SECTION 1 -

Historical Combined Cash Flows Statements
New Services: Historical Combined Financial Statements and Notes
December, 31, 2009
(in € millions) Notes 2007 2008 2009
+ EBITDA 5 355 404 368
- Net financial expenses 8 (1) (10) (20)
- Income tax paid (108) (109) (98)
- Elimination of non-cash revenue and expenses included in EBITDA 2 9 3
- Elimination of provision movements included in net financial expense, income tax expense and
non-recurring taxes
(11) (18) (1)
= Funds from ordinary activities 23 237 276 252
+ Decrease (increase) in working capital 24.1 189 154 111
+ Recurring decrease (increase) in restricted cash 24.2 (19) (49) (13)
= Net cash from operating activities 407 381 350
+ Non-recurring gains (losses) (including restructuring costs and tax on non-recurring items) (5) (17) (32)
+ Non-recurring decrease (increase) in restricted cash (*) 24.2 -
- (114)
= Net cash from (used in) operating activities including non-recurring transactions (A) 402 364 204
- Recurring expenditure (18) (24) (30)
- Development expenditure (125) (23) (41)
+ Proceeds from disposals of assets 8 2 17
= Net cash from (used in) investing activities (B) (135) (45) (54)
+ Minority interests in share issues by subsidiaries 4 (1) 7
- Dividends paid (149) (176) (165)
- Repayment of long-term debt (1) (0) (1)
+ Proceeds from issue of long-term debt 1 3 1
= Increase (Decrease) in long-term debt -
3 -
+ Increase (Decrease) in short-term debt (213) 118 341
+ Technical demerger impact 273 (5) (4)
+ Impact on equity of transfers between the Hospitality and New Services businesses (80) (240) (367)
+ Impact on short-term debt of transfers between the Hospitality and New Services businesses 16 (11) 166
= Impact of the demerger and inter-business transfers 209 (256) (205)
= Net cash from (used in) financing activities (C) (149) (312) (22)
- Effect of changes in foreign exchange rates (D) (40) (19) (38)
= Net increase (decrease) in cash and cash equivalents (E) = (A) + (B) + (C) + (D) 20 78 (12) 90
+ Cash and cash equivalents at beginning of period 598 676 664
- Cash and cash equivalents at end of period 676 664 754
= Net change in cash and cash equivalents 20 78 (12) 90
(*) Reclassification from cash and cash equivalents to restricted cash
160