Ordina - Financial statements - Consolidated cash flow statement

Consolidated cash flow statement

	Notes	2007	2006
Cash flows from operating activities
Profit for the year		30,394	25,828
Adjustments for:
Finance costs -net		4,668	2,299
Share of profit of associates		-76	-5
Taxes		10,762	9,529
		15,354	11,823
Operating profit		45,748	37,651
Adjustments for:
Amortisation	7	21,280	13,243
Depreciation	8	9,597	8,648
Share-based payment		704	829
		31,581	22,720
Operating profit before changes in working capital and provisions		77,329	60,371

Movements in receivables		-18,788	-541
Movements in inventories and work in progress		103	-47
Movements in current liabilities		21,206	-9,207
Movements in provisions		-2,214	-8,221
		307	-18,016
Cash generated from operations		77,636	42,355

Interest paid		-4,261	-1,637
Income taxes paid		1,217	-6,606

Net cash from operating activities		74,592	34,112
Cash flows from investing activities
Acquisition of subsidiaries	32	-34,116	-82,717
Divestment of subsidiaries/activities		406	3,082
Purchases of intangible assets	7	-30,549	-10,459
Purchases of property, plant and equipment	8	-13,145	-12,588
Proceeds from sale of intangible assets	7	48	50
Proceeds from sale of property, plant and equipment	8	826	5,554
Dividends received from associates	9	52	11

Net cash used in investing activities		-76,478	-97,067
Cash flows from financing activities
Proceeds from issue of ordinary shares	16/17	3,586	3,284
Drawing/repayment of borrowings	18	-	44,619
Dividends paid to shareholders	17	-8,210	-7,505

Net cash used in financing activities		-4,624	40,398

Net decrease in cash and cash equivalents		-6,510	-22,557

	2007	2006

Net decrease in cash and cash equivalents	-6,510	-22,557
Cash and cash equivalents at beginning of year	-5,213	17,344

Cash and cash equivalents at end of year	-11,723	-5,213
(in euro thousands)