Consolidated cash flow statement

Operating result

39.428

31.434

Adjustments for:

Depreciations

17.006

9.800

Movements in provisions

411

1.120

Changes in working capital:

Movements in stocks

-1.328

-297

Movements in projects in progress

-17.578

31.997

Movements in accounts receivable

5.556

883

Movements in other receivables

2.577

2.925

Movements in current liabilities

-7.002

2.815

-17.775

38.323

Operating cash flow

39.070

80.677

Result from non-consolidated participating interests

26

-3

Taxes

-2.669

-1.907

Cash flow from operating activities

36.427

78.767

Investments in development costs and software

-3.778

-3.510

Investments in tangible fixed assets

1.035

-1.770

Acquisitions of group companies

-92.509

-22.243

Investments in financial fixed assets

-20

0

Cash flow from investment activities

-95.272

-27.523

New long-term loans

50.000

0

Movements in shareholders’ current account liability

0

-9.377

Dividend paid

-117

-128

Movements in third-party interests

-299

0

Cash flow from financing activities

49.584

-9.505

Net cash flow

-9.261

41.739

Liquid assets available in acquired participations

5.202

1.936

Balance as at 1 January

57.964

14.289