Cash flow statement

Jan. 1- Dec. 31, 2009 Jan. 1 - Dec. 31, 2008*)
(€ thousand)
Income before taxes -239,832 463,482
Financial result 61.699 69.782
Depreciation, amortization and impairments 109.638 67.372
Other non-cash income and expenses -80,128 63,187
Gain on disposal of subsidiaries and other non-current assets -9,066 -277,414
Operating cash flow -157,689 386,409
Changes in provisions -54,441 -722
Changes in other assets and liabilities
Inventories 431,161 -6,444
Trade receivables 337,589 143,449
Other receivables 24,321 -43,326
Trade payables 581 -223,699
Other liabilities -30,139 24,681
Income taxes paid 13,279 -93,464
Cash flow from operating activities 564,662 186,884
Proceeds from the sale of non-current assets and assets held for sale 14,665 11,565
Proceeds from / disbursements for the sale of consolidated subsidiaries -779 376,101
Payments for intangible assets, property, plant and equipment -25,023 -48,111
Acquisition of subsidiaries - -264,360
Margin deposits for derivative transactions 3,105 -3,105
Cash flow from investing activities -8,032 72,090
Equity component of convertible bond 95,681 -
Capital increase by issuance of new shares 193,134 -
Dividends paid to
- shareholders of Klöckner & Co SE - -37,200
- minority interests -980 -2,478
Borrowings 71,972 425,187
Repayment of financial liabilities -355,497 -471,186
Interest paid -34,635 -45,398
Interest received 6,477 7,636
Cash flow from financing activities -23,848 -123,439
Changes in cash and cash equivalents 532,782 135,535
Effect of foreign exchange rates on cash and cash equivalents 204 4,438
Cash and cash equivalents at the beginning of the period 293,531 153,558
Cash and cash equivalents at the end of the period 826,517 293,531

*) Comparative amounts for 2008 restated due to initial application of IFRIC 14.