1 PFLEIDERER AG NINE-MONTH FINANCIAL REPORT 2007

Statement of Cash Flows of the Pfleiderer Group as of September 30, 2007
(in accordance with IFRSs)
€ thousands
Jan. 1 –
Sept. 30,
2007
Jan. 1 –
Sept. 30,
2006
Earnings before interest and taxes (EBIT) 102,677 89,125
Net income taxes paid -9,669 -7,487
Depreciation and amortization of non-current assets 81,180 54,780
(Gain) / loss on disposal of non-current assets -1,023 -2,559
Change in pension provisions 1,374 2,110
Change in current assets -65,235 -32,169
Change in other non-current assets -1,309 3,309
Change in current liabilities excluding financial liabilities -5,793 -14,839
Change in non-current liabilities excluding financial liabilities 6,743 -7,617
Other non-cash income and expense 941 -14,516
Cash flow from operating activities 109,886 70,137
Purchase of intangible assets -1,362 -409
Purchase of property, plant, and equipment -117,428 -62,266
Purchase of non-current financial assets -430 -217
Purchase of consolidated companies and
repurchase of treasury shares -392,129 -10,385
Proceeds from sale of intangible assets 9 3,132
Proceeds from sale of property, plant, and equipment 1,076 2,907
Proceeds from sale of non-current financial assets 585 675
Cash flow from investing activities -509,679 -66,563
Cash flow from operating activities after investing activities -399,793 3,574
Change in financial liabilities 172,552 -268,126
Change in externally factored receivables 31,423 1,245
Dividend payments to minority shareholders -5,799 -6,223
Dividend payments to hybrid capital investors -5,851 0
Dividend payments to shareholders of Pfleiderer AG -13,217 -7,981
Capital increase 0 191,961
Issuance of hybrid capital 269,517 0
Purchase of treasury shares -33,301 0
Interest paid -34,011 -25,375
Interest received 5,481 3,182
Other financing activities 114 158
Cash flow from financing activities 386,908 -111,159
Net change in cash and cash equivalents -12,885 -107,585
Effect of exchange rate fluctuations on cash and cash equivalents -7 -1,825
Effect of discontinued operations on cash and cash equivalents
-16,428 120,897
Effect of first-time consolidation on cash and cash equivalents
8,518 977
Cash and cash equivalents at January 1 35,405 74,290
Cash and cash equivalents at September 30 14,603 86,754
20 PFLEIDERER AG NINE-MONTH FINANCIAL REPORT 2007