ONE ROOF

Consolidated Statement of Cash Flows
(EUR thousand) Note 36
130 Annual Report 2009
2009 2008
restated
Profit after taxes 408,169 323,882
Depreciation, amortization, impairments and impairment reversals 522,374 522,698
Changes in provisions 67,771 63,396
Changes in deferred taxes 7,314 25,730
Gains/(losses) from disposals of non-current assets and marketable securities (46,906) (43,230)
Other non-cash income and expenses (primarily equity accounting) and deconsolidations (69,414) (191,325)
Changes in working capital (net current assets) (56,572) (460,711)
Changes in other balance sheet items 116,620 25,689
Net cash provided by operating activities 949,356 266,129
Intangible assets, property, plant and equipment, and investment properties
Purchases (826,023) (645,492)
Proceeds from asset disposals 164,789 128,682
Acquisitions and participating interests
Purchases (142,468) (510,504)
Proceeds from asset disposals/divestments 48,535 293,691
Changes in cash and cash equivalents due to consolidation changes (35,227) (19,660)
Changes in securities holdings and financial receivables (58,247) (148,057)
Net cash used in investing activities (848,641) (901,340)
Payments for repurchase of treasury stock – (93,512)
Payments received from sale of treasury stock 526 1,111
Payments into equity by minority shareholders 66,372 222,121
Dividends to HOCHTIEF’s and minority shareholders (224,837) (234,615)
Proceeds from new borrowing 1,132,193 2,240,343
Service of debt (1,155,287) (1,089,334)
Net cash (used in)/provided by financing activities (181,033) 1,046,114
Net cash (decrease)/increase in cash and cash equivalents (80,318) 410,903
Effect of exchange rate changes 62,249 (25,717)
Overall change in cash and cash equivalents (18,069) 385,186
Cash and cash equivalents at the start of the year 1,787,713 1,402,527
Cash and cash equivalents at year-end 1,769,644 1,787,713