CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1 000)
Statement of cash flows for financial years 1.1. – 31.12.2007 and 1.1. – 31.12.2006
(See Annual Report for more details)
|
2008 |
2007 |
2006 |
| Cash flows from operations |
| Profit |
-9,929 |
3,162 |
6,289 |
| Adjustments: |
| Depreciation |
8,622 |
2,402 |
871 |
| Financial income and expenses |
4,116 |
2,747 |
793 |
| Gain (+) and loss (-) on sale of fixed assets |
-690 |
- |
- |
| Other adjustments |
173 |
1,756 |
-361 |
| Change in working capital: |
| Change in long-term receivables |
2,732 |
-2,540 |
-102 |
| Change in inventories |
2,799 |
164 |
9,308 |
| Change in short-term liabilities |
-2,026 |
1,888 |
-1,180 |
| Change in marketable securities |
0 |
0 |
0 |
| Interests paid |
-3,104 |
-3,080 |
-3,548 |
| Interest income received |
58 |
193 |
305 |
| Taxes paid |
-387 |
173 |
-145 |
| Net cash flow from operations |
1,937 |
3,573 |
12,665 |
| |
| Cash flows from investment activities |
| Acquisition of subsidiary companies (net of cash acquired) |
-736 |
-4,645 |
-22,325 |
| Investments in tangible and intangible assets |
-4,505 |
-2,697 |
-51 |
| Proceeds from sale of tangible and intangible assets |
985 |
6,818 |
1,494 |
| Repayments on loan receivables |
65 |
-650 |
2 |
| Net cash flow from investments |
-4,191 |
-2,674 |
-20,880 |
| |
| Cash flows from financing activities |
| Share issue |
3,100 |
0 |
12,644 |
| Long-term loans, increase |
0 |
12,229 |
13,859 |
| Long-term loans, decrease |
-2,000 |
-5,098 |
-34,836 |
| Purchase and sales of own shares |
0 |
0 |
64 |
| Short-term loans, net change |
2,325 |
-13,732 |
12,357 |
| Dividends paid |
-1,648 |
-1,477 |
-3,286 |
| Net cash flow from financing |
1,777 |
-8,323 |
802 |
| |
| Change in financial resources |
|
|
|
| Liquid assets, 1 January |
-477 |
-5,465 |
-7,413 |
| Liquid assets, 31 December |
2,852 |
8,323 |
15,736 |
| Liquid assets, 31 December |
2,188 |
2,852 |
8,323 |