Consolidated Statement of Cash Flows

Statement of cash flows for the six months ended June 30, 2007
IFRS, unaudited

€ thousands June 30, 2007 June 30, 2006 Q2 2007 Q2 2006
Income after taxes 42,330 33,797 24,557 19,381
Income taxes 22,604 20,640 12,693 11,899
Interest result -4,424 -4,243 -1,276 -2,171
Depreciation 5,280 3,796 3,472 1,902
Non-Cash income/expense 1,354 467 37 132
Cash generated from operations 67,144 54,457 39,483 31,143
Changes in inventories,
receivables and other current assets
-23,636 -17,564 -8,526 -12,227
Changes in payables and
other liabilities
3,576 5,062 -8,698 -9,417
Income taxes paid -18,150 -20,766 -13,727 -12,341
Interest paid -828 -1,339 -571 -122
Interest received 6,232 5,515 3,044 2,276
Net cash used in/ provided
by operating activities
34,338 25,365 11,005 -688
Cash received from the sale of
tangible/intangible assets
525 708 280 687
Investments in tangible/intangible
assets
-2,269 -2,989 -947 -1,080
Cash received from the sale
of financial assets
2,572 89 2,378 41
Investments in financial assets -1,107 -37 -858 -17
Investments in consolidated
companies
-358,781 0 -358,781 0
Net cash used in/ provided
by investing activities
-359,060 -2,229 -357,928 -369
Cash proceeds from issuing shares 6,140 2,157 718 2,066
Dividend payments -25,302 -22,429 -25,302 -22,429
Increase in loans from acquisitions
and other finance liabilities
325,829 -982 325,829 -485
Repayment of loans from acquisitions
and other finance liabilities
-51,987 0 -51,897 0
Net cash used in/ provided
by financing activities
254,680 -21,254 249,348 -20,848
Change in cash funds from
cash relevant transactions
-70,042 1,882 -97,575 -21,905
Adjustment from currency
translation
-226 -7,539 906 -5,350
Net change in cash and
cash equivalents
-70,268 -5,657 -96,669 -27,255
Cash and cash equivalents
at the beginning of the period
184,774 161,578 211,175 183,176
Cash and cash equivalents
at the end of the period
114,506 155,921 114,506 155,921

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