50
I LISI FINANCIALREPORT2013
CONSOLIDATEDFINANCIALSTATEMENTS
3
2.5.2.3Cashandcashequivalents
The cash available as at December 31, 2013 stood at €94m. This item
consists mainly of investment securities held by the Group and in
particularmonetarySICAV instruments, fora totalof€15.3m,negotiable
security deposits of €58.8m and current bank accounts in euros and
foreign currencies. The latter are recorded at their fair value, and value
adjustments are recorded into the income statement. These positions
arenotexposed, themainbacking instrumentsguaranteeingthecapital.
The impactofthechange inworkingcapitaloncash isas follows:
in€'000
2013
2012
Effectof thechange in inventories
(12,640)
(6,030)
Effectof thechange incash flow imbalances
of customersandotherdebtors
(14,369)
5,117
Effectof thechange incash flow imbalances
of suppliersandother creditors
10,091 (1,063)
Effectof thechange incash flow imbalances
for taxes
(9,220)
(761)
Change inworkingcapitalrequirements
(26,138)
(2,737)
The freecash flowbrokedownas follows:
in€'000
2013
2012
Operatingcash flow
142,333 119,678
NetCAPEX
(87,661)
(78,411)
Change inworkingcapital requirements
(26,138)
(2,737)
FreeCashFlow
28,534 38,530
2.5.3Shareholders'equity
TheGroup'sshareholders' equitystoodat€625.2matDecember31, 2013,
against€574.7matDecember31,2012,beingan increaseof€50.5million.
Thischangetakes intoaccountthe followingmain factors:
+€74.6m of income for the period attributable to holders of the
company'sshareholders' equity,
-€14.7mofdividendspaid inMay2013,
+€1.6mrelativetotreasurysharesandpayments inshares,
+€2.1mrelatedtoactuarialgainsand lossesonemployeebenefits,
-€2.7mofchange in fairvalueofcash flowhedging instruments,
-€9.7 m of translation adjustment linked to changes in closing rates,
particularlyregardingtherevaluationofthedollar.
2.5.3.1Capital stock
Capital stock at year-end stands at €21,572,988, broken down into
10,786,494 issued shares with a face value of €2. No change has been
recordedcomparedtoDecember31,2012.
2.5.3.2Capital-linkedpremiums
Additionalpaid-incapital isbrokendownas follows:
in€'000
2013
2012
Additionalpaid-incapital
53,062
53,062
Contributionpremiums
15,030
15,030
Mergerpremiums
2,711
2,711
Total
70,803
70,803
2.5.3.3Capitalmanagement
TheGroup'spolicyconsists inmaintainingrobustcapitalsoastosupport
a highly capitalistic business, preserve the confidence of shareholders
and investors, support growth andwithstandperiods of recession. The
Board of Directors is particularly attentive to capital returns and the
dividendspaidtoshareholders.
Instrumentswhichprovideaccess to thecompany’scapital relate to the
benefitsconferredonmanagersandemployeesundercertainconditions,
assetout inNotes2.6.9and2.7.2.Theyonlyconcernexistingownshares.
2.5.3.4Dividends
The amount of (unrecognized) dividends for the 2013 financial year
submitted to the Shareholders’ General Meeting on April 23, 2014 for
approvalbreaksdownas follows:
Amount in€m
2013
2012
Totalnetdividend
18.3
15.1
This estimate ismadeon thebasisof the total number of sharesgiving,
or 10,786,494 shares. The self-held shares at thedateof payment of the
dividendwillnotbeeligible forthepaymentofanydividend.
The amount of (unrecognized) dividends for the 2013 financial year
submitted to the Shareholders’ General Meeting on April 23, 2014 for
approvalbreaksdownas follows:
Dividendper share in€
2013
2012
Dividendper share
1.70
1.40
