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70 I
LISI 2016 ANNUAL REPORT
Financial data
STATEMENT OF CASH FLOWS
(in €’000)
12/31/2016
12/31/2015
Operating activities
Net earnings
106,390
81,859
Elimination of the income of companies accounted for by the equity method
71
Elimination of net expenses not affecting cash flows:
–
–
Depreciation and non-recurrent financial provisions
81,232
71,284
–
–
Changes in deferred taxes
6,059
10,554
–
–
Income on disposals, provisions for liabilities and others
911
(7,140)
Gross cash flow margin
194,592
156,628
Net changes in provisions provided by or used for current operations
1,213
(2,476)
Operating cash flow
195,805
154,153
Elimination of the tax expense
48,385
32,187
Elimination of net borrowing costs
5,782
5,133
Effect of changes in inventory on cash
2,504
(18,066)
Effect of changes in accounts receivable and accounts payable
(23,729)
36,455
Net cash provided by or used for operations before tax
228,747
209,861
Tax paid
(29,807)
(53,641)
CASH PROVIDED BY OR USED FOR OPERATIONS (A)
198,938
156,220
Investment activities
Acquisition of consolidated companies
(92,136)
(47)
Cash acquired
(1,973)
Acquisition of tangible and intangible fixed assets
(132,609)
(112,803)
Acquisition of financial assets
Change in granted loans and advances
(746)
227
Investment subsidies received
Dividends received
Total cash used for investment activities
(227,463)
(112,623)
Divested cash
36
Disposal of consolidated companies
Disposal of tangible and intangible fixed assets
12,995
1,341
Disposal of financial assets
Total cash from disposals
13,031
1,341
CASH PROVIDED BY OR USED FOR INVESTMENT ACTIVITIES (B)
(214,434)
(111,281)
Financing activities
Capital increase
32
Net disposal (acquisition) of treasury shares
Dividends paid to shareholders of the Group
(20,629)
(19,467)
Dividends paid to minority interests of consolidated companies
Total cash from equity operations
(20,598)
(19,467)
Issue of non-current loans
88,376
9,166
Issue of short-term loans
52,028
40,926
Repayment of non-current loans
(35,309)
(5,301)
Repayment of short-term loans
(45,143)
(54,354)
Net interest expense paid
(5,782)
(5,134)
Total cash from operations on loans and other financial liabilities
54,171
(14,698)
CASH PROVIDED BY OR USED FOR FINANCING ACTIVITIES (C)
33,573
(34,164)
Effect of change in foreign exchange rates (D)
(8,149)
4,741
Effect of adjustments in treasury shares (D)
(762)
302
Changes in net cash (A+B+C+D)
9,166
15,818
Cash at January 1 (E)
116,569
100,751
Cash at year-end (A+B+C+D+E)
125,735
116,569
Cash and cash equivalents
141,719
125,812
Short-term banking facilities
(15,984)
(9,243)
Closing cash position
125,735
116,569