Consolidated Cash Flow Statement

from 1 January to 31 December 2008 (2007)

in th. euros   Notes     2008   2007
Cash flow from operating activities              
Earnings before taxes         61,533   59,006
Adjustment for non-cash income/expenses              
Financial earnings         - 1,304   - 753
Depreciation and amortisation in intangible assets and property, plant and equipment         13,910   13,501
Losses (+)/Gains (-) on disposals of intangible assets and property, plant and equipment         241   - 132
Gain from sale of non-current assets held for sale         0   - 1,936
Other non-cash income/expenses         - 583   55
Changes in net assets              
Changes inventories         - 3,867   - 6,125
Changes trade receivables         6,859   - 5,130
Changes trade payables         - 7,976   - 619
Changes accruals and deferrals         517   - 563
Changes other net assets         - 2,320   1,633
Cash flow from ordinary operations         67,010   58,937
Income taxes paid         - 17,069   - 16,944
Net cash from operating activities   (23)     49,941   41,993
               
Cash flow from investing activities              
Cash paid for the acquisition of consolidated entities less cash acquired         - 9,367   - 7,721
Cash received from the sale of consolidated companies less cash sold         963   0
Cash paid for investments in intangible assets and property, plant and equipment         - 13,683   - 10,285
Cash received from sale of intangible assets and property, plant and equipment         398   1,844
Cash paid for investments in securities and non-current assets         0   - 8
Cash received for investments in securities and non-current assets         1,632   747
Cash received from the sale of non-current assets held for sale         0   4,680
Interest payments received         1,983   1,243
Net cash used in investing activities   (24)     - 18,074   - 9,500
               
Cash flow from financing activities              
Cash received from finance liablilites         10,590   682
Cash paid for finance liablilites         -5,458   -5,745
Cash paid for the purchase of treasury shares         -2,247   0
Dividends paid         -12,720   -10,600
Interest paid         - 301   - 482
Net cash used for financing activities   (25)     - 10,136   - 16,145
               
Exchange-rate-related changes in cash and cash equivalents         3,269   - 758
Changes in cash and cash equivalents         25,000   15,590
Cash and cash equivalents at the beginning of the period         52,300   36,710
Cash and cash equivalents at the end of the period         77,300   52,300
The prior year figures have been adjusted, cf. Notes, section II, “Restatement of prior year values”