changes in fair value relating to financial instruments 110,243 (2,052)
Elim. of changes in fair value relating to discounting 3,519 5,866
Elim. of gains (losses) on sales of assets 1,153 1,595
Elim. of share in earnings of equity-method associates 26,290 (6,921)
Elim. of dividend income 10 0
Operating cash flow before tax and change in WCR 127,585 116,497
Taxes paid (7,876) (18,179)
Impact of change in working capital requirement (WCR) 16 117,480 (36,827)
TOTAL OF OPERATING CASH FLOWS 237,189 61,491
Cash flows from investing activities Acquisitions of non-current assets (337,158) (490,214)
Acquisition of consolidated companies, net of cash acquired 16 (272,023) (396,028)
Loans and advances granted (10,118) (12,733)
Disposals of intangible assets (net of the change in receivables) 15 -
Disposals of investment properties (net of the change in receivables)
and repayments of advances and downpayments
24,392 10,027
Disposals of financial assets (net of the change in receivables) 19 (0)
Reduction in other financial assets 6,418 1,759
Disposals of consolidated companies, net of cash disposed of 24 (73)
Impact of other changes in scope of consolidation 587 5,189
Net change in investments and derivative financial instruments 11,690 (16,851)
Dividends received 2,164 400
Interest received 27,381 9,870
TOTAL OF INVESTING CASH FLOWS (546,608) (888,656)
Cash flows from financing activities
Increase/decrease in capital of the parent company net of costs
371,860 16,136
Increase/decrease in capital of minority interests – 257
Dividends paid to Group shareholders (47,723) (31,275)
Dividends paid to minority interests 1,090 (408)
Issuance of debt and other financial liabilities 589,634 966,028
Repayment of borrowings and other financial liabilities (268,272) (101,499)
Net sales (purchases) of own shares (1,675) 1,862
Net change in bank facilities (39,079) 60,574
Net change in security deposits received 2,982 –
Net change in current accounts in debit (235) –
Interest paid (100,772) (50,144)
TOTAL OF FINANCING CASH FLOWS 507,809 861,531
Effect of exchange differences and changes of accounting method - -
CHANGE IN CASH 198,390 34,367
Opening cash balance 92,724 58,357
Closing cash balance 291,114 92,724
198,390 34,366
Actual opening cash position 12.11
Cash and cash equivalents 102,888 71,497
Bank overdraft: (10,164) (13,139)
Actual closing cash position 12.11
Cash and cash equivalents 295,891 102,888
Bank overdraft: (4,778) (10,164)
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