Group cash flow statement

(USD 1 000)

	Note	2008	2007	2006
CASH FLOW FROM OPERATING ACTIVITIES
Operating result		197 625	203 595	156 167
Depreciation and impairment		141 355	136 426	118 682
Capital (gain) loss on non-current assets		(53 052)	( 24 604)	( 14 644)
Inventory (increase) decrease		8 716	( 10 841)	(  413)
Trade debtors (increase) decrease		(23 067)	( 11 184)	( 4 783)
Trade creditors  increase (decrease)		4 151	14 069	(  980)
Difference in pension cost and pension premium paid		(4 603)	836	1 859
Other current accruals		(2 417)	943	( 38 241)
Taxes paid		(25 146)	( 9 515)	( 9 197)
Net cash flow from operating activities		243 562	299 725	208 450
CASH FLOW FROM INVESTING ACTIVITIES
Sale of non-current assets		191 785	58 650	22 224
Investment in non-current assets	9	(404 657)	( 371 052)	( 271 123)
Available-for-sale investments		(22 385)	10 265	3 818
Changes in non-current receivables		(54 554)	( 1 244)	(  332)
Interest received		7 742	12 839	10 568
Net cash flow from investing activities		(282 069)	( 290 542)	( 234 845)
CASH FLOW FROM FINANCING ACTIVITIES
New interest bearing debt		264 117	265 835	533 941
Payment of interest bearing debt		(120 164)	( 225 373)	( 275 994)
Purchase treasury shares		22 111	( 2 247)	( 51 333)
Other financial expenses		(7 387)	( 1 482)	(  631)
Interest paid		(70 875)	( 73 582)	( 53 333)
Dividend		(32 874)	( 41 327)	( 72 467)
Net cash flow from financing activities		54 928	( 78 176)	80 183
Effect on cash balances from currency exchange rate fluctuations		(10 104)	1 653	2 659
Net change in cash balances		6 316	( 67 340)	56 447
Cash and cash equivalents as per 1.1		97 947	165 287	108 840
Cash and cash equivalents as per 31.12		104 263	97 947	165 287
Available credit facilities		-	64 000	15 000