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STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2010
Note 2010 2009
Operating activities 264,523,122
Profit for the year before tax 158,546,314 72,927,549
(89,863,787)
Adjustments for: 72,169,667
(88,583) 32,038,077
Depreciation & amortisation expenses 5.2 (1,290)
47,716,897
Provision for impairment of financial assets 5.13 133,696 592,366
2,968,443
Net financial expenses 5.3 1,362,030 (554,228)
292,284 22,662,409
(Gain)/loss on PPE disposals 305,292,661
(1,080,280) (35,000,000)
Increase/(decrease) in retirement benefits 5.20 25,835,411 (50,427,049)
304,887,435 219,865,612
Increase/(decrease) in provisions (56,000,000)
(52,343,380) (12,978,694)
Increase/(decrease) in other assets/liabilities 196,544,055 25,803,028
(2,261,000)
Increase/(decrease) in working capital (10,912,975) 369,045
7,050,369
Cash generated from operations 0 10,932,379
237,685
IIncome tax paid 5.22 (105,000,000)
(3,624,921) (45,516,927)
Interest paid 5.3 (39,966)
(168,000,000)
Net cash flow from operating activities (48,322,245) (150,556,893)
(32,842)
Investment activities 80,241,096
(216,355,087)
Acquisition of PPE 5.7,5.8,5.9 163,670,896
(23,435,952)
Interest received 5.3 243,911,992
243,911,992
Purchase of equity interest in associate
220,476,040
Dividends received from associate
Net cash flow from investment activities
Financial activities
Dividends paid 5.18
Repayment of bank loans 5.19
Repayment of finance lease obligations
Net cash flow from financial activities
Net increase/(decrease) in cash &
cash equivalents
Cash & cash equivalents at
the beginning of the year
Cash & cash equivalents at
the end of the year
The notes on pages 17 to 49 are an integral part of these financial statements.
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 16 of 51
Note 2010 2009
Operating activities 264,523,122
Profit for the year before tax 158,546,314 72,927,549
(89,863,787)
Adjustments for: 72,169,667
(88,583) 32,038,077
Depreciation & amortisation expenses 5.2 (1,290)
47,716,897
Provision for impairment of financial assets 5.13 133,696 592,366
2,968,443
Net financial expenses 5.3 1,362,030 (554,228)
292,284 22,662,409
(Gain)/loss on PPE disposals 305,292,661
(1,080,280) (35,000,000)
Increase/(decrease) in retirement benefits 5.20 25,835,411 (50,427,049)
304,887,435 219,865,612
Increase/(decrease) in provisions (56,000,000)
(52,343,380) (12,978,694)
Increase/(decrease) in other assets/liabilities 196,544,055 25,803,028
(2,261,000)
Increase/(decrease) in working capital (10,912,975) 369,045
7,050,369
Cash generated from operations 0 10,932,379
237,685
IIncome tax paid 5.22 (105,000,000)
(3,624,921) (45,516,927)
Interest paid 5.3 (39,966)
(168,000,000)
Net cash flow from operating activities (48,322,245) (150,556,893)
(32,842)
Investment activities 80,241,096
(216,355,087)
Acquisition of PPE 5.7,5.8,5.9 163,670,896
(23,435,952)
Interest received 5.3 243,911,992
243,911,992
Purchase of equity interest in associate
220,476,040
Dividends received from associate
Net cash flow from investment activities
Financial activities
Dividends paid 5.18
Repayment of bank loans 5.19
Repayment of finance lease obligations
Net cash flow from financial activities
Net increase/(decrease) in cash &
cash equivalents
Cash & cash equivalents at
the beginning of the year
Cash & cash equivalents at
the end of the year
The notes on pages 17 to 49 are an integral part of these financial statements.
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 16 of 51
