LISI ANNUAL REPORT 2009
LISI Group consolidated cash flow statement
In thousand euros
12/31/2009
12/31/2008
OPERATING ACTIVITIES
Net earnings
9,137
56,111
Elimination of net charges not affecting cash flows:
- Depreciation and non-recurrent financial provisions
55,447
41,765
- Changes in deferred taxes
2,882
1,025
- Income on disposals, provisions for liabilities and others
1,604
5,006
Gross cash flow
69,070
103,907
Net changes in provisions provided by or used for current operations
7,642
1,474
Operating cash flow
76,712
105,381
Income tax expense (revenue)
4,918
31,420
Elimination of net borrowing costs
4,111
9,188
Effect of changes in inventory on cash
41,600
(28,954)
Effect of changes in accounts receivable and accounts payable
(15,773)
(1,213)
Net cash provided by or used for operations before tax
111,568
115,823
Taxes paid
(7,175)
(31,751)
Cash provided by or used for operations (A)
104,390
84,070
INVESTMENT ACTIVITIES
Acquisition of consolidated companies
(1,451)
(2,198)
Cash acquired
21
1,057
Acquisition of tangible and intangible assets
(49,465)
(65,671)
Acquisition of financial assets
(474)
Change in granted loans and advances
(946)
634
Investment subsidies received
Dividends received
4
1
Total cash used for investment activities
(52,312)
(66,177)
Disposed cash
2,800
Disposal of consolidated companies
1,500
Transfer of tangible and intangible assets
456
511
Disposal of financial assets
2
Total cash from disposals
4,758
511
Cash provided by or used for investment activities (B)
(47,554)
(65,665)
FINANCING ACTIVITIES
Capital increase
18
Net disposal (acquisition) of treasury shares
Dividends paid to shareholders of the Group
(12,313)
(15,793)
Dividends paid to minority interests of consolidated companies
Total cash from equity operations
(12,313)
(15,776)
Issue of long-term loans
16,401
27,066
Issue of short-term loans
1,161
580
Repayment of long-term loans
(4,315)
(14,423)
Repayment of short-term loans
(23,206)
(20,517)
Net interest expense paid
(4,664)
(9,959)
Total cash from operations on loans and other financial liabilities
(14,622)
(17,254)
Cash provided by or used for financing activities (C)
(26,935)
(33,029)
Effect of change in foreign exchange rates (D)
(1,628)
134
Effect of adjustments in treasury shares (D)
826
(9,241)
Changes in net cash (A+B+C+D)
29,099
(23,732)
Cash at January 1
st
(E)
41,904
65,635
Cash at year end (A+B+C+D+E)
71,003
41,904
Short-term investments
63,916
30,222
Cash and cash equivalents
20,582
25,665
Short-term banking facilities
(13,495)
(13,983)
Closing cash position
71,003
41,904
59
