142 / 220
Consolidated cash flow statement
(x €1,000)
Notes
2013
2012
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR
3,041
10,207
Operating activities
Net result of the period
58,737
98,072
Adjustments for interest charges and income
61,002
59,429
Adjustments for gains and losses on disposals of property assets
-147
-304
Adjustments for gains and losses on disposals of financial assets
-348
Adjustments for non-cash charges and income
37
35,273
2,617
Changes in working capital requirements
38
-1,898
-9,285
CASH FLOW RESULTING FROM OPERATING ACTIVITIES
152,967
150,181
Investment activities
Investments in intangible assets and other tangible assets
-584
-461
Acquisitions of investment properties
39
-7,847
-15,497
Extensions of investment properties
39
-27,270
-33,237
Investments in investment properties
39
-19,916
-7,100
Acquisitions of consolidated subsidiaries
42
-14,573
Acquisitions of subsidiaries accounted for under the equity method
42
-5,661
Disposals of investment properties
39
6,562
2,394
Disposals of assets held for sales
39
1,993
925
Payment of exit tax
-1,201
-11,314
Finance lease receivables
-11,117
3,033
CASH FLOW RESULTING FROM INVESTMENT ACTIVITIES
-59,380
-81,491
Financing activities
Disposals of own shares
91,686
37,681
Dividends paid to shareholders
-67,335
-67,671
Repurchase of minority interests
42
-17,441
New minority interests
42
277
5,000
Coupons paid to minorities
42
-273
-85
Coupons paid to MCB-holders
42
-2,727
-1,379
Increase of financial debts
229 153
260,201
Decrease of financial debts
-245,027
-222,707
Financial income received
5,367
5,593
Financial charges paid
-66,368
-63,665
Other cash flows from financing activities
-25,412
1
-11,383
CASH FLOW RESULTING FROM FINANCING ACTIVITIES
-80,659
-75,856
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR
15,969
3,041
1
This amount mainly comprises the total cost of the restructuration of the interest rate hedging scheme. For more details, see the chapter “Management of Financial Resources” of this
Annual Financial Report.
136
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Annual Accounts /
Consolidated Accounts