Consolidated Cash Flow Statement
This statement shows the factors behind changes in cash and cash equivalents, net of short-term bank overdrafts, as required by IAS 7.
| As of 31 December 2010 | As of 31 December 2009 | ||||
|---|---|---|---|---|---|
| |
|
Total | of which Related parties (Section F) |
Total | of which Related parties (Section F) |
| Notes | In thousands of Euros | |
|
|
|
| Operating activities | |
|
|
||
| |
Consolidated net income | 42,811 | |
46,031 | |
| |
Non-controlling interests | 30 | |
1,388 | |
| 13 | Taxation for the period | 40,983 | |
26,674 | |
| 8 | Depreciation of property, plant and equipment | 35,879 | |
37,148 | |
| 8 | Amortisation of intangible assets | 50,127 | |
59,230 | |
| |
Non-monetary costs for stock options | 2,650 | |
723 | |
| |
Allocations for risks and retirement funds and employee benefits | 29,243 | |
28,740 | |
| |
Write-downs / (Reversal) | 1,755 | |
7,360 | |
| |
Losses / (Gains) on the disposal of property, plants and equipment | (2,240) | |
83 | |
| |
Losses / (Gains) on the disposal of intangible assets | - | |
- |
|
| 12 | Financial income | (2,891) | |
(1,445) | |
| |
Dividend income | (12) | |
(601) | |
| 12 | Borrowing Costs | 29,744 | |
28,051 | |
| |
Income from public grants | (4,164) | |
(7,428) | |
| |
Portion of earnings of affiliated companies | 45 | |
|
|
| Change in working capital: | |
|
|
||
| 23 | (Increase)/Decrease in trade receivables | 12,743 | (1,733) | (12,886) | (17) |
| 24 | (Increase)/Decrease in other receivables | (1,157) | (1,901) | (2,818) | (2,105) |
| 25 | (Increase)/Decrease in inventories | 12,430 | |
5,465 | |
| 33 | Increase/(Decrease) in trade payables | 6,640 | (385) | (16,237) | 4,530 |
| |
(Increase)/Decrease in other payables | (12,347) | (265) | 8,890 | 7 |
| |
Increase/(Decrease) in provisions for risks | (26,974) | |
(19,015) | |
| |
Increase/(Decrease) in retirement funds and employee benefits | (13,028) | |
(11,470) | |
| |
Other changes | (43,774) | |
20,299 | |
| Cash generated from operating activities | 158,493 | 198,182 | |||
| |
Interest paid | (23,178) | |
(33,522) | |
| |
Taxation paid | (12,774) | |
(35,325) | |
| |
Penalty for the advance reimbursement of a debenture loan | - | |
(6,098) | |
| Cash flow from operating activities (A) | 122,541 | 123,237 | |||
| |
|
|
|
|
|
| Investment activities | |
|
|
|
|
| 17 | Investment in property, plant and equipment | (37,132) | |
(39,254) | |
| |
Sale price, or repayment value, of property, plant and equipment | 3,823 | |
1,505 | |
| 16 | Investment in intangible assets | (59,063) | |
(54,535) | |
| |
Sale price, or repayment value, of intangible assets | 261 | |
55 | |
| |
Purchase of financial assets | (23,051) | |
- |
|
| |
Sale price of financial assets | 4,127 | |
1,615 | |
| |
Collected interests | 2,360 | |
2,082 | |
| Cash flow from investment activities (B) | (108,675) | (88,487) | |||
| |
|
|
|
|
|
| Financing activities | |
|
|
|
|
| 31 | Purchase of treasury shares | (3,344) | |
(1,179) | |
| 31 | Outflow for dividends paid | (25,765) | |
(22,533) | |
| 32 | Loans received | 37,652 | |
395,365 | |
| 32 | Outflow for repayment of loans | (65,174) | |
(234,179) | |
| 32 | Repayment of finance leases | (758) | |
(726) | |
| Cash flow from funding activities (C) | (57,389) | 136,748 | |||
| |
|
|
|
|
|
| Increase / (Decrease) in cash and cash equivalents (A+B+C) | (43,523) | 171,498 | |||
| Opening balance | 198,281 | 25,976 | |||
| |
Exchange differences | - |
|
807 | |
| Closing balance | 154,758 | 198,281 | |||
The table below details the breakdown of the balance of cash and cash equivalents as of 31 December 2010 and 31 December 2009.
