CROIssANCE dURAbLE - Euronav.com

consolidated financial statements for the year ended 31 december 2008
consolidated statement of cash flows (in thousands of USD) note 31.12.2008 31.12.2007
net cash and cash eQuivalents at the beginning of the period -48,379 63,239
48 euronav
annual
report 2008
Result before income tax - 404,982 102,545
Adjustments for non-cash transactions - 166,732 146,220
Adjustments for items disclosed under investing or financing activities - -25,489 34,114
Changes in working capital requirements - 62,585 -856
Income taxes paid during the period - -1,260 -967
Interest paid - -44,876 -86,127
Interest received - 1,864 3,445
Dividends received - 821 -
cash flows from operating activities 565,359 198,374
Purchase of vessels - -459,703 -150,479
Proceeds from the sale of vessels - 223,499 118,444
Purchase of other (in)tangible assets - -430 -306
Proceeds from the sale of other (in)tangible assets - 39 33
Investment in securities - -56,773 -
Proceeds from the sale of securities - 17,275 -
Loans to related parties - -683 -
Repayment of loans to related parties - 171 -
Proceeds of disposals of subsidiaries & joint ventures net of cash disposed
and of associates
- - -
Purchase of subsidiaries, joint ventures & associates net of cash acquired - - -
cash flows from investing activities -276,605 -32,308
Proceeds from issue of share capital - - -
Purchase / sale of treasury shares - -48,757 -21,603
Proceeds from New long-term borrowings - 332,025 93,760
Repayment of long-term borrowings - -178,230 -223,659
Proceeds from loans from related parties - - -
Repayment of loans from related parties - - -
Dividends paid - -139,427 -119,021
cash flows from financing activities -34,389 -270,523
effect of changes in exchange rates 277 -7,161
net cash and cash eQuivalents at the end of the period 15 206,263 -48,379