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IFRS
Cash flow statement
(€ Mn)
unaudited
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Jan 01 – Dec 31, 2007
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Jan 01 – Dec 31,
2006
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OPERATING ACTIVITIES
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Net profit before tax
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1,646.7
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1,719.1
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Adjustments for :
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Valuation result
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(1,300.1)
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(1,307.3)
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Net result on disposal of investment
properties and pipeline
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(11.9)
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(27.1)
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Net interest expenses
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139.5
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132.6
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Movement
in trade and other receivables
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(211.2)
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32.9
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Movement in trade and other payables
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(23.5)
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(57.1)
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Movement in derivative financial instruments
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(12.4)
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9.4
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Increase in provisions and employee benefits
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30.1
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(2.2)
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Movement in deferred income tax
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8.2
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0.1
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Other adjustments
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2.2
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5.9
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(1,379.1)
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(1,212.8)
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Cash generated from operations
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267.6
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506.3
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Interest paid
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(162.9)
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(137.1)
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Interest received
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15.6
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3.1
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Current income taxes paid
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(12.3)
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(9.3)
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(159.6)
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(143.3)
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Cash flow from operating activities
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108.0
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363.0
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INVESTING ACTIVITIES
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Divestments in investment property and pipeline
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140.9
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265.5
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Investments in property and pipeline
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(195.3)
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(115.0)
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Cost capitalized on investment property and
renovation projects
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(185.2)
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(156.6)
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Capital expenditure on pipeline projects
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(55.1)
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(64.2)
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Other divestments/(investments)
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1.4
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(10.1)
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Cash flow from investing activities
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(293.3)
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(80.4)
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FINANCING ACTIVITIES
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Proceeds from bonds and interest-bearing loans
and other borrowings
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845.6
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856.5
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Repayment of bonds and interest-bearing loans
and other borrowings
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(368.8)
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(879.1)
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Dividends paid
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(209.8)
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(317.3)
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Cash flow from financing activities
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267.0
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(339.9)
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Net increase/(decrease) in cash and banks
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81.7
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(57.3)
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Cash at bank at January 1
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14.5
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71.7
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Effect of exchange rate fluctuations on cash
held
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2.5
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0.1
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Cash at bank at December 31
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98.7
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14.5
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NEW IFRS ACCOUNTING
PRINCIPLES
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Until
2004, Rodamco Europe NV (‘Rodamco Europe’) has
prepared its
financial statements in accordance with Generally Accepted Accounting
Principles in the Netherlands
(Dutch GAAP). As from January
1, 2005,
Rodamco Europe prepares its financial information (including
comparative figures 2004) in accordance with International Financial
Reporting Standards (IFRS).
The 2005 figures including comparative figures 2004 are prepared on the
basis of IFRS.
For the main impact of the transition from Rodamco Europe’s
previous accounting standards (Dutch GAAP) to IFRS,
we refer to the separate document “IFRS@work”,
of which the latest version is available on the website of Rodamco
Europe (r).
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