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CASH FLOWS FROM INVESTING ACTIVITIES

Investment in property, plant and equipment (Note 6) (7,566) (3,267)

Investment in intangible assets (Note 7) (2,524) (1,907)

Investments in audiovisual property rights (161,495) (141,643)

Disposals of audiovisual rights 3,369 4,344

Disposals of non-current fnancial assets 2,051 182

Investments in subsidiaries (532,094) (60)

Investment in other non-current fnancial assets (49,958) (13,957)

Dividend received 1,015 1,790

Interest received 3,616 2,544

Net cash acquired in business combinations 37,805 0 Net cash fows from investing activities (705,781) (151,974)

CASH FLOW USED IN FINANCING ACTIVITIES

Long term fnancing (17,082) 30,905

Interest paid (2,219) (1,923)

Dividends paid (Note 15.2) (48,440) (210,272)

Short term Financing (4,782) 75,637

Acquisition of treasury shares (Note 15.4) (2,921)

Net increase in equity 493,707 -Net cash fows used in fnancing activities (C) 421,184 (108,574)

Net Increase/Decrease in cash and cash equivalents [D=A+B+C] 81,943 (27,222)

Net Foreign Exchange Diference 393 (106)

Net change in cash and cash equivalents 82,336 (27,328)

Cash and cash equivalents at beginning of the year (Note 12) 5,564 32,892

Cash and cash equivalents at end of the year (Note 12) 87,900 5,564

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Financial Statements, Management and Corporate Governance Report. 2010