Consolidated Statement of
Cash Flows (IFRS) – unaudited
For the Period Ended March 31,
| € | Note | 2009 | 2008 | |||
|---|---|---|---|---|---|---|
| Operating Activities | ||||||
| Net Profit | 3,506,848 | 3,264,547 | ||||
| Adjustments to Reconcile Net Profit to Net Cash Used in/Provided by Operating Activities: | ||||||
| Non-cash Charges from PPA | 0 | 14,125 | ||||
| Depreciation and Amortization of Tangible and Intangible Assets | 1,279,863 | 1,303,008 | ||||
| Income Tax Benefit | (41,734) | (59,664) | ||||
| Net Gain on Sales of Financial Assets | (771,555) | (406,285) | ||||
| Unrealized Net Loss/(Gain) on Derivative Financial Instruments | 103,016 | (136,938) | ||||
| (Gain) / Loss on Sale of Property, Plant and Equipment | (497) | 238 | ||||
| Recognition of Deferred Revenue | (7,998,800) | (7,899,478) | ||||
| Stock-based Compensation | 282,136 | 293,148 | ||||
| Changes in Operating Assets and Liabilities: | ||||||
| Accounts Receivable | (1,554,658) | 2,124,512 | ||||
| Prepaid Expenses, Other Assets and Tax Receivables | 1,305,065 | (906,196) | ||||
| Accounts Payable and Provisions | 1,518,484 | 732,303 | ||||
| Licenses Payable | 2,110,793 | 5,450 | ||||
| Other Liabilities | (2,831,794) | (5,867,573) | ||||
| Deferred Revenue | 1,163,314 | 11,661,816 | ||||
| Cash Generated from Operations | (1,929,519) | 4,123,013 | ||||
| Interest Paid | 0 | 0 | ||||
| Interest Received | (136,405) | (361,270) | ||||
| Income Taxes Paid | 395,476 | 191,463 | ||||
| Net Cash Used in/Provided by Operating Activities | (1,670,448) | 3,953,206 |
See accompanying notes to the Interim Consolidated Financial Statements
For the Period Ended March 31,
| € | Note | 2009 | 2008 | |||
|---|---|---|---|---|---|---|
| Investing Activities: | ||||||
| Purchases of Financial Assets | 0 | (22,789,616) | ||||
| Proceeds from Sales of Financial Assets | 7,345,773 | 5,210,739 | ||||
| Purchases of Property, Plant and Equipment | (159,873) | (238,667) | ||||
| Proceeds from Disposals of Property, Plant and Equipment | 530 | 0 | ||||
| Additions to Intangibles | (131,281) | (90,549) | ||||
| Net Cash Provided by/ Used in Investing Activities | 7,055,149 | (17,908,093) | ||||
| Financing Activities: | ||||||
| Proceeds from the Exercise of Options and Convertible Bonds Granted to Related Parties | 61,155 | 299,946 | ||||
| Net of Proceeds and Payments from the Issuance of Convertible Bonds Granted to Related Parties | (1,850) | 0 | ||||
| Purchases of Derivative Financial Instruments | (173,304) | (75,000) | ||||
| Proceeds from the Disposal of Derivative Financial Instruments | 47,000 | 170,359 | ||||
| Net Cash Used in/ Provided by Financing Activities | (66,999) | 395,305 | ||||
| Effect of Exchange Rate Differences on Cash | (17,862) | 114,422 | ||||
| Increase / (Decrease) in Cash and Cash Equivalents | 5,299,840 | (13,445,160) | ||||
| Cash and Cash Equivalents at the Beginning of the Period | 40,113,727 | 48,407,064 | ||||
| Cash and Cash Equivalents at the End of the Period | 45,413,567 | 34,961,904 |
See accompanying notes to the Interim Consolidated Financial Statements