LISI GROUP - Integrated report 2020

(in thousands of euros) 12/31/2020 12/31/2019 OPERATING ACTIVITIES NET EARNINGS (37,545) 73,812 Elimination of net expenses not affecting cash flows: – Depreciation and non-recurrent financial provisions 116,917 119,418 – Changes in deferred taxes (21,249) (3,467) – Income on disposals, provisions for liabilities and others 49,609 34,797 GROSS CASH FLOW MARGIN 107,732 224,560 Net changes in provisions provided by or used for current operations 4,036 (3,299) OPERATING CASH FLOW 111,768 221,261 Income tax expense elimination 13,927 31,385 Elimination of net borrowing costs 4,734 5,526 Effect of changes in inventory on cash 9,504 10,498 Effect of changes in accounts receivable and accounts payable 59,364 (18,740) NET CASH PROVIDED BY OR USED FOR OPERATIONS BEFORE TAX 199,296 249,929 Tax paid (12,580) (26,108) CASH PROVIDED BY OR USED FOR OPERATING ACTIVITIES (A) 186,718 223,824 INVESTMENT ACTIVITIES Acquisition of tangible and intangible fixed assets (73,427) (118,555) Change in granted loans and advances 2,394 (187) TOTAL CASH USED FOR INVESTMENT ACTIVITIES (71,033) (118,742) Divested cash (2,913) (1,249) Disposal of consolidated companies 3,705 3,000 Disposal of tangible and intangible fixed assets 802 1,737 Disposal of financial assets 5 (3) TOTAL CASH FROM DISPOSALS 1,599 3,485 CASH PROVIDED BY OR USED FOR INVESTMENT ACTIVITIES (B) (69,434) 115,257 FINANCING ACTIVITIES Dividends paid to shareholders of the Group 0 (23,421) Dividends paid to minority interests of consolidated companies (452) (1,769) TOTAL CASH FROM EQUITY OPERATIONS (452) (25,190) Issue of non-current loans 11,508 60,520 Issue of short-term loans 66,856 103,674 Repayment of non-current loans (29,420) (5,882) Repayment of short-term loans (144,105) (147,088) Net interest expense paid (4,734) (5,534) TOTAL CASH FROM OPERATIONS ON LOANS AND OTHER FINANCIAL LIABILITIES (99,895) 5,690 CASH PROVIDED BY OR USED FOR FINANCING ACTIVITIES (C) (100,347) (19,501) Effect of change in foreign exchange rates (D) (3,955) 2,338 Effect of adjustments in treasury shares (D) (5,352) 727 CHANGES IN CASH (A+B+C+D) 7,629 92,133 Cash at January 1 (E) 228,533 136,400 Cash at year-end (A+B+C+D+E) 236,163 228,533 Cash and cash equivalents 242,144 236,809 Short-term banking facilities (5,981) (8,273) CLOSING CASH POSITION 236,163 228,533 CONSOLIDATED CASH FLOW STATEMENTS 6 _ DISTRIBUTION OF VALUE