Cash flow statement

Consolidated statement of cash flows 2004
EUR x 1,000,000	2004	2003
Result after taxation	20.5	34.1
Amortisation of intangible fixed assets	2.0	1.4
Depreciation of tangible fixed assets	37.0	38.9
Change in provisions	1.9	(2.8)
Change in working capital	(2.1)	6.8
Share of third parties in group result after taxation	0.4	0.4
Net cash flow from operational activities	59.7	78.8

Net investments in group companies	(7.4)	(17.3)
Investments in tangible fixed assets	(33.5)	(35.9)
Disposals of tangible fixed assets	2.0	2.7
Net investments in financial fixed assets	(0.1)	(0.8)
Net cash flow from investment activities	(39.0)	(51.3)

Purchase of treasury shares	(0.5)	(5.5)
Dividend paid by Gamma Holding N.V.	(14.1)	(13.6)
Dividend paid by group companies to third parties	(0.2)	(0.4)
Repayments on long-term loans	(15.1)	(19.2)
Change in current interest-bearing liabilities	11.6	8.2
Net cash flow from financing activities	(18.3)	(30.5)

Exchange rate differences on cash and banks	(0.2)	(1.5)

Net cash flow	2.2	(4.5)