FINANCIAL STATEMENTS <strong>2004</strong>Consolidated statements of cashflow(x EUR 1,000)BREEVAST <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>2004</strong>26CASH FLOW FROM INVESTMENT ACTIVITIESNet profitDepreciation of other tangible fixed assetsUnrealized changes in value on investmentsResult of subsidiariesMovement in receivables and other financial fixed assetsChange in minority interestMovement in other current liabilitiesMovement in provisionsInvestments in properties, inventory and projectsInvestments in other tangible fixed assetsDisinvestments in investmentsDisinvestments in other tangible fixed assetsDividend receivedCASH FLOW FROM FINANCIAL ACTIVITIESDividend paidPayments to short-term financiersRepayment of short-term financeReceived from long-term liabilitiesRepayment of long-term liabilitiesINCREASED / (DECREASED) CASH<strong>2004</strong>26,271240(27,352)(7,871)9791,60924,00916,444(140,439)(249)146,7699201,79943,129--(47,772)115,633(101,733)(33,872)9,257200327,585242(12,205)(6,640)59,786943(12,852)(122)(179,507)(1,324)70,243-250(53,601)(296)26,646(487)163,901(127,292)62,4728,871
FINANCIAL STATEMENTS <strong>2004</strong>Notes to the consolidated balance sheet(x EUR 1,000)1. INVESTMENTS<strong>2004</strong>2003BREEVAST <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>2004</strong>27Properties under managementThe movements are as follows:Balance as of January 1AcquisitionsIncrease due to consolidationInvestments(To)/from properties under developmentDisinvestmentsUnrealized changes in valueExchange rate differencesNet book value as of December 31723,39753,709-1,266(8,401)(111,009)11,004(1,833)668,133654,93245,04892,2151,8271,519(69,170)14,653(17,627)723,397With respect to several investment properties, <strong>Breevast</strong> has a combined book value of EUR 62.1 million (2003: EUR 85.5 million)long leaseholds. The acquisitions item includes an unconditional purchase commitment for a property valued at EUR 21.2 million.The geographical spread of the properties under management is: The Netherlands EUR 592 million (2003: EUR 575 million);the United States EUR 20 million (2003: EUR 53 million) and Belgium EUR 56 million (2003: EUR 95 million).Properties under developmentThe movements are as follows:Balance as of January 1Increase due to consolidationInvestmentsFrom/(to) properties under managementDisinvestmentsUnrealized changes in valueExchange rate differencesNet book value as of December 31<strong>2004</strong>26,27252,32431,1588,401(17,320)16,218(1,755)115,298200313,7056,61112,032(1,519)(1,072)(2,060)(1,425)26,272Properties under development includes the ASM site in Arnhem located in the washlands of the Rhine. The company is neitherthe economic nor the legal owner, and therefore not liable for the soil contamination that has been discovered. In 2001, a requestfor compensation for loss was directed to the Netherlands Department of Housing, Regional Development and the Environmentas a result of the policy relating to river-related claims, whereby housing is no longer permitted at this ‘Vinex’ urban expansionlocation. During the year under review, the Committee charged with the policy relating to river-related claims advised the Ministerfor Housing, Regional Development and the Environment not to honor the request and it was subsequently rejected by theMinister. A notice of objection was then lodged against this rejection; this was taken up by the Department of Housing,Regional Development and the Environment at the end of <strong>2004</strong>. The geographical spread of the properties under development is:The Netherlands EUR 21 million (2003: EUR 16 million); the United States EUR 76 million (2003: EUR 1 million); Belgium EUR16 million (2003: EUR 7 million) and Curacao EUR 2 million (2003: EUR 2 million). The unrealized changes in valuerelate to three projects in the United States that will be sold or developed in 2005.
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