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76
LISI 2016 FINANCIAL REPORT
2.3
I
STATEMENT OF CASH FLOWS
(in €’000)
2016
2015
2014
OPERATING ACTIVITIES
Operating cash flow
33,630
29,402
24,160
Effect of changes in inventory on cash
Effect of changes in accounts receivable and accounts payable
17,433
(10,765)
11,943
CASH PROVIDED BY OR USED FOR OPERATIONS (A)
51,063
18,638
36,104
INVESTMENT OPERATIONS
Cash used to acquire tangible and intangible fixed assets
(205)
(147)
(74)
Cash received from the disposal of tangible and intangible fixed assets
100
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
(45,455)
2,000
4,000
CASH PROVIDED BY OR USED FOR INVESTING ACTIVITIES (B)
(45,560)
1,885
3,927
FINANCING OPERATIONS
Cash received from shareholders as part of a capital increase
1,818
Dividends paid to shareholders of the parent company
(20,629)
(19,467)
(17,820)
Cash received from new loans
129,323
40,526
133,934
Repayment of loans
(70,026)
(46,434)
(25,478)
CASH PROVIDED BY OR USED FOR FINANCING ACTIVITIES (C)
38,668
(25,375)
92,454
Effect of change in foreign exchange rates (D)
CHANGES IN CASH (A+B+C+D)*
44,171
(4,853)
132,484
Cash at January 1 (E)
259,330
264,183
131,698
Cash at December 31 (A+B+C+D+E)
303,501
259,330
264,183
Marketable securities
101,350
75,859
91,240
Cash, subsidiaries’ current accounts
422,158
438,957
391,941
Banking facilities, subsidiaries’ current accounts
(220,007)
(255,486)
(218,998)
CLOSING CASH POSITION**
303,501
259,330
264,183
* The overall change in cash position corresponds to the total of net cash flows generated by the various categories: operations, CAPEX, and financing.
** The cash position is the algebraic sum of the balance sheet assets and liabilities.
2.4
I
CHANGE IN SHAREHOLDERS’ EQUITY
(in €'000)
At 12/31/2014
198,261
Profit (loss) for the period
30,037
Capital increase
Dividends paid
(19,467)
Accelerated depreciation
5
At 12/31/2015
208,837
Profit (loss) for the period
33,022
Capital increase
Dividends paid
(20,629)
Accelerated depreciation
(7)
At 12/31/2016
221,223
COMPANY FINANCIAL STATEMENTS
4