V. Explanation of individual items in the consolidated statement of cash flows
The cash flow statement shows how the cash assets of the GFKL Group have changed over the reporting years because of cash inflow and outflow. In this cash flow statement, the payment flows are organized according to operating activities, investing activities and financing activities (IAS 7). For information concerning effective paid taxes, please refer to section IV.12 “Income taxes”. The following explanations are given:
- The financial resources fund consists of cash and cash equivalents amounting to € 109,103k. As of December 31, 2007, a part of this sum amounting to € 26,557k came from earmarked funds € 18,342k of these funds are to be transferred to the ABCP programs and the ABS bond in January 2008. € 7,890k refers to payment transfer obligations from portfolio management.
- The cash flow from operating activities contains the outflow from leasing refinancing booked under “Interest expenses from leasing liabilities” (€ 61,869k) as well as the inflow from interest income from leasing receivables (€ 85,036k). Please refer to sections IV.8 and IV.9 for further information. Moreover, the cash flow from operating activities includes the acquisition of defaulting loans and receivables acquired for settlement. The last-mentioned business segment generated a cash flow amounting to € -24.8 million (previous year € 3.1 million) from acquisitions and settlements using own funds.
- As of December 31 of this year, the Group recorded a cash flow from operating activities of € 43k (previous year € -6,571k). Taking into account the increase in the security reserve (€ 9,864k, previous year € 7,644k) resulting from portfolio growth, the result is an adjusted cash flow from operating activities amounting to € 9,907k (previous year € 1,073k). The operating cash flow was significantly influenced by the tax payment for previous years (2000 to 2004) made in December 2006 amounting to € 10.3 million, which was rendered necessary by the change in the tax entities of GFKL Financial Services AG.
- The investments in tangible assets and the company and share acquisitions are listed under “Cash flow from investing activities” (€ -45,191k, previous year € -72,968k).
in k€ | Wolter | ID | Hanover | Multigestión | Wiese + |
Cash and cash equivalents | 0 | 1,943 | 1,318 | 2,435 | 1,719 |
Receivables | 101 | 1,738 | 1,480 | 3,750 | 2,865 |
Deferred tax assets | 0 | 30 | 41 | 0 | 2,199 |
Factoring receivables | 0 | 0 | 0 | 29,273 | 0 |
Leasing receivables | 0 | 0 | 8,105 | 0 | 0 |
Inventories | 0 | 162 | 0 | 0 | 70 |
Property, plant and equipment | 5 | 124 | 145 | 459 | 152 |
Intangible assets | 1 | 4,291 | 0 | 3,285 | 282 |
Financial assets | 0 | 76 | 0 | 0 | 22 |
Goodwill | 245 | 5,580 | 4,311 | 15,586 | 2,301 |
Liabilities | -47 | -2,442 | -4,262 | -6,304 | -6,989 |
Deferred tax liabilities | 0 | -1,666 | -640 | -1,056 | -106 |
Liabilities due to banks | -56 | 0 | -553 | -26,330 | 0 |
Minorities | 0 | 0 | 0 | 0 | 0 |
Subtotal | 250 | 9,835 | 9,946 | 21,096 | 2,515 |
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Deducting net cash received | 0 | -1,943 | -1,318 | -2,435 | -1,719 |
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Cash outflow through acquisitions | 250 | 7,893 | 8,628 | 18,662 | 797 |
In 2007, assets and debts amounting to € 43,643k (previous year € 71,459k) were taken over from company acquisitions. After the deduction of net cash and cash equivalents amounting to € 7,414k (previous year € 7,707k), the result was a cash outflow amounting to € 36,229k (previous year € 63,752k).
5. Along with the repayment of loans, the cash flow from financing activities (€ 50,963k, previous year € 119,071k) largely comprises the assumption of medium-term corporate loans.