CONSOLIDATED FINANCIAL STATEMENTS
122
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
CONSOLIDATED STATEMENT OF CASH FLOWS
(1) The figure of Euro 86 million in 2012 referred to:
• Euro 23 million for the acquisition of Telcon Fios e Cabos para
Telecomuniçaoes S.A. (stated net of Euro 9 million in cash and cash
equivalents held by the acquiree at the acquisition date);
• Euro 51 million for the acquisition of Global Marine Systems Energy Ltd.
(stated net of Euro 1 million in cash and cash equivalents held by the
acquiree at the acquisition date);
• Euro 9 million for the cash outlay under the squeeze-out procedure to
purchase Draka Holding NV shares;
• Euro 2 million for the acquisition of Draktel Optical Fibre S.A.;
• Euro 1 million for the acquisition of Neva Cables Ltd.
(2) The Bond became convertible following the resolution adopted by the
Shareholders’ Meeting on 16 April 2013.
(3) Finance costs paid of Euro 377 million include Euro 68 million in interest
payments in 2013 (Euro 84 million in 2012).
(4) Finance income received of Euro 251 million includes Euro 7 million in
interest income in 2013 (Euro 17 million in 2012).
(*) The previously published figures have been amended. Further details can
be found in Section C. Restatement of comparative figures at 31 December
2012.
Please refer to Note 37 for comments on the Statement of cash flows.
(in millions of Euro)
2013
of which 2012 (*)
of which
related parties
related parties
(Note 33)
(Note 33)
Profit/(loss) before taxes
222
242
Depreciation and impairment of property, plant and equipment
147
153
Amortisation and impairment of intangible assets
33
35
Net gains on disposal of property, plant and equipment,
intangible assets and other non-current assets
(7)
(14)
Share of net profit/(loss) of associates
(15)
(17)
Share-based payments
14
17
Fair value change in metal derivatives and other fair value items
8
(21)
Net finance costs
153
137
Changes in inventories
(67)
23
Changes in trade receivables/payables
143
1
55
(8)
Changes in other receivables/ payables
(96)
12
(4)
(2)
Changes in receivables/payables for derivatives
1
1
Taxes paid
(64)
(74)
Utilisation of provisions (including employee benefit obligations)
(157)
(104)
Increases in provisions (including employee benefit obligations)
84
(6)
117
5
A. Net cash flow provided by/(used in) operating activities
399
546
Acquisitions
(1)
-
(86)
Investments in property, plant and equipment
(103)
(132)
Disposals of property, plant and equipment and assets held for sale
7
11
Investments in intangible assets
(18)
(20)
Investments in financial assets held for trading
(40)
(33)
Disposals of financial assets held for trading
7
25
Disposals of available-for-sale financial assets
-
3
Investments in associates
-
(1)
Dividends received
11
11
6
4
B.
Net cash flow provided by/(used in) investing activities
(136)
(227)
Capital contributions and other changes in equity
-
1
Dividend distribution
(92)
(45)
Proceeds from convertible bond
(2)
296
-
Early repayment of credit agreement
(486)
-
Finance costs paid
(3)
(377)
(365)
Finance income received
(4)
251
236
Changes in net financial payables
(75)
(65)
C.
Net cash flow provided by/(used in) financing activities
(483)
(238)
D.
Currency translation gains/(losses) on cash and cash equivalents
(31)
4
E.
Total cash flow provided/(used) in the year (A+B+C+D)
(251)
85
F.
Net cash and cash equivalents at the beginning of the year
812
727
G.
Net cash and cash equivalents at the end of the year (E+F)
561
812
