Consolidated Statement of Cash Flows

This statement shows the factors behind changes in cash and cash equivalents, net of short-term bank overdrafts, as required by IAS 7.

  2012 2011 Restated7
    Total of which related parties Total of which related parties
Notes In thousands of Euros
  Operating activities
  Consolidated net profit 42,008 46,290
  Allocation of profit to non-controlling interests 66 (30)
13 Taxes for the period 25,787 32,312
8 Depreciation of property, plant and equipment 37,001 35,219
8 Amortisation of intangible assets 42,620 59,794
  Non-monetary costs for stock options 685 771
  Allocations for risks and retirement funds and employee benefits 23,004 21,134
  Write-downs / (Reversals) 1,493 (1,192)
  Losses / (Gains) on the disposal of property, plants and equipment (418) (6,012)
  Losses / (Gains) on the disposal of intangible assets 0
12 Financial income (1,522) (3,910)
  Dividend income (15) (193)
12 Borrowing Costs 28,904 25,558
  Income from public grants (2,316) (3,492)
  Portion of earnings of affiliated companies (3,515)
  Change in working capital:
23 (Increase)/Decrease in trade receivables 2,453 1,507 24,861 (243)
24 (Increase)/Decrease in other receivables (7,889) (121) (18,740) (435)
25 (Increase)/Decrease in inventories 15,902 3,078
32 Increase/(Decrease) in trade payables 17,654 (1,521) 22,783 6,046
  Increase/(Decrease) in other payables (13,898) 112 8,636 (267)
34 Increase/(Decrease) in provisions for risks (14,370) (21,782)
36 Increase/(Decrease) in retirement funds and employee benefits (4,814) (20,795)
  Other changes 6,336 6,021
  Cash generated from operating activities 195,156   210,311  
  Interest paid (28,848) (22,825)
  Taxes paid (32,066) (31,862)
  Cash flow from operating activities (A) 134,242   155,624  
 
  Investment activities
17 Investment in property, plant and equipment (78,392) (61,790)
  Sale price, or repayment value, of property, plant and equipment 955 6,542
16 Investment in intangible assets (59,574) (64,300)
  Acquisition of Tecnocontrol (11,323)
  Sale price, or repayment value, of intangible assets 40 122
  Purchase of financial assets (1,263) 0
  Sale price of financial assets 5 23,051
  Collected interests 981 11,666
  Cash flow from investment activities (B) (148,571) (84,709)  
 
  Financing activities
31
Exercise of stock options 2,843
31 Purchase of treasury shares (9,152) (9,080)
31Outflow for dividends paid (29,877) (25,684)
32 Loans received 114,835 71,400
32 Outflow for repayment of loans (128,245) (112,727)
32 Financing received for leases 0 227
32 Repayment of finance leases (894) (850)
  Cash flow from funding activities (C) (53,333) (73,871)  
 
  Increase / (Decrease) in cash and cash equivalents (A+B+C) (67,662) (2,956)  
         
  Opening balance 151,802 154,758  
  Exchange differences
  Closing balance 84,140 151,802  
7_ Values have been restated, following the adoption of IAS 19 revised which, among others, changes the principle for recognising actuarial gains and losses relative to post-employment benefits. For further details, see section 2.2 Accounting policies – New Accounting standards, amendments and interpretations applied as from 1 January 2012 in the “Notes”.
           

The table below details the breakdown of the balance of cash and cash equivalents as of 31 December 2012 and 31 December 2011.

  As of 31 December 2012 As of 31 December 2011 Change
Notes In thousands of Euros
27 Cash and cash equivalents 86,110 151,887 (65,777)
32 Current account overdrafts (1,970) (85) (1,885)
  Closing balance 84,140 151,802 (67,662)