Consolidated statement of cash flows
Statement of cash flows for the period from January 1 to December 31, 2009
| All figures in €’000 | 2009 | 2008* | |
|---|---|---|---|
| * Previous year’s values adjusted. The adjustments are disclosed in note 3. | |||
| Net profit (total) | 24,185 | 24,593 | |
| Write-downs / impairments / reversal of impairments on intangible assets and property, plant and equipment | 18,229 | 21,170 | |
| Depreciation and impairments on financial investments | 949 | 2,194 | |
| Allowances for bad debts | 5,971 | 5,901 | |
| Increase / decrease of provisions | 121 | 9,305 | |
| Adjustments from income taxes, interest and other non-cash transactions | 15,978 | 56,514 | |
| Gain / loss from the disposal of intangible assets and property, plant and equipment | 771 | 726 | |
| Gain / loss from the disposal of financial investments | – 1,374 | 636 | |
| Increase / decrease of receivables from / liabilities due to banks from the banking business | 103,130 | – 4,070 | |
| Increase / decrease of receivables from / liabilities due to bank clients | – 72,292 | 34,591 | |
| Increase / decrease of other assets | 7,763 | – 1,871 | |
| Increase / decrease of other liabilities and shareholders’ equity | – 28,670 | – 45,430 | |
| Gains from the disposal of subsidiaries | 3,361 | 0 | |
| Income taxes paid | – 19,705 | – 35,274 | |
| Interest and dividends received | 37,628 | 45,921 | |
| Interest paid | – 18,711 | – 33,909 | |
| Cash flow from operating activities | 77,334 | 80,997 | |
| of which from discontinued operations | 982 | 462 | |
| Proceeds from disposal of intangible assets and property, plant and equipment | 505 | 327 | |
| Payments for intangible assets and property, plant and equipment | – 4,085 | – 11,432 | |
| Proceeds from disposal of financial investments | 169,574 | 42,273 | |
| Payments for purchases of financial investments | – 112,381 | – 161,812 | |
| Payments for the acquisition of shares in associates | - | – 173 | |
| Proceeds from the disposal of subsidiaries | 1 | - | |
| Payments for the disposal of subsidiaries | – 4,882 | – 7,742 | |
| Payments for the acquisition of subsidiaries | –10,561 | – 5,572 | |
| Cash flow from investing activities | 38,169 | – 144,131 | |
| of which from discontinued operations | – 4,924 | – 8,243 | |
| Proceeds from transfer to equity | 117 | 125,077 | |
| Payments to company owners and minority shareholders | – 30,201 | – 48,996 | |
| Payments for the acquisition of treasury stock | – | – 11,455 | |
| Payments for the repayment of bonds and redemption of loans | – 242 | – 155 | |
| Cash flow from financing activities | – 30,326 | 64,471 | |
| of which from discontinued operations | – | – | |
| Change in cash and cash equivalents | 85,177 | 1,337 | |
| Cash and cash equivalents at beginning of period | 38,447 | 37,110 | |
| Cash and cash equivalents at end of period | 123,624 | 38,447 | |
| Composition of cash and cash equivalents | |||
| Cash and cash equivalents | 54,968 | 38,470 | |
| Loans < 3 months | 70,000 | – | |
| Liabilities to banks due on demand | – 1,343 | – 23 | |
| Cash and cash equivalents at end of period | 123,624 | 38,447 | |
The notes on the consolidated cash flow statement appear in note 31.