Universal Registration Document 2019

34 LISI 2019 UNIVERSAL REGISTRATION DOCUMENT Consolidated financial statements 2 2.3  /  Consolidated cash flow statements (in thousands of euros) 12/31/2019 12/31/2018 OPERATING ACTIVITIES NET EARNINGS 73,812 96,794 ELIM. 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 119,418 98,634 ‑ Changes in deferred taxes (3,467) 2,333 ‑ Income on disposals, provisions for liabilities and others 34,797 1,393 GROSS CASH FLOW MARGIN 224,560 199,154 Net changes in provisions provided by or used for current operations (3,299) (4,303) OPERATING CASH FLOW 221,261 194,853 Income tax expense elimination 31,385 31,506 Elimination of net borrowing costs 5,526 5,767 Effect of changes in inventory on cash 10,498 (5,744) Effect of changes in accounts receivable and accounts payable (18,740) (16,645) NET CASH PROVIDED BY OR USED FOR OPERATIONS BEFORE TAX 249,929 209,735 Tax paid (26,108) (15,434) CASH PROVIDED BY OR USED FOR OPERATING ACTIVITIES (A) 223,824 194,302 INVESTMENT ACTIVITIES Acquisition of consolidated companies 702 Acquired cash (43,384) Acquisition of tangible and intangible fixed assets (118,555) (134,103) Acquisition of financial assets Change in granted loans and advances (187) (267) Investment subsidies received Dividends received TOTAL CASH USED FOR INVESTMENT ACTIVITIES (118,742) (178,455) Divested cash (1,249) (267) Disposal of consolidated companies 3,000 3,191 Disposal of tangible and intangible fixed assets 1,737 2,822 Disposal of financial assets (3) TOTAL CASH FROM DISPOSALS 3,485 5,746 CASH PROVIDED BY OR USED FOR INVESTMENT ACTIVITIES (B) (115,257) (172,710) FINANCING ACTIVITIES Capital increase 3,167 Net disposal (acquisition) of treasury shares Dividends paid to shareholders of the Group (23,421) (25,499) Dividends paid to minority interests of consolidated companies (1,769) (1,879) TOTAL CASH FROM EQUITY OPERATIONS (25,190) (24,211) Issue of Non-current loans 60,520 30,653 Issue of short-term loans 103,674 102,739 Repayment of Non-current loans (5,882) (6,783) Repayment of short-term loans (147,088) (161,420) Net interest expense paid (5,534) (5,766) TOTAL CASH FROM OPERATIONS ON LOANS AND OTHER FINANCIAL LIABILITIES 5,690 (40,576) CASH PROVIDED BY OR USED FOR FINANCING ACTIVITIES © (19,501) (64,789) Effect of change in foreign exchange rates (D) 2,338 (1,149) Effect of adjustments in treasury shares (D) 727 (390) CHANGES IN CASH (A+B+C+D) 92,133 (44,736) Cash at January 1 (E) 136,400 181,135 Cash at year-end (A+B+C+D+E) 228,533 136,400 Cash and cash equivalents 236,809 156,879 Short-term banking facilities (8,273) (20,479) CLOSING CASH POSITION 228,533 136,400