Consolidated statement of cash flows
| 2008 | 2007 | |
|---|---|---|
| in thousand € | in thousand € | |
| Net income | 76,726 | 81,592 |
| Depreciation and amortization of tangible and intangible assets | 44,667 | 40,195 |
| Depreciation of trucks for short-term hire and lease | 125,570 | 95,316 |
| Write-downs of financial assets | – | 8 |
| Changes in provisions | – 29,832 | 9,639 |
| Changes in trucks for short-term hire and trucks for lease (excl. depreciation) | – 163,693 | – 155,445 |
| Other non-cash changes in income and expenses | – | 4,883 |
| Income/loss from the disposal of tangible and financial as well as intangible assets | 1 | 347 |
| Results from equity accounting | 1,537 | – 368 |
| Changes in deferred tax assets and liabilities | 4,146 | 13,514 |
| Changes in other balance sheet items | ||
| Inventories | – 3,610 | – 26,275 |
| Trade accounts receivable | 27,343 | – 45,518 |
| Receivables from financial services | – 57,346 | – 62,896 |
| Trade accounts payable | – 23,436 | 17,579 |
| Liabilities from financial services | 101,949 | 117,896 |
| Liabilities from financing trucks for short-term hire | 32,068 | 13,118 |
| Other operating assets | 15,213 | 4,694 |
| Other operating liabilities | – 19,369 | – 1,080 |
| Cash flows from operating activities | 131,934 | 107,199 |
| Payments for investments in tangible and intangible assets | – 79,380 | – 62,068 |
| Proceeds from the disposal of tangible and intangible assets | 4,463 | 2,074 |
| Proceeds from the disposal of financial assets | 407 | – |
| Payments for the purchase/proceeds from the sale of securities | – 63,455 | 37 |
| Cash flows from investing activities | – 137,965 | – 59,957 |
| Dividends paid | – 18,640 | – 17,280 |
| Changes in short-term liabilities due to banks | – 21,754 | – 19,909 |
| Proceeds from obtaining long-term financial loans | 4,242 | 6,930 |
| Repayment of long-term financial loans | – 10,432 | – 6,212 |
| Cash flows from financing activities | – 46,584 | – 36,471 |
| Net cash changes in cash and cash equivalents | – 52,615 | 10,771 |
| Changes in cash and cash equivalents due to changes in exchange rates and the basis of consolidation | – 2,489 | 4,679 |
| Changes in cash and cash equivalents | – 55,104 | 15,450 |
| Cash and cash equivalents as of January 1 | 250,923 | 235,473 |
| Cash and cash equivalents as of December 31 | 195,819 | 250,923 |
The following items are included in cash flows from operating activities:
| in thousand € | 2008 | 2007 |
|---|---|---|
| Interest paid | 45,920 | 36,922 |
| Interest received | 39,421 | 32,963 |
| Income taxes paid | 36,978 | 42,475 |
The consolidated statement of cash flows is commented on in note 33 .