Annual Report

Astarta Holding N.V.Consolidated financial statements as at and for the year ended 31 December 2011CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER(in thousands of Euros) 2011 2010Operating activitiesProfit before tax 89,996 79,626Adjustments for:Depreciation and amortization 17,474 13,198Allowance for impairement of trade and other accounts receivable 18 1,424 807Gain on acquisition of subsidiaries 4 (12,582) (4,016)(Gain) loss on sales of property, plant and equipment 28 (135) 471Write down of inventories 25 626 465Finance income 27 (2,461) (83)Interest expense 27 15,226 8,400Gain from changes in fair value of biological assets 26 (1,826) (12,040)Gain (loss) arising from remeasurement of agricultural produce to fairvalue 21 (10,767) 177Loss from promissory note transactions 27 243 873Recovery of assets previously written off 28 (548) (325)Non-controlling interests of limited liability company subsidiaries 27 2,657 2,221Forex loss (gain) on loans and borrowings 423 (692)Working capital adjustments:Increase in inventories (60,049) (42,700)Increase in trade and other receivables (17,183) (7,648)Decrease (increase) in biological assets due to other changes 1,748 (4,533)Decrease in trade and other payables (5,393) (1,945)Income taxes paid (285) (95)Interest paid (11,661) (6,956)Cash flows provided by operating activities 6,927 25,205Investing activitiesPurchase of property, plant and equipment, intangible assets and othernon-current assets (58,211) (33,771)Proceeds from sales of property, plant and equipment 223 14Sale (purchase) of long-term investments (1,355) (1,271)Sale of promissory notes available-for-sale - (1,129)Interest received 27 2,155 83Acquisition of subsidiaries, net of cash acquired (5,394) (2,891)Deposits placement (28,224) (1,037)Cash flows used in investing activities (90,837) (40,002)The consolidated statement of cash flows is to be read in conjunction with the notes to and formingpart of the consolidated financial statements set out on pages 75 to 146.69