Consolidated cash-flow statement

Operating result

31,434

30,077

Adjustments for:

Depreciations

9,800

8,188

Movements in provisions

1,120

-970

Changes in working capital:

Movements in stocks

-297

395

Movements in projects in progress

31,997

13,453

Movements in accounts receivable

883

-5,685

Movements in other receivables

2,925

-5,352

Movements in current liabilities

2,816

-4,165

38,323

-1,354

Operating cash flow

80,678

35,940

Result from non-consolidated participating interests

-3

-85

Taxes

-1,907

-973

Cash flow from operating activities

78,767

34,882

Investments in development costs and software

-3,510

-2,271

Investments in tangible fixed assets

-1,770

-4,724

Acquisitions of group companies

-22,243

-5,151

Investments in financial fixed assets

0

-24

Cash flow from investment activities

-27,523

-12,170

Movements in shareholders’ current account liability

-9,377

-44,902

Interest

-128

-10

Dividend paid

0

-318

Dividends received

0

98

Cash flow from financing activities

-9,505

-45,132

Net cash flow

41,739

-22,420

Liquid assets available in acquired participations

1,936

219

Balance as at 1 January

14,289

36,490