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Cash Flow Statement of the MVV Energie Group1 Euro 000s

 2007/2008

 2006/2007
Annual net surplus before taxes on income 268,780 138,675
Amortisation of intangible assets, depreciation of
property, plant and equipment and investment property		 149,438 144,088
Net interest expenses 67,862 76,384
Interest received 9,497 7,787
Change in non-current provisions -550 335
Result generated from disposal of nun-current assets 268,648 246,197
Cash flow before working xapital and taxes

 413,632

 363,724
Change in other assets -151,668 -34,874
Chance in other liabilities 57,030 23,293
Change in current provisions -21,032 42,135
income taxes paid -36,021 -41,471
Cash flow from operating activities

 261,941

 352,807
Investments in intangible assets, property, plant and equipment
and investment property		 -208,333 -164,371
(Free cash flow)

 (53,608)

 (188,436)
Proceeds from disposal of intangible assets,
property, plant and equipment and investment property		 19,650 13,649
Proceeds from subsidy payments 12,143 13,481
Proceeds from sale of fully and proportionately consolidated companies – 13,481
Proceeds from sale of other financial assets 42,173 3,519
Payments for acquisition of fully and proportionately consolidated companies2 237 -72,971
Payments for other financial assets -32,909 -17,379
Payments of cash and cash equivalents due to disposal of group companies -8,550 –
Cash flow from investing activities

 -175,589

 -210,752
Proceeds from taking up of loans 304,136 599,876
Payments for redemption of loans -485,115 -636,753
Proceeds from capital increases 225,675 –
Dividend payment -63,140 -56,326
Interst paid -71,502 -69,296
Cash flow from financing activities

 -89,946

 -162,499
Cash-effective changes in cash and cash equivalents -3,594 -20,444
Change in cash and cash equivalents due to currency translation 1,134 659
Cash and cash equivalents at 1.10.2007 (2006) 99,583 119,368
Cash and cash equivalents at 30.9.2008 (2007)3 97,123 99,583

Cash flow – aggregate depiction Euro 000s

 2007/2008 2006/2007
Cash and cash equivalents at 1.10.2007 (2006) 99,583 119,368
Cash flow from operating activities 261,941 352,807
Cash flow from investing activities -175,589 -210,752
Cash flow from financing activities -89,946 -162,499
Change in cash and cash equivalents due to currency translation 1,134 659
Cash and cash equivalents at 30.9.2008 (2007)3 97,123 99,583

1 Explanations of changes in the previous year’s figures can be found under “Changes in Accounting Policies”
2 Please see explanations under “Scope of Consolidation and Changes in Scope of Consolidation”
3 Further information about the Cash Flow Statement has been provided under Note 36