Cash flow statement

Consolidated statement of cash flows 2006
EUR x 1,000,000	2006	2005
Operating result	54.6	16.6
Depreciation of property, plant and equipment	31.3	31.4
Impairment of property, plant and equipment	4.2	10.3
Amortisation of intangible asse	1.9	1.6
Result on disposal of property, plant and equipment	(4.4)	0.1
Interest paid	(15.4)	(11.6)
Income tax paid	(12.1)	(11.8)
Change in provisions	(10.8)	10.9
Change in working capital	1.8	9.4
Net cash flow from operating activities	51.1	56.9

Purchase of property, plant and equipment	(42.4)	(26.9)
Acquisition of subsidiaries, net of cash acquired	(2.8)	(15.9)
Purchase of intangible assets, other than by acquisition of subsidiaries	(1.7)	(1.4)
Net investments in associates and joint ventures	(0.4)	(0.1)
Proceeds from disposal of property, plant and equipment	8.8	1.4
Change in discontinued operations	25.0
Disposal of intangible assets	0.1	0.5
Interest received	0.8	1.0
Net cash used in investing activities	(12.6)	(41.4)

Purchase of treasury shares	(0.2)	(0.3)
Dividend paid to equity holders	(7.4)	(14.0)
Dividend paid to third parties	(0.4)	(0.1)
New syndicated loans		264.9
Early repayment		(215.8)
Other change in interest-bearing liabilities	(28.8)	(45.9)
Net cash used in financing activities	(36.8)	(11.2)

Change in cash and cash equivalents	1.7	4.3
Cash and cash equivalents at 1 January	21.5	16.5
Exchange rate differences on cash and cash equivalents	(1.1)	0.7

Cash and cash equivalents at 31 December	22.1	21.5