 |
|
|
|
|
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 |
|
|
|
|
