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Cash Flow Statement of the MVV Energie Group
Euro 000s
 2004/2005 2003/2004
Annual net surplus (previous year: annual net deficit) 51,098 -37,494
Depreciation of fixed assets 134,353 188,022
Change in long-term provisions 12,465 8,043
Other changes in income and expenses not affecting payments -2,751 -733
Subtotal for cash flow in accordance with DVFA/SG 195,165 157,798
Changes in short-term provisions 54,597 -902
Losses incurred on disposal of tangible assets 2,816 3,731
Losses incurred on disposal of financial assets (previous year: profit) 299 -4,874
Changes in other assets -96,965 74,174
Changes in other liabilities 66,881 -81,985
Inflow of funds from operating activities

 222,793 147,942
Proceeds from disposal of tangible assets 6,272 7,023
Proceeds from disposals of financial assets 90,324 5,974
Investments in tangible assets / intangible assets -162,308 -165,636
Investments in acquisitions, shareholdings and loans -52,157 -141,366
Outflow of funds from investment activities

 -117,869 -294,005
Proceeds from subsidy payments 13,388 12,107
Proceeds from the taking up of loans 670,625 453,305
Payments for the redemption of loans -457,019 -82,432
Change in financial liabilities from cash pooling -264,826 -133,592
Proceeds from capital increases 28 0
Devidend payment -51,651 -45,063
Outflow of funds (previous year: inflow) from financing activities

 -89,455 204,325
Changes in cash and cash equivalents affecting payments 15,469 58,262
Change in cash and cash equivalents due to changes in reporting entity -15,819 2,101
Change in cash and cash equivalents due to currency conversion 3,158 728
Cash and cash equivalents as of 1.10.2004 (2003) 125,167 64,076
Cash and cash equivalents as of 30.9.2005 (2004) 127,975 125,167

Further information about the Cash Flow Statement has been provided under Note 32