295
STATEMENT OF CASH FLOWS
(in thousands of Euro)
2012
Of which
2011
Of which
related parties
related parties
(Note 23)
(Note 23)
Profit before taxes
90,922
57,065
Depreciation and impairment of property, plant and equipment
869
694
Amortisation and impairment of intangible assets
7,816
6,370
Share-based compensation
5,557
2,503
Dividends
(150,000)
(150,000)
(161,332)
(161,332)
Net finance costs (income)
35,408
(15,641)
39,176
(12,597)
Changes in trade receivables/payables
(60,708)
(50,258)
(6,852)
(3,172)
Changes in other receivables/payables
(4,624)
(49,351)
2,627
4,807
Taxes collected/(paid) ²
30,170
30,657
14,700
22,147
Utilisation of provisions (including employee benefit obligations)
(1,531)
(2,044)
Increases in provisions (including employee benefit obligations)
11,091
34,069
Transfer of employee benefit obligations
522
35
A. Net cash flow provided by/(used in) operating activities
(34,508)
(12,989)
Acquisitions ¹
(8,886)
(8,886)
(501,129)
(501,129)
Investments in property, plant and equipment
(2,237)
(859)
Disposals of property, plant and equipment
623
-
Investments in intangible assets
(9,336)
(9,170)
Investments to recapitalise subsidiaries
(254,000)
(254,000)
-
Dividends received
150,000
150,000
161,332
161,332
B. Net cash flow provided by/(used in) investing activities
(123,836)
(349,826)
Finance costs paid ³
(46,624)
(124)
(53,184)
(124)
Finance income received
4
12,260
12,076
11,013
10,919
Changes in financial receivables/payables
236,058
(30,970)
438,116
51.645
Capital increases
5
536
2,509
Dividend distribution
(44,395)
(35,082)
C. Net cash flow provided by/(used in) financing activities
157,835
363,372
D. Total cash flow provided/(used) in the year (A+B+C)
(509)
557
E. Net cash and cash equivalents at the beginning of the year
1,190
633
F. Net cash and cash equivalents at the end of the year (D+E)
681
1,190
¹ The figure of Euro 8,886 thousand represents the cash outlay to purchase
the remaining ordinary shares in Draka Holding N.V., after
completing the squeeze-out procedure on 27 February 2012.
² Refer to receipts relating to group tax filing receivables from Italian Group
companies for the transfer of IRES (Italian corporate
income tax) for 2012, net of IRES and IRAP (Italian regional business tax)
paid by the Company.
³ Finance costs paid comprise Euro 35,597 thousand in interest expense paid
in 2012 (Euro 31,839 thousand in 2011), of which Euro
21,000 thousand in interest on the bond, Euro 675 thousand on the Term
Loan (for the portion received by Prysmian S.p.A. under
the Credit Agreement), Euro 5,226 thousand on the Term Loan 2010 and
Euro 8,696 thousand on the Term Loan 2011, and Euro
10,810 thousand in bank fees and other costs relating to the current credit
agreements.
4
Finance income received includes Euro 9 thousand in interest collected in
2012 (Euro 22 thousand in 2011), Euro 4,370 thousand in
amounts collected from Group companies for recharges of part of the bank
fees incurred by Prysmian S.p.A. after entering into the
Credit Agreement 2010, and Euro 7,696 thousand in amounts collected
from Group companies for recharges of fees for guarantees
given by the Company on their behalf.
5
Refer to increases in share capital, of Euro 12 thousand, and in the share
premium reserve, of Euro 524 thousand, as a result of
stock options exercised in 2012.
Please refer to Note 28 for comments on the statement of cash flows.
