80 / 164
COMPANY FINANCIAL STATEMENTS
80
LISI 2015 FINANCIAL REPORT
2.3
/
STATEMENT OF CASH FLOWS
(in €'000)
2015
2014
2013
Operating activities
Operating cash flow
29,402
24,160
22,009
Effect of changes in inventory on cash
Effect of changes in accounts receivable and accounts payable
(10,765)
11,943
(3,752)
Cash provided by or used for operations (A)
18,638
36,104
18,257
Investment operations
Cash used to acquire tangible and intangible assets
(147)
(74)
(54)
Cash received from the disposal of tangible and intangible assets
32
1
Cash used to acquire financial assets
Cash received from the disposal of financial assets
Net cash used for acquisitions and disposals of subsidiaries
Cash payments and collections from loans to subsidiaries
2,000
4,000
4,000
Cash provided by or used for investing activities (B)
1,885
3,927
3,946
Financing operations
Cash received from shareholders as part of a capital increase
1,818
Dividends paid to shareholders of the parent company
(19,467)
(17,820)
(14,674)
Cash received from new loans
40,526
133,934
56,534
Repayment of loans
(46,434)
(25,478)
(63,760)
Cash provided by or used for financing activities (C)
(25,375)
92,454
(21,901)
Effect of change in foreign exchange rates (D)
Changes in cash (A+B+C+D)*
(4,853)
132,484
301
Cash at January 1
st
(E)
264,183
131,698
131,397
Cash at December 31 (A+B+C+D+E)
259,330
264,183
131,698
Marketable securities
75,859
91,240
85,574
Cash, subsidiaries’ current accounts
438,957
391,941
208,227
Banking facilities, subsidiaries’ current accounts
(255,486)
(218,998)
(162,103)
Closing cash position**
259,330
264,183
131,698
* The overall change in cash position corresponds to the total of net cash flows generated by the various categories: operations, investments, and financing.
** The cash position is the algebraic sum of the balance sheet assets and liabilities.