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Cash flow movement table
(In €’000)
31/12/2011
31/12/2010
Operating activities
Net earnings
58,078
32,764
Elimination of net charges not affecting cash flows:
– Depreciation and non-recurrent financial provisions
47,665
43,823
– Changes in deferred taxes
(241)
(694)
– Income on disposals, provisions for liabilities and others
(8,700)
5,249
Gross cash flow margin
96,801
81,142
Net changes in provisions provided by or used for current operations
(1,503)
(1,669)
Operating cash flow
95,299
79,474
Income tax expense (revenue)
24,511
15,279
Elimination of net borrowing costs
4,009
2,525
Effect of changes in inventory on cash
(33,562)
(9,870)
Effect of changes in accounts receivable and accounts payable
13,203
23,954
Net cash provided by or used for operations before tax
103,459
111,367
Taxes paid
(28,138)
(3,453)
Cash provided by or used for operations (A)
75,321
107,914
Investment activities
Acquisition of consolidated companies
(100,000)
(42,026)
Cash acquired
5,569
1,502
Acquisition of tangible and intangible assets
(65,182)
(51,974)
Acquisition of financial assets
(0)
Change in granted loans and advances
(150)
476
Investment subsidies received
Dividends received
2
Total cash used for investment activities
(159,764)
(92,016)
Disposed cash
(6,476)
Disposal of consolidated companies
31,920
Disposal of tangible and intangible assets
277
1,359
Disposal of financial assets
22
5
Total cash from disposals
25,742
1,364
Cash provided by or used for investment activities (B)
(134,021)
(90,653)
Financing activities
Capital increase
1,404
Net disposal (acquisition) of treasury shares
Dividends paid to shareholders of the Group
(10,913)
(7,216)
Dividends paid to minority interests of consolidated companies
Total cash from equity operations
(10,913)
(5,812)
Issue of long-term loans
87,914
10,912
Issue of short-term loans
229
79
Repayment of long-term loans
(2,062)
(3,436)
Repayment of short-term loans
(18,520)
(20,576)
Net interest expense paid
(4,052)
(2,593)
Total cash from operations on loans and other financial liabilities
63,509
(15,614)
Cash provided by or used for financing activities (C)
52,596
(21,426)
Effect of change in foreign exchange rates (D)
122
4,686
Effect of adjustments in treasury shares (D)
1,018
1,434
Changes in net cash (A+B+C+D)
(4,964)
1,954
Cash at January 1
st
(E)
72,957
71,003
Cash at year end (A+B+C+D+E)
67,993
72,957
Other short-term financial assets
51,883
58,619
Cash and cash equivalents
45,675
22,261
Short-term banking facilities
(29,565)
(7,923)
Closing cash position
67,993
72,957