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CONSOLIDATED FINANCIAL STATEMENTS

35

LISI 2015 FINANCIAL REPORT

1.3

/

STATEMENT OF CASH FLOWS

(in €'000)

12/31/2015

12/31/2014

restated*

Operating activities

Net earnings

81,859

81,557

Elim. of the income of companies accounted for by the equitymethod

71

(31)

Elimination of net expenses not affecting cash flows:

- Depreciation and non-recurrent financial provisions

71,284

66,886

- Changes in deferred taxes

10,554

(274)

- Income on disposals, provisions for liabilities and others

(7,140)

(4,490)

Gross cash flowmargin

156,628

143,648

Net changes in provisions provided by or used for current operations

(2,476)

(2,757)

Operating cash flow

154,153

140,891

Income tax expense (revenue)

32,187

42,905

Elimination of net borrowing costs

5,133

4,837

Effect of changes in inventory on cash

(18,066)

(8,557)

Effect of changes in accounts receivable and accounts payable

36,455

(4,427)

Net cash provided by or used for operations before tax

209,861

175,649

Tax paid

(53,641)

(34,577)

Cash provided by or used for operations (A)

156,220

141,072

Investment activities

Acquisition of consolidated companies

(47)

(127,735)

Cash acquired

8,841

Acquisition of tangible and intangible fixed assets

(112,803)

(92,548)

Acquisition of financial assets

Change in granted loans and advances

227

(215)

Investment subsidies received

Dividends received

Total cash used for investment activities

(112,623)

(211,657)

Divested cash

Disposal of consolidated companies

Disposal of tangible and intangible fixed assets

1,341

1,923

Disposal of financial assets

Total cash fromdisposals

1,341

1,923

Cash provided by or used for investment activities (B)

(111,281)

(209,733)

Financing activities

Capital increase

1,838

Net disposal (acquisition) of treasury shares

Dividends paid to shareholders of the Group

(19,467)

(17,820)

Dividends paid to minority interests of consolidated companies

Total cash fromequity operations

(19,467)

(15,982)

Issue of non-current loans

9,166

155,307

Issue of current loans

40,926

467

Repayment of non-current loans

(5,301)

(22,903)

Repayment of current loans

(54,354)

(33,105)

Net interest expense paid

(5,134)

(4,837)

Total cash fromoperations on loans and other financial liabilities

(14,698)

94,928

Cash provided by or used for financing activities (C)

(34,164)

78,947

Effect of change in foreign exchange rates (D)

4,741

5,597

Effect of adjustments in treasury shares

(D)

302

(908)

Changes in net cash (A+B+C+D)

15,818

14,975

Cash at January 1

st

(E)

100,751

85,776

Cash at year end (A+B+C+D+E)

116,569

100,751

Cash and cash equivalents

125,812

110,818

Current banking facilities

(9,243)

(10,066)

Closing cash position

116,569

100,751

* 2014 financial statements restated to account for IFRIC 21.