PARENT  COMPANY  CASH  FLOW  STATEMENTS At 31 January €m 2004 2003 Net income 38.1 10.1 Depreciation of tangible and intangible fixed assets 0.1 0.1 Provisions for risks and contingencies 9.8 8.0 Funds generated from operations 48.0 18.2 nnnnnnnn nnnnnnnn (Increase) decrease in accounts receivable (1.1) (2.8) Increase (decrease) in accounts payable (2.0) (1.5) Increase (decrease) in other receivables and payables 13.6 61.9 Cash flow from operating activities (A) 58.5 75.8 nnnnnnnn nnnnnnnn Addition to tangible fixed assets - - Investments in intangible fixed assets - - Financial investments (38.1) (276.2) Sub-total investments (38.1) (276.2) Sales of fixed assets - - Repayment of loans and advances granted - 6.4 Cash flow from investing activities (B) (38.1) (269.8) nnnnnnnn nnnnnnnn Dividends (30.3) - Increase in parent company capital 0.7 - New long-term borrowings 200.1 201.7 Repayment of long-term borrowings (230.4) - Net change in other financial debts and accrued interest 3.3 3.6 Cash flow from financing activities (C) (56.6) 205.3 nnnnnnnn nnnnnnnn Effect of exchange rate changes on cash and cash equivalents (D)) - - Change in net cash and cash equivalents (A)+(B)+(C)+(D) (36.2) 11.3 nnnnnnnn nnnnnnnn Opening cash and cash equivalents 52.2 40.9 Closing cash and cash equivalents 16.0 52.2 nnnnnnnn nnnnnnnn The following notes form an integral part of the financial statements. 45 Parent company financial statements