2004
(€ thousand)

2003
(€ thousand)
 






 
Earnings after taxes

26,427
19,375  
Depreciation of property, plant and equipment
14
13  
Changes in value of investment property in accordance with IAS 40
-9,422
-11,488  
Changes in value of financial instruments in accordance with IAS 39
-2,398
-1,622  
Investments during the financial year
3,802
7,560  
Gains/losses on the disposal of non-current assets
-4,825
0  
Increase in deferred taxes
8,090
6,983  
Operating Cash Flow

21,688
20,821  
Changes in receivables
5,630
-2,745  
Changes in current provisions
13,475
-1,652  
Changes in liabilities
-3,763
-1,130  
Cash Flow from operating activities

37,030
15,294  
Proceeds from the disposal of property, plant and equipment
62,000
0  
Payments to acquire property, plant and equipment and intangible assets
-157,926
-56,972  
Payments to acquire non-current financial assets
21,761
-22,217  
Cash Flow from investing activitest

-74,165
-79,189  
Changes in interest-bearing financial liabilities
122,839
16,096  
Payments to owners
-36,031
-32,299  
Cash Flow from investing activites

86,808
-16,203  
Net change in cash and cash equivalents

49,673
-80,098  
Cash and cash equivalents at beginning of period

101,988
168,718  
Changes in consolidated Group

-1,386
13,368  
Cash and cash equivalents at end of period

150,275
101,988  

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