255
STATEMENT OF CASH FLOWS
(in thousands of Euro)
2013
Of which
2012
Of which
related parties
related parties
(Note 25)
(Note 25)
Profit before taxes
156,441
90,922
Depreciation and impairment of property, plant and equipment
841
869
Amortisation and impairment of intangible assets
9,622
7,816
Net gains on disposal of property, plant and equipment,
intangible assets and other non-current assets
(62)
-
Share-based compensation
4,599
5,557
Dividends
(219,861)
(219,861)
(150,000)
(150,000)
Fair value change in metal derivatives
(38)
(38)
-
Net finance costs
38,776
13,132
35,408
(15,641)
Changes in inventories
(1,125)
-
Changes in trade receivables/payables
275,595
(2,291)
(60,708)
(50,258)
Changes in other receivables/payables
(12,013)
(50,775)
(4,624)
(49,351)
Taxes collected/(paid)
(1)
27,097
27,061
30,170
30,657
Utilisation of provisions (including employee benefit obligations)
(1,104)
(1,531)
Increases in provisions (including employee benefit obligations)
4,578
11,091
Transfer of employee benefit obligations
(36)
522
A. Net cash flow provided by/(used in) operating activities
283,310
(34,508)
Acquisitions
(2)
-
(8,886)
(8,886)
Investments in property, plant and equipment
(2,769)
(2,237)
Disposals of property, plant and equipment
90
623
Investments in intangible assets
(9,738)
(9,336)
Investments to recapitalise subsidiaries
(65,757)
(65,757)
(254,000)
(254,000)
Dividends received
202,286
202,286
150,000
150,000
B. Net cash flow provided by/(used in) investing activities
124,112
(123,836)
Capital contributions
(3)
385
536
Dividend distribution
(88,857)
(44,395)
Proceeds from convertible bond
(4)
296,150
-
Early repayment of Credit Agreement
(232,084)
-
Finance costs paid
(5)
(38,448)
(980)
(46,624)
(124)
Finance income received
(6)
14,514
14,341
12,260
12,076
Changes in financial receivables/payables
(355,163)
(356,304)
236,058
(30,970)
C. Net cash flow provided by/(used in) financing activities
(403,503)
157,835
D. Total cash flow provided/(used) in the year (A+B+C)
3,919
(509)
E. Net cash and cash equivalents at the beginning of the year
681
1,190
F. Net cash and cash equivalents at the end of the year (D+E)
4,600
681
(1) Refer to receipts relating to tax consolidation receivables from Italian
Group companies for the transfer of 2013 IRES (Italian corporate income
tax), net of the Company’s payments of IRES and other taxes.
(2) The figure of Euro 8,886 thousand in 2012 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.
(3) Refer to increases in share capital (Euro 8 thousand) and in the share
premium reserve (Euro 377 thousand), as a result of stock options
exercised in 2013.
(4) The Bond became convertible following the resolution adopted by the
Shareholders’ Meeting on 16 April 2013.
(5) Finance costs paid of Euro 38,448 thousand include Euro 32,517 thousand
in interest expense paid in 2013 (Euro 35,597 thousand in 2012).
(6) Finance income received of Euro 14,514 thousand includes Euro
2 thousand in interest receipts as well as amounts collected from Group
companies for recharges of fees for guarantees given by the Company on
their behalf.
Please refer to Note 30 for comments on the statement of cash flows.
