128 348
2014 Annual Report
Prysmian Group
128
Consolidated Financial Report
2014
of which
2013 (*)
of which
related parties
related parties
(Note 33)
(Note 33)
Profit/(loss) before taxes
172
218
Depreciation, impairment and impairment reversals of property, plant and equipment 137
141
Amortisation and impairment of intangible assets
51
32
Net gains on disposal of property, plant and equipment,
intangible assets and acquisition purchase price adjustment
(30)
(7)
Share of net profit/(loss) of equity-accounted companies
(43)
(43)
(35)
(35)
Share-based payments
3
14
Fair value change in metal derivatives
and other fair value items
(7)
8
Net finance costs
140
150
Changes in inventories
(76)
(58)
Changes in trade receivables/payables
(16)
4
144
7
Changes in other receivables/payables
90
(12)
(93)
12
Changes in receivables/payables for derivatives
1
1
Taxes paid
(72)
(60)
Dividends received from equity-accounted companies
36
36
16
16
Utilisation of provisions (including employee benefit obligations)
(193)
(154)
Increases in provisions (including employee benefit obligations)
170
85
A. Net cash flow provided by/(used in) operating activities
363
402
Acquisitions
(1)
9
-
Investments in property, plant and equipment
(143)
(95)
Disposals of property, plant and equipment and assets held for sale
6
6
Investments in intangible assets
(18)
(18)
Investments in financial assets held for trading
(8)
(40)
Disposals of financial assets held for trading
25
7
B. Net cash flow provided by/(used in) investing activities
(129)
(140)
Capital contributions and other changes in equity
-
-
Dividend distribution
(90)
(92)
Purchase of treasury shares
(20)
-
EIB Loan
100
-
Proceeds from convertible bond
(2)
-
296
Early repayment of credit agreement
(184)
(486)
Finance costs paid
(3)
(440)
(373)
Finance income received
(4)
330
249
Changes in other net financial payables
46
(103)
C. Net cash flow provided by/(used in) financing activities
(258)
(509)
D. Currency translation gains/(losses) on cash and cash equivalents
8
(30)
E. Total cash flow provided/(used) in the year (A+B+C+D)
(16)
(277)
F.
Net cash and cash equivalents at the beginning of the year
510
787
G. Net cash and cash equivalents at the end of the year (E+F)
494
510
(*) The previously published prior year comparative figures have been restated following the introduction of IFRS 10 and IFRS 11 and a new method of classifying
the share of net profit/(loss) of associates and joint ventures. Further details can be found in Section C. Restatement of comparative figures.
(1) This refers to the receipt of Euro 15 million for the purchase price adjustment regarding Global Marine Systems Energy Ltd (now renamed Prysmian
PowerLink Services Ltd) and to the outlay of Euro 6 million for the acquisition of the remaining 34% of the subsidiary AS Draka Keila Cables.
(2) The Bond became convertible following the resolution adopted by the Shareholders’ Meeting on 16 April 2013.
(3) Finance costs paid of Euro 440 million include Euro 53 million in interest payments in 2014 (Euro 65 million in 2013).
(4) Finance income received of Euro 330 million includes Euro 7 million in interest income (Euro 7 million in 2013).
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions of Euro)