Consolidated cash flow statement*
| (€ million) |
Note |
|
2008 |
|
2007 |
| Operating activities |
|
|
|
|
|
| Net result before tax |
|
-261.3 |
|
833.7 |
|
| Share of results of associates |
12 |
81.4 |
|
-91.1 |
|
| Net finance expense |
7 |
127.2 |
|
98.8 |
|
| Unrealised valuation gains and losses |
|
336.6 |
|
-543.9 |
|
| Realised gains and losses on disposals |
|
18.3 |
|
-8.6 |
|
| Depreciation |
|
12.0 |
|
3.4 |
|
| Movement in receivables |
|
45.0 |
|
25.3 |
|
| Movement in payables |
|
-23.6 |
|
10.8 |
|
| Movements in provisions |
|
-0.5 |
|
0.1 |
|
| Cash flow from operations |
|
|
335.1 |
|
328.5 |
|
|
|
|
|
|
| Finance expense |
7 |
-139.5 |
|
-102.1 |
|
| Finance income |
7 |
5.2 |
|
3.3 |
|
| Tax paid |
|
-1.8 |
|
-1.8 |
|
| Subtotal |
|
|
-136.1 |
|
-100.6 |
| Cash flow from operating activities |
|
|
199.0 |
|
227.9 |
|
|
|
|
|
|
| Investing activities |
|
|
|
|
|
| Proceeds from sale of investment property |
|
105.5 |
|
63.6 |
|
| Proceeds from sale of discontinued operations |
|
632.4 |
|
– |
|
| Acquisition of investment property |
|
-543.0 |
|
-96.7 |
|
| Investment in investment property |
|
-115.0 |
|
-84.8 |
|
| Investment in other investments of a non-current nature |
13 |
-68.8 |
|
-55.0 |
|
| Investment in investment property under development |
11 |
-155.6 |
|
-108.4 |
|
| Investment in property, plant and equipment |
15 |
-2.8 |
|
-1.2 |
|
| Investment in subsidiaries and associates |
|
-6.2 |
|
-106.9 |
|
| Dividends received |
|
10.5 |
|
16.4 |
|
| Cash flow from investing activities |
|
|
-143.0 |
|
-373.0 |
|
|
|
|
|
|
| Financing activities |
|
|
|
|
|
| Proceeds from loans and borrowings |
|
678.0 |
|
1,294.3 |
|
| Repayments of loans and borrowings |
|
-563.6 |
|
-972.0 |
|
| Dividends paid |
19 |
-172.3 |
|
-167.6 |
|
| Cash flow from financing activities |
|
|
-57.9 |
|
154.7 |
|
|
|
|
|
|
| Net movement in cash and cash equivalents |
|
|
-1.9 |
|
9.6 |
| Cash and cash equivalents as at 1 January |
|
|
12.7 |
|
3.1 |
| Cash and cash equivalents as at 31 December |
18 |
|
10.8 |
|
12.7 |
Source: Annual Report 2008, Chapter Financial Statements, page 153 (PDF, 179 kB)
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