Ordina : Consolidated cash flow statement

Consolidated cash flow statement

	Notes	2008	2007
Cash flows from operating activities
Profit for the year		-81,134	30,394
Adjustments for
Finance costs - net		5,446	4,668
Result on disposed subsidiaries		17,575	-
Share of profit of associates		-133	-76
Taxes		-18,817	10,762
		4,071	15,354
Operating profit		-77,063	45,748
Adjustments for
Amortisation	7	24,572	21,280
Depreciation	8	11,099	9,597
Impairment	7/8	72,543	-
Share-based payment		-525	704
		107,689	31,581
Operating profit before changes in working capital and provisions		30,626	77,329

Movements in receivables		-3,283	-18,788
Movements in inventories and work in progress		-	103
Movements in current liabilities		-19,276	21,206
Movements in provisions		322	-2,214
		-22,237	307
Cash generated from operations		8,389	77,636

Interest paid		-5,769	-4,261
Income taxes received		6,135	1,217

Net cash from operating activities		8,755	74,592
(in euro thousands)

	Notes	2008	2007
Cash flows from investing activities
Acquisition of subsidiaries	32	-10,128	-34,116
Divestment of subsidiaries	32	24,959	406
Purchases of intangible assets	7	-35,004	-30,549
Purchases of property, plant and equipment	8	-5,449	-13,145
Proceeds from sale of intangible assets	7	130	48
Proceeds from sale of property, plant and equipment	8	215	826
Investments in associates	9	-125	-
Dividends received from associates	9	172	52
Divestment of associates	9	13	-

Net cash used in investing activities		-25,217	-76,478
Cash flows from financing activities
Proceeds from issue of ordinary shares	14/15	156	3,586
Drawing/repayment of borrowings	16	-10,000	-
Dividends paid to shareholders	15	-8,250	-8,210

Net cash used in financing activities		-18,094	-4,624

Net decrease in cash and cash equivalents		-34,556	-6,510
(in euro thousands)

	2008	2007

Net decrease in cash and cash equivalents	-34,556	-6,510
Cash and cash equivalents at beginning of the year	-11,723	-5,213

Cash and cash equivalents at end of the year	-46,279	-11,723
(in euro thousands)