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.

 
2011 2010
  Total of which Related parties (Section E) Total of which Related parties (Section E)
Notes In thousands of Euro



  Operating activities



  Consolidated net income 47,053
42,811
  Allocation of profit to non-controlling interests (30)
30
13 Taxation for the period 32,305
40,983
8 Depreciation of property, plant and equipment 35,219
35,879
8 Amortisation of intangible assets 59,794
50,127
  Non-monetary costs for stock options 771
2,650
  Allocations for risks and retirement funds and employee benefits 21,134
29,243
  Write-downs / (Reversals) (1,192)
1,755
  Losses / (Gains) on the disposal of property, plants and equipment (6,012)
(2,240)
  Losses / (Gains) on the disposal of intangible assets 0

0

12 Financial income (3,910)
(2,891)
  Dividend income (193)
(12)
12 Borrowing Costs 25,558
29,744
  Income from public grants (3,492)
(4,164)
  Portion of earnings of affiliated companies 0

45
  Change in working capital:



23 (Increase)/Decrease in trade receivables 24,861 (243) 12,743 (1,733)
24 (Increase)/Decrease in other receivables (18,740) (435) (1,157) (1,901)
25 (Increase)/Decrease in inventories 3,078
12,430
33 Increase/(Decrease) in trade payables 22,783 6,046 6,640 (385)
34 (Increase)/Decrease in other payables 8,636 (267) (12,347) (265)
  Increase/(Decrease) in provisions for risks (21,782)
(26,974)
36 Increase/(Decrease) in retirement funds and employee benefits (20,795)
(13,028)
  Other changes 5,265
(43,774)
  Cash generated from operating activities 210,311 158,493
  Interest paid (22,825)
(23,178)
  Taxes paid (31,862)
(12,774)
  Cash flow from operating activities (A) 155,624 122,541
 




  Investment activities



17 Investment in property, plant and equipment (61,790)
(37,132)
  Sale price, or repayment value, of property, plant and equipment 6,542
3,823
16 Investment in intangible assets (64,300)
(59,063)
  Sale price, or repayment value, of intangible assets 122
261
  Purchase of financial assets 0

(23,051)
  Sale price of financial assets 23,051
4,127
  Collected interests 11,666
2,360
  Cash flow from investment activities (B) (84,709) (108,675)
 




  Financing activities



31 Exercise of stock options 2,843


31 Purchase of treasury shares (9,080)
(3,344)
31 Outflow for dividends paid (25,684)
(25,765)
32 Loans received 71,400
37,652
32 Outflow for repayment of loans (112,727) (65,174)
32 Financing received for leases 227 0
32 Repayment of finance leases (850) (758)
  Cash flow from funding activities (C) (73,871) (57,389)
 
  Increase / (Decrease) in cash and cash equivalents (A+B+C) (2,956) (43,523)
 
  Opening balance 154,758 198,281
  Exchange differences
  Closing balance 151,802 154,758

The table below details the breakdown of the balance of cash and cash equivalents as of 31 December 2011 and 31 December 2010.

  As of 31 December 2011 As of 31 December 2010 Change
Notes In thousands of Euro
27 Cash and cash equivalents 151,887 154,859 (2,972)
32 Current account overdrafts (85) (101) 16
  Closing balance 151,802 154,758 (2,956)