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Wavin Annual Report 2010 | page 78Consolidatedstatement ofcash fl owsFOR THE YEAR ENDED 31 DECEMBER(€ X 1,000)NOTE 2010 2009Profit for the period 7,100 1,819Adjustments to reconcile to cash fl ow from operatingactivitiesDepreciation and amortisation 17,18 60,026 62,949Share-based payment and Long Term Incentive Plan 28 182 174Net fi nance costs 13 34,139 35,367Profi t on sale of property, plant & equipment and intangiblefi xed assets (655) (2,218)Share in profi t of associates 19 (2,196) (3,073)Income tax expense (benefi t) 15 (1,100) (1,218)Operating profit before changes in working capitaland provisions 97,496 93,800Changes in other receivables and other payables (6,191) (9,643)Changes in working capital (33,962) 4,863Changes in provisions and employee benefi ts 1,934 (2,184)Cash generated from operations 59,277 86,836Interest paid (29,802) (24,454)Income taxes paid (3,057) (7,242)Net cash from operating activities 26,418 55,140Investments in property, plant & equipment paid (36,022) (35,296)Investments in intangible assets paid (7,168) (5,340)Proceeds from sold property, plant & equipmentand intangible assets 5,622 2,965Dividends received from associates 3,075 4,982Acquisitions of consolidated companies,net of cash acquired 142 (233)Net cash used in investing activities (34,351) (32,922)Treasury shares purchased (777) –Treasury shares issued 351 206New/(repayment of) interest-bearing loans and borrowings 4,094 (219,499)Repayment of credit facility – (4,499)Shares issued – 227,504Costs of shares issued – (15,213)Dividends paid to shareholders 25 – (2,120)Dividends paid to non-controlling interest (489) (57)Net cash used in financing activities 3,179 (13,678)Net increase of cash and cash equivalents (4,754) 8,540Cash and cash equivalents at 1 January 24 58,626 48,847Effect of exchange rate fl uctuations on cash held 1,876 1,239Cash and cash equivalents at 31 December 24 55,748 58,626The notes on page 79 to 128 are an integral part of these consolidated fi nancial statements.