Cash Flow Statement

(EUR thousand) 31.12.2010 31.12.2009
Cash and cash equivalents at 1 January 128,541 71,536
Gross cash flow from operations 164,994 145,798
Changes in other operating assets and liabilities (50,311) (35,044)
Funds From Operations 114,683 110,754
Change in working capital (41,717) 12,203
Cash flow generated (utilised) by operations 72,966 122,957
Cash flow from ordinary investment activities (6,983) (8,529)
Free operating cash-flow 65,983 114,428
Strategic investments - (3,210)
Other investment activity changes - -
Cash flow generated (utilised) by investment activity (6,983) (11,739)
Dividends paid (30,982) (26,971)
Cash flow from financing activity (12,795) (26,894)
Cash flow generated (utilised) by financing activity (43,777) (53,865)
Translation difference 2,573 (348)
Cash and cash equivalents at 31 December 153,320 128,541