Consolidated cash flow statement


(in thousands of Euro) 2013 2012 (*)
Cash flows from operating activities    

Net result

21,124 28,246

Adjustments:

   

non-controlling interests

3,607 3,205

depreciation, amortization and writedowns

60,371 63,250

expenses recognised for share-based incentive plans

1,562 1,233

losses/(gains) on disposal of fixed assets and non-current assets held for sale

(1,599) (7,675)

losses/(gains) on sale of equity investments in associates and joint ventures

290 -

dividends collected

- -

provisions for risks, restructuring and deferred taxes

2,896 (9,633)

post-retirement and other employee benefits

(1,990) 2,910

change in net working capital

6,749 22,142

other medium/long-term assets/liabilities

(1,324) (1,211)
CASH FLOWS FROM OPERATING ACTIVITIES 91,686 102,467
INVESTING ACTIVITIES    
Purchase of property, plant and equipment (36,030) (45,237)
Purchase of intangible assets (47,847) (39,153)
Net change in other securities 738 (6,311)
Sale of subsidiaries (net of cash and cash equivalents) and associates 56 -
Sale of property, plant and equipment 3,470 10,946
Sale of intangible assets 14 147
Dividends collected - -
NET CASH FLOWS FROM INVESTING ACTIVITIES (79,599) (79,608)
FINANCING ACTIVITIES    
Capital increase in subsidiaries from third parties - 250
Net change in capital 767 94
Net purchase of treasury shares - (1,396)
Dividends paid to Holding Company shareholders and non-controlling interests (17,240) (17,216)
New (repayment of) bonds 107,834 -
New (repayment of) long-term loans (59,507) (15,729)
New (repayment of) finance leases 2,297 (1,683)
Other changes in equity - -
NET CASH FLOWS FROM FINANCING ACTIVITIES 34,151 (35,680)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 46,238 (12,821)
Balance at the beginning of the period 76,833 92,634
(Decrease) increase in cash and cash equivalents 46,238 (12,821)
Exchange differences (4,612) (2,980)
BALANCE AT THE END OF THE PERIOD 118,459 76,833
     
ADDITIONAL INFORMATION OF CASH FLOW STATEMENT    
Taxes paid (32,111) (19,943)
Financial expenses paid (28,847) (18,134)
Financial income collected 1,646 1,238
(*) Some values as at December 31, 2012 have been restated after the application of the amendments to IAS 19 - Employee Benefits.

NB: this table shows the elements that bring about the change in cash and cash equivalents, as expressly required by IAS 7 (in particular the net balance between “Cash and cash equivalents” and “Bank overdrafts and short-term loans”). The cash flow statement included in the Report of the board of directors on operations shows the various operational components of cash flow, thereby explaining all of the changes in the overall net financial position.