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Consolidated statement of cash flows
M€ Note 1 Jan - 31 Dec, 2013 1 Jan - 31 Dec, 2012
adjusted
Cash flow from operating activities
Profit for the period 103.1 114.2
Adjustments 1 74.1 68.7
Change in net working capital 2 -3.9 -2.6
Interest paid -59.5 -66.6
Interest received 0.9 1.2
Other financial items -4.3 2.4
Dividends received 0.0 0.0
Taxes received/paid -3.8 -4.5
Net cash flow from operating activities 106.5 112.8
Cash flow from investing activities
Acquisition of investment properties 3 -50.9 -114.9
Capital expenditure on real estate funds -13.6 -18.4
Acquisition of property, plant and equipment and intangible assets -1.2 -0.3
Proceeds from sale of investment properties 4 38.2 57.3
Proceeds from sale of intangible and tangible assets 0.0 0.0
Capital repayments from real estate funds 0.0 0.9
Repayments of loan receivables 0.0 0.2
Net cash flow from investment activities -27.4 -75.3
Cash flow from financing activities
Payment received from hybrid bond 0.0 93.7
Non-current loans, raised 403.9 235.0
Repurchase of hybrid bond 5 -92.8 -37.9
Non-current loans, repayments -345.9 -298.9
Current loans, raised/repayments 7.4 31.8
Interest paid on hybrid bond -14.5 -12.8
Dividends paid -48.1 -45.3
Net cash flow from financing activities -90.1 -34.4
Change in cash and cash equivalents -11.0 3.2
Cash and cash equivalents, beginning of period 30.1 26.4
Impact of changes in exchange rates -0.2 0.5
Cash and cash equivalents, end of period 18.8 30.1
Notes to the statement of cash flows 1 Jan - 31 Dec, 2013 1 Jan - 31 Dec, 2012
1. Adjustments
Proceeds and losses from sale of investment properties -0.8 -2.5
Valuation gains and losses 24.9 -25.5
Financial income and expenses 59.8 58.8
Income taxes -9.9 37.5
Other adjustments 0.1 0.4
Adjustments, total 74.1 68.7
2. Specification of change in net working capital
Change in trade and other receivables 7.9 -6.2
Change in trading properties 0.0 0.6
Changes in non-interest-bearing current liabilities -11.8 3.0
Change in net working capital -3.9 -2.6
3. Acquisition of investment properties
Acquisition of subsidiaries
Acquisition cost of companies 0.0 53.7
Cash and cash equivalents of acquired companies at acquisition date 0.0 -0.9
Cash flow from acquisitions less cash and cash equivalents of acquired companies 0.0 52.8
Acquired properties 3.1 -
Other acquisitions of investment properties 47.8 62.1
Total acquisition of investment properties 50.9 114.9
Assets and liabilities of acquired subsidiaries
Net working capital 0.0 -0.9
Total non-current assets 0.0 53.7
Net total of assets and liabilities of acquired subsidiaries 0.0 52.8
Cash flow from acquisitions less cash and cash equivalents of acquired companies 0.0 52.8
4. Proceeds from sale of investment properties
Proceeds from sale of subsidiaries
Proceeds 30.7 57.4
Cash and cash equivalents of sold subsidiaries -0.6 -0.2
Proceeds from sale of subsidiaries 30.1 57.3
Other proceeds from sale of investment properties 8.1 -
Total proceeds from sale of investment properties 38.2 57.3
Assets and liabilities of sold subsidiaries
Net working capital -0.2 0.4
Investment properties 29.9 54.4
Sales gain / loss 0.4 2.5
Net total of assets and liabilities of sold subsidiaries 30.1 57.3
5. In 2012, the repurchase of the equity bond includes a premium of EUR 0.8 million.