70
LISI 2012
(in €’000)
12/31/2012
12/31/2011
3
OPERATING ACTIVITIES
Net earnings
57,115
59,030
Elimination of net charges not affecting
cash flows :
- Depreciation and non-recurrent
financial provisions
59,444
47,665
- Changes in deferred taxes
(1,966)
297
- Income on disposals, provisions for
liabilities and others
8,326
(10,190)
Gross cash flow margin
122,919
96,801
Net changes in provisions provided by or
used for current operations
(3,241)
(1,503)
Operating cash flow
119,678
95,299
Income tax expense (revenue)
33,681
24,511
Elimination of net borrowing costs
3,390
4,009
Effect of changes in inventory on cash
(6,030)
(33,562)
Effect of changes in accounts receivable
and accounts payable
4,055
13,203
Net cash provided by or used for
operations before tax
154,774
103,459
Taxes paid
(34,442)
(28,138)
Cash provided by or used for
operations (A)
120,332
75,321
INVESTMENT ACTIVITIES
Acquisition of consolidated companies
(10)
(100,000)
Cash acquired
5,569
Acquisition of tangible and intangible
fixed assets
(79,268)
(65,182)
Acquisition of financial assets
Change in granted loans and advances
(438)
(150)
Investment subsidies received
Dividends received
Total cash used for investment activities
(79,716)
(159,764)
Divested cash
744
(6,476)
Disposal of consolidated companies
2,805
31,920
Disposal of tangible and intangible fixed
assets
857
277
Disposal of financial assets
1
22
Total cash from disposals
4,407
25,742
Cash provided by or used for investment
activities (B)
(75,309)
(134,021)
(in €’000)
12/31/2012
12/31/2011
3
FINANCING ACTIVITIES
Capital increase
(16)
Net disposal (acquisition) of treasury
shares
Dividends paid to shareholders of the
Group
(13,531)
(10,913)
Dividends paid to minority interests of
consolidated companies
Total cash from equity operations
(13,547)
(10,913)
Issue of long-term loans
37,665
87,914
Issue of short-term loans
704
229
Repayment of long-term loans
(4,041)
(2,062)
Repayment of short-term loans
(37,079)
(18,520)
Net interest expense paid
(3,510)
(4,052)
Total cash from operations on loans and
other financial liabilities
(6,261)
63,509
Cash provided by or used for financing
activities (C)
(19,808)
52,596
Effect of change in foreign exchange
rates (D)
(2,435)
122
Reclassification (D)
496
1,018
Changes in net cash (A+B+C+D)
23,276
(4,964)
Cash at January 1
st
(E)
67,993
72,957
Cash at year end (A+B+C+D+E)
91,269
67,993
Other short-term financial assets
71,534
51,883
Cash and cash equivalents
30,624
45,675
Short-term banking facilities
(10,892)
(29,565)
Closing cash position
91,269
67,993
3
The Group has opted for early application as of January 1, 2012 of the revised IAS 19;
therefore, the financial statements for fiscal 2011 have been restated in accordance with
the new rules for comparison purposes.
CASH FLOW MOVEMENT TABLE
