SECTION 1 -

B. At December 31, 2008
(in € millions)
New Services: Pro forma Financial Statements and Notes
December, 31, 2009
+ EBITDA 404 (8) 396
- Net financial expenses (10) (77) (87)
- Income tax paid (109) 26 (83)
- Elimination of non-cash revenue and expenses included in EBITDA 9 -
9
- Elimination of provision movements included in net financial expense, income tax expense and nonrecurring
taxes
(18) -
(18)
= Funds from ordinary activities 276 (59) 217
+ Decrease (increase) in working capital 154 - 154
+ Recurring decrease (increase) in restricted cash (49) - (49)
= Net cash from operating activities 381 (59) 322
+ Non-recurring gains (losses) (including restructuring costs and tax on non-recurring items) (17) -
+ Non-recurring decrease (increase) in restricted cash (*) -
-
= Net cash from (used in) operating activities including non-recurring transactions (A) 364 (59) 305
- Recurring expenditure (24) -
- Development expenditure (23) -
+ Proceeds from disposals of assets 2 -
= Net cash from (used in) investing activities (B) (45) - (45)
+ Minority interests in share issues by subsidiaries (1) -
(1)
- Dividends paid (176) 1 (175)
- Repayment of long-term debt -
-
+ Proceeds from issue of long-term debt 3 -
= Increase (Decrease) in long-term debt 3 -
+ Increase (Decrease) in short-term debt 118 -
+ Technical demerger impact (5) -
(5)
+ Impact on equity of transfers between the Hospitality and New Services businesses (240) 367 127
+ Impact on short-term debt of transfers between the Hospitality and New Services businesses (11) (193) (204)
= Impact of the demerger and inter-business transfers (256) 174 (82)
= Net cash from (used in) financing activities (C) (312) 195 (117)
- Effect of changes in foreign exchange rates (D) (19) (4) (23)
= Net increase (decrease) in cash and cash equivalents (E) = (A) + (B) + (C) + (D) (12) 112 100
+ Cash and cash equivalents at beginning of period 676 436 1 112
- Cash and cash equivalents at end of period 664 548 1 212
= Net change in cash and cash equivalents (12) 112 100
(*) Reclassification from cash and cash equivalents to restricted cash
256
Historical
Combined
Statement of
Cash Flows
2008
Pro forma
Adjustments
Pro forma
Statement of
Cash Flows
2008
(17)
-
(24)
(23)
2
-
3
3
118