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37. STATEMENT OF CASH FLOWS
Net cash flow provided by operating activities amounted to
Euro 546 million in 2012.
This flow was influenced by a reduction of Euro 75 million in
working capital.
Net cash flow used for acquisitions came to Euro 86 million,
of which Euro 9 million for the purchase of the remaining
Draka shares under the squeeze-out procedure, Euro 25 million
for the purchase of shares in both Telcon Fios e Cabos para
Telecomuniçaoes S.A. and Draktel Optical Fibre S.A., Euro 51
million for the purchase of shares in Global Marine Systems
Energy Ltd, and Euro 1 million for the Neva Cables Ltd share
purchase.
Net operating investments in 2012 amounted to Euro 141
million and mainly refer to expansion of production capacity
for high voltage cables in Russia, China and France, for
submarine cables in Italy and Finland, to the investment in the
Telecom segment in Australia in connection with the multi-
year project to manufacture cables using ribbon technology
and lastly to the increase in optical fibre production capacity
in Brazil.
Around 58% of total investment expenditure related to
projects to increase production capacity, while some 16% of
the total went on projects to improve industrial efficiency.
About 14% of the total related to structural work on buildings
or entire production lines for compliance with the latest
regulations, while the remaining 12% referred to investments
in information technology.
The dividend distribution amounts to Euro 45 million.
