Cash flow statement

Consolidated statement of cash flows 2003
EUR x 1,000	2003	2002
Result after taxation	34,144	32,102
Amortisation of intangible fixed assets	1,367	826
Depreciation of tangible fixed assets	38,885	44,711
Change in provisions	(2,794)	1,762
Change in working capital	6,816	42,521
Share of third parties in group result after taxation	330	459
Net cash flow from operational activities	78,748	122,381

Net investments in group companies	(17,322)	(6,276)
Investments in tangible fixed assets	(35,904)	(23,195)
Disposals of tangible fixed assets	2,746	4,801
Net investments in financial fixed assets	(800)	(9,407)
Net cash flow from investment activities	(51,280)	(34,077)

Purchase of treasury shares	(5,505)
Dividend paid by Gamma Holding N.V.	(13,617)	(12,114)
Dividend paid by group companies to third parties	(371)	(382)
Proceeds from long-term loans		282,285
Repayments on long-term loans	(19,213)	(138,590)
Change in current interest-bearing liabilities	8,208	(215,607)
Net cash flow from financing activities	(30,498)	(84,408)

Exchange rate differences on cash and banks	(1,513)	(1,434)

Net cash flow	(4,543)	2,462