86 / 90
82
LISI GROUP CONSOLIDATED CASH FLOW STATEMENT
(in thousands of euros)
12/31/2018
12/31/2017
OPERATING ACTIVITIES
Net earnings
96,794
106,951
Elimination of net expenses not affecting cash flows:
- depreciation and provisions
98,634
89,819
- changes in deferred taxes
2,333
10,335
- income on disposals, provisions for liabilities and others
1,393
(1,932)
Gross cash flow margin
199,154
205,173
Net change in provisions on claims and inventories
(4,303)
(1,335)
Operating cash flow
194,853
203,838
Income tax expense elimination
31,506
28,847
Elimination of net borrowing costs
5,767
5,686
Effect of changes in inventory on cash
(5,744)
67
Effect of changes in accounts receivable and accounts payable
(16,645)
17,973
Net cash provided by or used for operations before tax
209,735
256,411
Tax paid
(15,434)
(64,298)
CASH PROVIDED BY OR USED FOR OPERATIONS (A)
194,302
192,113
INVESTMENT ACTIVITIES
Acquisition of consolidated companies
(702)
(51,014)
Cash acquired
(43,384)
2,409
Acquisition of tangible and intangible fixed assets
(134,103)
(141,694)
Acquisition of financial assets
Change in granted loans and advances
(267)
(722)
Investment subsidies received
Dividends received
Total cash used for investment activities
(178,455)
(191,021)
Divested cash
(267)
(5,701)
Disposal of consolidated companies
3,191
13,060
Disposal of tangible and intangible fixed assets
2,822
1,548
Disposal of financial assets
Total cash from disposals
5,746
8,907
CASH PROVIDED BY OR USED FOR INVESTMENT ACTIVITIES (B)
(172,710)
(182,114)
FINANCING ACTIVITIES
Capital increase
3,167
1,920
Net disposal (acquisition) of treasury shares
Dividends paid to shareholders of the Group
(25,499)
(23,873)
Dividends paid to minority interests of consolidated companies
(1,879)
Total cash from equity operations
(24,211)
(21,954)
Issue of non-current loans
30,653
50,913
Issue of short-term loans
102,739
126,640
Repayment of non-current loans
(6,783)
1,372
Repayment of short-term loans
(161,420)
(102,807)
Net interest expense paid
(5,766)
(5,680)
Total cash from operations on loans and other financial liabilities
(40,576)
70,439
CASH PROVIDED BY OR USED FOR FINANCING ACTIVITIES (C)
(64,789)
48,485
Effect of change in foreign exchange rates (D)
(1,149)
(2,976)
Effect of adjustments in treasury shares (D)
(390)
(110)
Changes in cash (A+B+C+D)
(44,736)
55,398
Cash at January 1 (E)
181,135
125,736
Cash at year-end (A+B+C+D+E)
136,400
181,134
Cash and cash equivalents
156,879
197,575
Short-term banking facilities
(20,479)
(16,440)
CLOSING CASH POSITION
136,400
181,135
FINANCIAL DATA