The content in this section of our website is not intender for, and is not to be made available to, persons in the United States, Canada, Japan and Australia, No announcements regarding securities offerings or references to securities, that are contained in this section constitute an offering of those securities. Any offering of securities will be made by means of a prospectus or disclosure document that contains detailed information about the issuer or the fund and the offered securities, including a discussion of risks, the issuer's or fund's business, and relevant financial information.

I certify that I am not located in, and I am not accessing this information on behalf of, a person in the United States, Canada, Japan or Australia

Group Cash Flow Statement (IFRS)  
       
€ ('000) Note 1.1.-31.12.2011 1.1.-31.12.2010
       
Cash flow from operations      
Profit for the financial year   11,087 17,556
Adjustments:      
  Unpaid income and expenses   -10,350 6,771
  Gain from sale of associated company   0 -22,729
Change in working capital:      
  Change in current non-interest-bearing receivables   1,237 3,677
  Change in current trade payables and other non-interest-bearing liabilities   -2,379 5,326
Interest paid   -4,773 -4,788
Interest received   256 967
Dividends received   195 840
Taxes paid   -3,466 -1,599
       
Cash flow from operations   -8,193 6,021
       
Cash flow from investing activities      
Investments in tangible assets   -10 -60
Investments in intangible assets   -125 -40
Investments at fair value through profit and loss   7,592 -5,150
Long-term loan receivables granted   -2,727 -2,776
Receivables from long-term receivables   8,681 5,391
Other financial assets at fair value   602 693
Proceeds from sale of tangible assets   0 65
Proceed from sale of associated company   0 21,000
Interest received   594 856
       
Cash flow from investing activities   14,607 19,979
       
Cash flow from financing activities      
Proceeds from borrowings   10 0
Repayment of long-term loan   -6,250 -6,250
Dividends paid   -10,336 -3,679
Acquisition of non-controlling interests   -2,000 0
       
Cash flow from financing activities   -18,576 -9,929
       
Change in cash and cash equivalents   -12,162 16,071
Cash and cash equivalents at start of year   34,049 17,978
Cash and cash equivalents at end of year 21,887 34,049
       
The Notes are an integral part of the Financial Statements.