Statement of cash flows
| (€ million) |
Note |
2009 |
2008* |
| Cash flows from operating activities |
|
|
|
| Net result before tax |
|
-194.0 |
-261.3 |
| Adjustments for: |
|
|
|
| Share of result of equity accounted investments |
12 |
-3.1 |
81.4 |
| Net finance costs |
7 |
94.9 |
127.2 |
| Depreciation/Amortization |
|
11.6 |
12.0 |
| Unrealised valuation gains and losses |
|
382.7 |
336.6 |
| Realised gains and losses on disposals |
|
7.0 |
18.3 |
| Change receivables |
|
-5.8 |
45.0 |
| Change payables |
|
-40.2 |
-23.6 |
| Change in provisions and employee benefits |
|
-0.8 |
-0.5 |
| Finance income |
7 |
6.0 |
5.2 |
| Finance expense |
7 |
-100.9 |
-139.5 |
| Tax paid |
|
-2.8 |
-1.8 |
| Net cash from / (used in) operating activities |
|
154.6 |
199.0 |
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
| Proceeds from sale of investment property |
|
111.5 |
105.5 |
| Proceeds from sale of associate |
|
8.7 |
– |
| Proceeds from sale of discontinued operations |
|
– |
632.4 |
| Acquisition of investment property |
|
– |
-480.9 |
| Acquisition of consolidated subsidiaries, net of cash |
29 |
-102.9 |
-71.3 |
| Investment in investment property |
|
-35.6 |
-115.0 |
| Investment in other investments |
|
10.4 |
-68.8 |
| Investment in property under development |
11 |
-79.9 |
-152.6 |
| Investment in property, plant and equipment |
|
-4.7 |
-2.8 |
| Dividends received |
|
9.2 |
10.5 |
| Net cash used in investing activities |
|
-83.3 |
-143.0 |
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
| Proceeds from issue of share capital |
|
254.0 |
– |
| Proceeds from loans and borrowings |
|
476.2 |
678.0 |
| Repayments of loans and borrowings |
|
-616.1 |
-563.6 |
| Dividends paid |
19 |
-105.0 |
-172.3 |
| Net cash from / (used in) financing activities |
|
9.1 |
-57.9 |
|
|
|
|
|
| Net increase in cash and cash equivalents |
|
80.4 |
-1.9 |
| Cash and cash equivalents at 1 January |
|
10.8 |
12.7 |
| Cash and cash equivalents at 31 December |
18 |
91.2 |
10.8 |
Source: Annual Report 2009, Chapter Finacial Statements, page 88 (PDF, 240 kB)
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