5. - Secil

3. Consolidated
Statement of Cashflow
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEARS ENDED 31 DECEMBER 2008 AND 2007
Amounts in Euro Notes 31/12/08 31/12/07
OPERATING ACTIVITIES
Received from customers 688 324 042 656 641 045
Payments to suppliers (443 653 875) (396 345 604)
Payments to employees (53 902 290) (61 776 373)
Cashflow generated from operations 190 767 877 198 519 068
(Payments)/ receipts of income tax (8 099 103 (519 633)
Other (payments)/ receipts from operating activities (69 979 564) (62 443 242)
Cashflows from operating activities (1) 112 689 210 135 556 193
INVESTING ACTIVITIES
Receipts relating to:
Financial investments 1 11 649 213
Property, plant and equipment 232 486 994 001
Interest and similar income 2 232 299 1 757 453
Dividends 854 177 1 084 688
3 318 963 15 485 355
Payments relating to:
Financial investments (4 057 099) (43 078 616)
Cash and cash equivalents from changes in consolidation scope 163 984 10 223 944
Property, plant and equipment (36 941 216) (40 454 029)
Interest and similar expenses (3 278 189) (58 960)
(44 112 520) (73 367 661)
Cashflows from investing activities (2) (40 793 557) (57 882 306)
FINANCING ACTIVITIES
Receipts relating to:
Borrowings 415 010 307 163 660 450
Interest and similar gains 661 535 -
415 671 842 163 660 450
Payments relating to:
Loans (457 496 942) (172 542 534)
Amortisation of financial leases (144 642) (320 966)
Interest and similar expenses (8 854 149) (10 612 741)
Dividends (41 671 767) (37 526 370)
(508 167 500) (221 002 611)
Cash flow from financing activities (3) (92 495 658) (57 342 161)
CHANGES IN CASH AND CASH EQUIVALENTS (1)+(2)+(3) 20 600 005 20 331 726
EXCHANGE DIFFERENCES IMPACT 462 220 (3 834 322)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 54 299 595 37 802 191
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 30 34 161 810 54 299 595