69
RECLASSIFIED STATEMENT OF CASH FLOWS
Net cash flow provided by operating activities (before changes
in net working capital) amounted to Euro 482 million at the
end of 2013.
The increase of Euro 19 million in working capital described
earlier absorbed only a small part of the above cash flow.
Therefore, after deducting Euro 64 million in tax payments,
net cash flow from the year’s operating activities was a
positive Euro 399 million.
Net operating investments in 2013 amounted to Euro 114
million; in the case of the Energy business, this expenditure
mainly referred to production capacity increases for High
voltage cables in Russia, for submarine cables in Italy and
Norway and for the Oil&Gas sector at the plants in Sorocaba
and Santo Andrè (Brazil). In the case of the Telecom business,
of particular importance was the investment in Romania,
which has become one of Europe’s new centres of excellence
for optical telecom cables.
Dividend payments came to Euro 92 million, of which Euro 89
million to the shareholders of the parent company Prysmian
S.p.A. and Euro 3 million to minority shareholders in some
of the subsidiaries.
(1) This does not include cash flow relating to “Financial assets held for trading” and non-instrumental “Available-for-sale financial assets”, classified in the net
financial position.
(in millions of Euro)
2013
2012
Change
2011
EBITDA
562
546
16
269
Changes in provisions (including employee benefit obligations)
(73)
13
(86)
200
Inventory step-up
-
-
-
14
(Gains)/losses on disposal of property, plant and equipment,
intangible assets and non-current assets
(7)
(14)
7
(2)
Net cash flow provided by operating activities (before changes
in net working capital)
482
545
(63)
481
Changes in net working capital
(19)
75
(94)
183
Taxes paid
(64)
(74)
10
(97)
Net cash flow provided/(used) by operating activities
399
546
(147)
567
Acquisitions
-
(86)
86
(419)
Net cash flow used in operational investing activities
(114)
(141)
27
(145)
Net cash flow provided by financial investing activities
(1)
11
8
3
4
Free cash flow (unlevered)
296
327
(31)
7
Net finance costs
(126)
(129)
3
(130)
Free cash flow (levered)
170
198
(28)
(123)
Increases in share capital and other changes in equity
-
1
(1)
1
Dividend distribution
(92)
(45)
(47)
(37)
Net cash flow provided/(used) in the year
78
154
(76)
(159)
Opening net financial position
(918)
(1,064)
146
(459)
Net cash flow provided/(used) in the year
78
154
(76)
(159)
Convertible bond equity component
39
-
39
-
Other changes
(33)
(8)
(25)
(446)
Closing net financial position
(834)
(918)
84
(1,064)
