6 - Vicat

20Financial information concerning the asset base,the financial condition and the results of the issuer20.2. HISTORICAL FINANCIAL INFORMATIONCONSOLIDATED STATEMENT OF CASH FLOWS(in thousands of euros) Notes 2009 2008Cash flows from operating activitiesNet income 233,569 273,011Earnings from associated companies (1,021) (338)Dividends received from associated companies 135 936Elimination of non-cash and non-operating items :- depreciation, amortization and provisions 164,658 122,915- deferred taxes (5,962) 14,170- net (gain) loss from disposal of assets (1,312) (9,262)- unrealized fair value gains and losses (2,671) 740- other (28) (263)Cash flows from operating activities 387,368 401,909Change in working capital from operating activities - net (4,260) (17,411)Net cash flows from operating activities (1) 27 383,108 384,498Cash flows from investing activitiesAcquisitions of fixed assets :- property, plant and equipment and intangible assets (270,221) (395,187)- financial investments (14,455) (28,922)Disposals of fixed assets :- property, plant and equipment and intangible assets 6,082 15,871- financial investments 2,325 10,571Impact of changes in consolidation scope (3,463) (65,990)Net cash flows from investing activities 28 (279,732) (463,657)Cash flows from financing activitiesDividends paid (88,945) (70,699)Increases in capital 5,504 6,236Increases in borrowings 148,372 261,628Redemptions of borrowings (56,724) (100,189)Acquisitions of treasury shares (9,029) (17,461)Disposals of treasury shares 20,172 24,847Net cash flows from financing activities 19,350 104,362Impact of changes in foreign exchange rates (4,753) 200Change in cash position 117,973 25,403Net cash – opening balance 29 95,038 69,635Net cash – closing balance 29 213,011 95,038(1)including cash flows from income taxes : (51,898) thousand euros in 2009 and (50,310) thousand euros in 2008.including cash flows from interests paid and received : (15,556) thousand euros in 2009 and (22,934) thousand euros in 2008.132 VICAT - 2009 registration document