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Annual Report 2008
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Consolidated cash flow statement

Cash flow statement for the period from January 1 to December 31, 2008

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All figures in €’000 2008 2007*
Net profit (total) 24,785 62,146
Write-downs/impairments/reversal of impairments on intangible assets and property, plant and equipment 21,170 20,385
Impairments on financial investments 2,194 –
Allowances for bad debts 5,901 7,962
Increase/decrease of provisions 9,305 1,413
Adjustments from income taxes, interest and other non-cash transactions 60,841 4,753
Gain/loss from the disposal of intangible assets and property, plant and equipment 726 1,101
Gain/loss from the disposal of financial investments 636 10
Increase/decrease of receivables from/liabilities due to banks from the banking business –4,070 –226,358
Increase/decrease of receivables from/liabilities due to bank clients 34,591 155,664
Increase/decrease of other assets –3,563 22,221
Increase/decrease of other liabilities and shareholders’ equity –48,256 –18,470
Gains from the disposal of subsidiaries – 4,851
Income taxes paid –35,274 –28,055
Interest and dividends received 45,921 39,500
Interest paid –33,909 –23,724
Cash flow from operating activities 80,997 23,399
of which from discontinued operations 343 954
     
Proceeds from disposal of intangible assets and property, plant and equipment 327 331
Payments for intangible assets and property, plant and equipment –11,432 –16,162
Proceeds from disposal of financial investments 42,273 25,389
Payments for the purchases of financial investments –161,812 –34,065
Payments for the acquisition of shares in associates –173 –1,645
Proceeds from the disposal of subsidiaries – 8,626
Payments for the disposal of subsidiaries –7,742 –2,573
Payments for the acquisition of subsidiaries –5,572 –2,040
Cash flow from investing activities –144,131 –22,139
of which from discontinued operations –8,124 –3,975
All figures in €’000 2008 2007*
Proceeds from transfer to equity 125,077 227
Payments to company owners and minority shareholders –48,996 –39,967
Payments for the acquisition of treasury stock –11,455 –7,453
Payments for the repayment of bonds and redemption of loans –155 –84
Cash flow from financing activities 64,471 –47,277
of which from discontinued operations – –
     
Changes in cash and cash equivalents from cash relevant transactions 1,337 –46,017
Changes in cash and cash equivalents due to exchange rate movements – –71
Cash and cash equivalents at the beginning of period 37,110 83,198
Cash and cash equivalents at end of period 38,447 37,110
     
Composition of cash and cash equivalents    
Cash and cash equivalents 38,470 37,234
Liabilities to banks due on demand –23 –124
Cash and cash equivalents at the end of period 38,447 37,110
*Previous year’s values adjusted. The adjustments are disclosed under note 3

The notes on the consolidated cash flow statement appear under note 34.