Consolidated cash flow statement

x € 1,000   2011   2010           Cash flow from operating activities           Net result     -746   -22,547 Depreciation and impairments 8/9   23,525   43,114 Profit on sale of tangible fixed assets     -2,243   - (Deferred) taxation     -480   -4,740 Other non-cash items     -4,079   -1,610             Changes in:           Stocks     462   2,107 Trade receivables     2,196   7,171 Other receivables / prepayments     -1,821   1,849 Trade and other payables     37   -14,077 Provisions     -2,309   -15,860 Cash flow from operating activities     14,542   -4,593             Cash flow from investing activities           Investments in tangible fixed assets     -9,371   -17,045 Divestments in tangible fixed assets     2,676   837 Repayments on loans     1   809       -6,694   -15,399             Cash flow from financing activities           Withdrawn risk-bearing loans     2,790   9,000 Repayments risk-bearing loans     -8,719   -9,497 Finance companies     -2,787   20,579       -8,716   20,082             Effect of changes in exchange rate     -1   3 Net change in cash and cash equivalents     -869   93 Cash and cash equivalents at beginning of year 23   1,313   1,220 Cash and cash equivalents at end of year 23   444   1,313                     The cash flow from operating activities includes cash flows in:             x € 1,000     2011   2010 Taxes received     -   2,515 Interest received     19   93 Interest paid     -3,505   -4,108       -3,486   -1,500                     Other changes without cashflow are:             € 1,000     2011   2010             Changes forward currency contracts     -122   137 Changes in provisions without cashflow     -3,386   -1,617 Exchange rate differences     -313   14 Profit / loss on sale tangible fixed assets     -   106 Earn-out arrangement     -258   -250       -4,079   -1,610