Annual Report 2008 – Financial Section - Quilvest

Consolidated Cash flow Statement
for the financial years ended December 31, 2008 and 2007 In $‘000
Notes 2008 2007
Operating cash flows directly linked to the Private Equity Business
Acquisition of PE investments 7 (167,193) (292,013)
Proceeds from sale of PE investments 7 249,116 221,073
Dividends received from PE investments 2,770 5,268
Interests received from PE investments 119 2,660
Operating cash flows directly linked to the Wealth Management Business
Net interest income 8,058 8,100
Net fee and commission income 50,708 56,916
Cash movements in loans and advances to banks and bank customers (29,085) (6,973)
Cash movements in loans and advances from banks and bank customers 55,798 (20,855)
Other cash movements related to the Wealth Management Business 929 286
Other operating cash flow movements
Cash paid to suppliers and employees (95,288) (86,706)
Income taxes paid (3,949) (579)
Net cash from other operating activities 22,650 12,228
Net cash provided by / (used in) operating activities 94,633 (100,595)
Acquisition of investments (32,108) (14,151)
Proceeds from sale of investments 33,495 21,567
Acquisition of property, plant and equipment (14,949) (3,887)
Proceeds from disposal of property, plant and equipment 25 35
Acquisition of intangible assets (526) (454)
Proceeds from disposal of investment in associates 112 -
Acquisition of subsidiaries, net of cash acquired 1 (96,393) (209)
Purchase of minority interests (17,571) -
Interests received 1,264 4,410
Dividends received 1,091 683
Net cash provided by / (used in) investing activities (125,560) 7,994
Proceeds from issue of share capital - 120,960
Proceeds from interest bearing liabilities 57,678 -
Repayment of interest bearing liabilities (892) (20,461)
(Decrease)/Increase in short term financing (486) 1,108
Repurchase of treasury shares (847) (1,446)
Proceeds of treasury shares 424 1,067
Contributions from minority interests 33,388 1,731
Distributions to minority interests (774) (2,447)
Interests paid (3,969) (1,346)
Dividends paid (16,255) (13,021)
Net cash provided by / (used in) financing activities 68,267 86,145
Net increase / (decrease) in cash and cash equivalents 37,340 (6,456)
Cash and cash equivalents at beginning of year 162,318 159,882
Effect of exchange rate fluctuations on cash and cash equivalents held (12,318) 8,892
Cash and cash equivalents at end of year
The accompanying notes form an integral part of these consolidated financial statements.
187,340 162,318
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