CONSOLIDATED STATEMENT OF CASH FLOWS
|
X € 1,000
|
NOTE
|
|
2011
|
|
2010
|
|
Profit for the period
|
|
|
75,714
|
|
78,358
|
|
|
|
|
|
|
|
|
Adjustments for:
|
|
|
|
|
|
|
Net finance costs
|
|
11,328
|
|
13,462
|
|
|
Share of profit of associates
|
|
– 984
|
|
– 1,099
|
|
|
Income tax expense
|
|
25,020
|
|
23,814
|
|
|
Depreciation of non-current assets
|
|
20,681
|
|
19,442
|
|
|
Amortisation of intangible assets
|
|
17,257
|
|
12,825
|
|
|
Impairment of non-current assets
|
|
–
|
|
3,547
|
|
|
Book gain on sale of group companies
|
|
– 178
|
|
– 460
|
|
|
Book gain on sale of non-current assets
|
|
– 118
|
|
– 4,668
|
|
|
Profit on investments
|
|
–
|
|
– 2,568
|
|
|
|
|
|
|
|
|
|
Movements
|
|
|
|
|
|
|
Movements in provisions
|
|
|
– 5,739
|
|
– 857
|
|
Movements in inventories
|
|
– 1,886
|
|
– 1,651
|
|
|
Movements in current receivables
|
|
– 42,557
|
|
– 6,348
|
|
|
Movements in current liabilities
|
|
24,555
|
|
4,531
|
|
|
Operating cash flow
|
|
|
123,093
|
|
138,328
|
|
|
|
|
|
|
|
|
Finance cost paid
|
|
|
– 12,994
|
|
– 13,463
|
|
Tax paid on operating result
|
|
|
– 15,376
|
|
– 42,089
|
|
Cash flows from operating activities
|
|
|
94,723
|
|
82,776
|
|
|
|
|
|
|
|
|
Additions to non-current assets
|
|
– 23,195
|
|
– 20,619
|
|
|
Acquisitions less cash and cash equivalents
|
|
– 153,776
|
|
– 90,413
|
|
|
Finance income received
|
|
|
915
|
|
1,355
|
|
Dividends received
|
|
584
|
|
1,920
|
|
|
Sale of group companies
|
|
–
|
|
460
|
|
|
Disposals of non-current assets
|
|
|
5,456
|
|
41,779
|
|
Loans granted
|
|
– 259
|
|
– 735
|
|
|
Payments received on loans
|
|
2,105
|
|
2,574
|
|
|
Cash flows from investing activities
|
|
|
– 168,170
|
|
– 63,679
|
|
|
|
|
|
|
|
|
Purchase of own shares
|
|
|
– 5,574
|
|
–
|
|
Dividends paid
|
|
|
– 15,499
|
|
– 15,754
|
|
Proceeds from borrowings
|
|
|
128,011
|
|
40,000
|
|
Repayments of borrowings
|
|
|
– 31,419
|
|
– 85,217
|
|
Movements in non-controlling interests
|
|
|
– 1,845
|
|
595
|
|
Cash flows from financing activities
|
|
|
73,674
|
|
– 60,376
|
|
|
|
|
|
|
|
|
Net cash flow
|
|
|
227
|
|
– 41,279
|
|
X € 1,000
|
2011
|
|
2010
|
|
Reconciliation with the balance sheet:
|
|
|
|
|
|
|
|
|
|
Net cash flow
|
227
|
|
– 41,279
|
|
Foreign currency translation differences in net cash or cash equivalents
|
– 3
|
|
7
|
|
Subtotal
|
224
|
|
– 41,272
|
|
|
|
|
|
|
Net cash or cash equivalents at beginning of period
|
|
|
|
|
Cash and cash equivalents
|
67,196
|
|
109,737
|
|
Credit institutions
|
– 462
|
|
– 1,731
|
|
|
66,734
|
|
108,006
|
|
|
|
|
|
|
Net cash or cash equivalents at end of period
|
|
|
|
|
Cash and cash equivalents
|
67,155
|
|
67,196
|
|
Credit institutions
|
– 197
|
|
– 462
|
|
|
66,958
|
|
66,734
|
|
|
|
|
|
|
Movement in net cash or cash equivalents in the balance sheet
|
224
|
|
– 41,272
|
