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Consolidated cash flow statement

EUR 1,000 31 March 2014 31 March 2013 31 Dec 2013





Cash flows from operating activities


Profit/loss before non-recurring items 23,235 20,566 75,868
Adjustments:



Depreciation according to plan and impairment 12,679 13,068 53,700

Other income and expenses not including payments -688 -279 -576

Financial income and expenses 10,720 9,701 40,303

Other adjustments -1,771 -2,981 -8,739

Cash flow from operating activities before change in working capital 44,174 40,074 160,556





Change in working capital:



Change in sales receivables and other receivables 509 -512 1,180

Change in inventories 1,204 1,399 -632

Change in accounts payable and other liabilities -1,859 1,120 -2,690

Cash flow from operating activities before financial items, provisions and taxes 44,027 42,082 158,413






Interest paid and payments on other operational financial costs -11,287 -14,264 -46,754

Financial income from operating activities 361 264 2,294

Direct taxes paid -2,528 -1,606 -15,483
Cash flows from operating activities (A) 30,574 26,477 98,470





Cash flows from investing activities



Investments -32,297 -26,470 -208,196

Capital gains 1,898 1,126 16,816

Change in granted long-term loans 20
20

Interest and dividends received on investments 607 136 650
Cash flows from investing activities (B) -29,771 -25,209 -190,709





Cash flows from financing activities



Change in long-term loans 46,334 -3,456 123,177

Change in short-term loans -9,703 7,000 5,849

Financial securities -422 6,351 -8,662

Dividends paid

-14,805
Cash flows from financing activities (C) 36,209 9,895 105,559





Change in cash and cash equivalents (A+B+C) 37,011 11,163 13,319





Cash and cash equivalents at beginning of period 142,283 128,963 128,963
Cash and cash equivalents at end of period 179,294 140,127 142,283





Cash and cash equivalents include bank accounts, liquid deposit notes and certificates of deposit.