Cash flow statement

Consolidated statement of cash flows 2005
EUR x 1,000,000	2005	2004¹
Operating result	16.6	48.8
Depreciation of property, plant and equipment	31.4	32.5
Impairment of property, plant and equipment	10.3
Amortisation of intangible assets	1.6	1.3
Interest paid	(11.6)	(13.1)
Income tax paid	(11.8)	(17.6)
Change in provisions	10.9	6.8
Change in working capital	9.4	(1.3)
Net cash flow from operating activities	56.8	57.4

Purchase of property, plant and equipment	(26.9)	(29.1)
Acquisition of subsidiaries, net of cash acquired	(15.9)	(7.4)
Purchase of intangible assets, other than by acquisition of subsidiaries	(1.4)	(1.1)
Disposal of property, plant and equipment	1.5	2.0
Disposal of intangible assets	0.5
Net investments in associates and joint ventures	(0.1)	(0.1)
Interest received	1.0	0.9
Net cash used in investing activities	(41.3)	(34.8)

Purchase of treasury shares	(0.3)	(0.5)
Dividend paid to equity holders	(14.0)	(14.1)
Dividend paid to third parties	(0.1)	(0.2)
New syndicated loans	264.9
Early repayment	(215.8)
Other change in current interest-bearing liabilities	(45.9)	5.1
Net cash used in financing activities	(11.2)	(19.9)

Change in cash and cash equivalents	4.3	2.7
Cash and cash equivalents at 1 January	16.5	14.0
Exchange rate differences on cash and cash equivalents	0.7	(0.2)

Cash and cash equivalents at 31 December	21.5	16.5

¹The 2004 figures have been adjusted due to the presentation of discontinued operations.