TomTom 2008 Annual Report Download - page 48

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46 / CONSOLIDATED STATEMENT OF CASH FLOW OF TOMTOM NV
for the year ended 31 December
(€ in thousands) Notes 2008 2007
Cash flow from operating activities
Operating result -800,556 427,812
Financial gains / (losses) 70,091 -24,658
Impairment charge 12 1,047,776 0
Amortisation of intangible assets 12 55,414 16,611
Depreciation of property, plant and equipment 13 17,350 6,867
Change to provisions 12,142 52,223
Change to stock compensation reserve 21 4,857 27,587
Changes in working capital:
Change in inventories -8,936 -7,670
Change in receivables and prepayments 195,363 -162,577
Change in current liabilities (excluding provisions) -130,722 199,204
Cash generated from operations 462,779 535,399
Interest received 913,726 20,102
Interest paid 9-43,188 -981
Corporate income taxes paid 10 -79,214 -113,407
Net cash flow from operating activities 354,103 441,113
Cash flow used in investing activities
Acquisition of subsidiary 29 -1,833,792 -816,030
Investments in intangible assets 12 -36,938 -33,771
Investments in property, plant and equipment 13 -32,700 -16,766
Total cash flow used in investing activities -1,903,430 -866,567
Cash flow from financing activities
Proceeds from borrowings 1,545,637 0
Repayment of borrowings -158,500 0
Proceeds on issue of ordinary shares 20 20,378 453,417
Total cash flow from financing activities 1,407,515 453,417
Net (decrease)/increase in cash and cash equivalents -141,812 27,963
Cash and cash equivalents at beginning of period 463,339 437,801
Effect of exchange rate changes on cash balances held in foreign currencies -488 -2,425
Cash and cash equivalents at end of period 321,039 463,339