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(41) Cash Flow Statement

in T€	FY 2005	FY 2004
Consolidated net income for the year due to Salzgitter AG shareholders	842,088	244,500
Depreciations, write-downs (+)/write-ups (−) on fixed assets	215,877	320,368
Other expenses (+)/income (−) with no effect on earnings	93,449	30,662
Interest expenses	107,477	104,290
Profit (−)/loss (+) on the disposal of fixed assets	−141,863	−7,899
Increase (−)/decrease (+) in inventories	−261,599	−157,965
Increase (−)/decrease (+) in trade receivables and other assets not attributable to investment or financing activities	−173,577	−268,547
Increase (+)/decrease (−) in provisions with effect on earnings	−219,507	−191,381
Increase (+)/decrease (−) in trade payables and other liabilities not attributable to investment or financing activities	5,637	278,368

Cash flow of funds from operating activities	467,982	352,396

Cash inflow from the disposal of tangible and intangible assets	16,572	25,214
Cash outflow on investments in intangible and tangible fixed assets	−228,275	−218,419
Cash outflow for short-term loans against borrower's notes/bonds	−100,000	−
Cash inflow from the disposal of financial assets	794,473	21,222
Cash outflow on investments in financial assets	−97,137	−3,350

Cash flow from investment activities	385,633	−175,333

Cash inflow (+)/outflow (−) as a result of sales and repurchases of own shares	−150,830	40
Dividend payments	−24,798	−15,317
Cash inflow (+)/outflow (−) as a result of the issue of bonds, take-up of loans and other financial liabilities	−13,468	−33,711
Interest paid	−25,493	−22,168

Cash flow from financing activities	−214,589	−71,156

Cash and cash equivalents available at the beginning of the period	245,871	139,964
Change in cash and cash equivalents with effect on earnings	639,026	105,907

Cash and cash equivalents available at the end of the period	884,897	245,871

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