Notes to the consolidated financial statements

Cash flow

Cash flows excluding infrastructure projects

Cash flows from operating activities

The evolution of cash flows from operating activities excluding infrastructure projects in 2007 and 2006 is shown below by business segment:

 Cash flows from operating activities

In the construction segment, cash flows from operating activities remain in line with 2006. Set out below is a breakdown of cash flows from operating activities showing gross operating results, income tax payments and changes in working capital:

 Cash flows in the construction segment

In the services segment, cash flows for operating activities include a dividend of 8 million euro paid out by the London Underground concession holder (Tube Lines), in which Amey has a 66.6% interest. Set out below is a breakdown of cash flows from operating activities for the core activities of the Services Division:

 Cash flows in the services segment

In the toll roads and car parks segment, as indicated at the start of this note, cash flows from operating activities include the amount of 183 million euro in dividends and equity reimbursements from toll road and airport infrastructure project companies, as analysed in the table below. The remaining flows relate mainly to the car park business (approximately 52 million euro), net tax collections (40 million euro) and other collections and payments pertaining to the Division's parent companies:

 Cash flows in the toll roads and car parks segment

In the airports segment, cash flows from operating activities mainly relate to the dividend collected from Sydney Airport (19 million euro), net tax collections (40 million euro) and other Division collections and payments.

The item "Other" includes Corporate flows totalling -143 million euro due to the significant tax payments made in 2007 as a result of the taxation of the capital gain from the Real Estate Division in 2006. It also includes flows generated by the Polish real estate business (-94 million euro), the most significant item being the payment for land amounting to -70 million euro in 2007.

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