Securities prospectus - Pearl Gold AG

CASH FLOW STATEMENT (IFRS)FOR THE PERIOD FROM 1 JANUARY TO 31 DECEMBER 2011 (2010)in TEURNotes 01/01-31/12/2011 01/01-31/12/2010IFRSIFRSEarnings before taxes (EBT) -510.5 -606.5Increase in other provisions 19 71.4 5.2Increase in deferred tax assets 10 -96.1 -113.9Change inreceivables and other assets 12 -201.9 -113.3trade liabilities18 73.4 270.2Cash flow from operating activities -663.7 -558.3Payments for investments in financial assets 9 0.0 -114.8Payments for other investments 0.0 0.0Cash flow from investing activities 0.0 -114.8Proceeds from the issuance of new shares 14 0.0 250.0Proceeds from othercurrent liabilities 20 736.9 378.4Cash flow from financing activities 736.9 628.4Increase (+)/decrease (-)in cash and cash equivalents +73.2 -44.7Cash and cash equivalents at the beginning ofthe periodCash and cash equivalents at the end of theperiod5.0 49.778.2 5.0The cash flow statement (IFRS) for 2011 (2010) shows the changes in cash flows inaccordance with IAS, broken down by cash flows from operating activities, investingactivities, and financing activities. The cash flow statement has been prepared using the socalledindirect method. Cash and cash equivalents include bank balances.F-9