Consolidated statement of cash flows for the year ended December 31

amounts in thousands of euros

Cash flow from operating activities	2007	2006
Profit for the period	57,498	46,405
Adjustments for: Income from associates	822	458
Taxes on income	28,032	20,119
Net finance expense	8,617	3,499
Depreciation and amortization	32,629	26,003
	127,598	96,484
Share-based compensation	4,195	1,751
Dividend received	156	1,532
Sale of activities, net of cost	(3,284)	-
Interest received	7,533	8,703
Interest paid	(15,202)	(12,975)
Corporate tax paid	(28,319)	(19,634)
Change in inventories	(268)	(77)
Change in receivables	(43,319)	(36,850)
Change in deferred taxes	(10,887)	1,361
Change in provisions	(1,461)	(1,475)
Change in billing in excess of costs	20,807	25,000
Change in current liabilities	21,347	22,536
Net cash from operating activities	78,896	86,356
Cash flow from investing activities
Investments in (in)tangible assets	(33,326)	(19,292)
Divestments of (in)tangible assets	14,183	870
Investments in consolidated companies	(85,290)	(46,082)
Divestments of consolidated companies	(2,408)	(23)
Investments in associates and other investments	(9,773)	(4,045)
Divestments of associates and other investments	2,308	98
Investments in other non-current assets	(2,939)	(2,662)
Divestments of other non-current assets	1,724	2,280
Net cash used in investing activities	(115,521)	(68,856)
Cash flow from financing activities
Issued shares by subsidiaries	-	30
Options exercised	2,215	4,611
Purchase of own shares	(19,770)	(17,596)
New long-term loans and borrowings	78,553	26,062
Repayment of long-term loans and borrowings	(6,419)	(8,664)
Changes in short-term borrowings	(997)	19,639
Dividends paid	(22,453)	(13,590)
Other changes in equity	871	2,171
Net cash from financing activities	32,000	12,663
Net change in cash and cash equivalents	(4,625)	30,163
Exchange rate differences	(4,255)	2,559
Cash and cash equivalents at January 1	101,488	73,884
Cash and cash equivalents at December 31	92,608	101,488