EUR (x 1,000)

30-06-2009

30-06-2008

CASH AND CASH EQUIVALENTS, OPENING BALANCE

1,273

9,015

NET CASH FROM OPERATING INCOME

104,080

32,741

1. Cash flows concerning operations

104,623

31,745

Profit/loss from operations

223

26,545

Profit/loss for the period

-9,199

21,202

Interest charges

8,879

6,339

Interest received

446

-1,299

Taxes on gains

97

303

Adjustments for non-cash items

26,014

-7,124

Depreciation and amortisation

119

132

Impairments

447

-2

Increase (+) / decrease (-) in provisions

-50

9

Changes in the fair value of investment property

20,593

439

Increase (+) / decrease (-) in deferred taxes

-2,253

60

Changes in the fair value of financial derivatives

7,164

-7,761

Gains on disposals

-6

0

Increase/decrease in working capital

78,386

12,324

2. Cash flows concerning other operating activities

-543

996

Interest received classified as operating activities

-446

1,299

Taxes on gains received

-97

-303

NET CASH FROM INVESTING ACTIVITIES

-83,239

-78,016

1. Acquisitions

-86,134

-79,742

Payments for acquisitions of investment property

-49,515

-76,319

Payments for development projects

-32,697

Acquisitions of other tangible and intangible non-current assets

-3,922

-3,423

2. Transfers

2,895

1,726

Income from sale of investment property

2,895

1,726

NET CASH FROM FINANCING ACTIVITIES

-19,860

38,566

1. New borrowings

82,619

68,029

2. Repayments

-93,045

-824

3. Finance grant to WDP Development joint venture Romania

-555

-10,068

4. Interest paid

-8,879

-6,339

5. Dividend paid

0

-12,232

NET INCREASE IN CASH AND CASH EQUIVALENTS

981

-6,709

CASH AND CASH EQUIVALENTS, CLOSING BALANCE

2,254

2,306