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1.3
I
LISI GROUP CONSOLIDATED CASH FLOW TABLE
(in €’000)
12/31/2017
12/31/2016
OPERATING ACTIVITIES
NET EARNINGS
106,951
106,390
ELIMINATION OF THE INCOME OF COMPANIES ACCOUNTED FOR BY THE EQUITY METHOD
ELIMINATION OF NET EXPENSES NOT AFFECTING CASH FLOWS:
–– Depreciation and non-recurrent financial provisions
89,819
81,232
–– Changes in deferred taxes
10,335
6,059
–– Income on disposals, provisions for liabilities and others
(1,932)
911
GROSS CASH FLOW MARGIN
205,173
194,592
Net changes in provisions provided by or used for current operations
(1,335)
1,213
OPERATING CASH FLOW
203,838
195,805
Income tax expense (revenue)
28,847
48,385
Elimination of net borrowing costs
5,686
5,782
Effect of changes in inventory on cash
67
2,504
Effect of changes in accounts receivable and accounts payable
17,973
(23,729)
NET CASH PROVIDED BY OR USED FOR OPERATIONS BEFORE TAX
256,411
228,747
Tax paid
(64,298)
(29,807)
CASH PROVIDED BY OR USED FOR OPERATIONS (A)
192,113
198,938
INVESTMENT ACTIVITIES
Acquisition of consolidated companies
(51,014)
(92,136)
Cash acquired
2,409
(1,973)
Acquisition of tangible and intangible fixed assets
(141,694)
(132,609)
Acquisition of financial assets
Change in granted loans and advances
(722)
(746)
Investment subsidies received
Dividends received
TOTAL CASH USED FOR INVESTMENT ACTIVITIES
(191,021)
(227,463)
Divested cash
(5,701)
36
Disposal of consolidated companies
13,060
Disposal of tangible and intangible fixed assets
1,548
12,995
Disposal of financial assets
TOTAL CASH FROM DISPOSALS
8,907
13,031
CASH PROVIDED BY OR USED FOR INVESTMENT ACTIVITIES (B)
(182,114)
(214,434)
FINANCING ACTIVITIES
Capital increase
1,920
32
Net disposal (acquisition) of treasury shares
Dividends paid to shareholders of the Group
(23,873)
(20,629)
Dividends paid to minority interests of consolidated companies
TOTAL CASH FROM EQUITY OPERATIONS
(21,954)
(20,598)
Issue of long-term loans
50,913
88,376
Issue of short-term loans
126,640
52,028
Repayment of long-term loans
1,372
(35,309)
Repayment of short-term loans
(102,807)
(45,143)
Net interest expense paid
(5,680)
(5,782)
TOTAL CASH FROM OPERATIONS ON LOANS AND OTHER FINANCIAL LIABILITIES
70,439
54,171
CASH PROVIDED BY OR USED FOR FINANCING ACTIVITIES (C)
48,485
33,573
Effect of change in foreign exchange rates (D)
(2,976)
(8,149)
Effect of adjustments in treasury shares (D)
(110)
(762)
CHANGES IN NET CASH (A+B+C+D)
55,398
9,166
Cash at January 1 (E)
125,736
116,569
Cash at year-end (A+B+C+D+E)
181,134
125,735
Cash and cash equivalents
197,575
141,719
Short-term banking facilities
(16,440)
(15,984)
CLOSING CASH POSITION
181,135
125,735
33
LISI 2017 FINANCIAL REPORT
CONSOLIDATED FINANCIAL STATEMENTS
3