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Cash Flow Statement of the MVV Energie Group
Euro 000s
 2003/2004  2002/2003
Annual net deficit (previous year: annual net surplus) -37,494  159,075
Depreciation of fixed assets 188,022  122,571
Change in long-term provisions 8,043  8,218
Other changes in income and expenses not affecting payments -733  -321
Income from the sale of investments –  -139,687
Subtotal for cash flow in accordance with DVFA/SG 157,798  149,856
Changes in short-term provisions -902  -12,032
Losses incurred on disposal of tangible assets 3,731  963
Profit on disposal of financial assets -4,874  –
Changes in other assets 74,174  -5,470
Changes in other liabilities -81,985  -33,615
Inflow of funds from operating activities

 147,942  99,702
Proceeds from disposal of tangible assets 7,023  14,967
Proceeds from disposals of financial assets 5,974  197,327
Investments in tangible assets / intangible assets -165,636  -160,484
Investments in acquisitions, shareholdings and loans -141,366  -20,374
Outflow of funds (previous year: inflow) from investment activities

 -294,005  31,436
Proceeds from subsidy payments 12,107  13,009
Proceeds from the taking up of loans 453,305  168,564
Payments for the redemption of loans -82,432  -182,399
Change in financial liabilities from cash pooling -133,592  -114,542
Dividend payments -45,063  -46,275
Inflow of funds (previous year: outflow) from financing activities

 204,325  -161,643
Changes in cash and cash equivalents affecting payments -58,262  -30,505
Change in cash and cash equivalents due to changes in reporting entity 2,101  4,703
Change in cash and cash equivalents due to currency conversion 728  -3,052
Cash and cash equivalents as of 1 /10/2003 (and/or 2002) 64,076  92,930
Cash and cash equivalents as of 1/10/2003 (and/or 2002) 125,167  64,076