(in€'000)
12/31/2014
12/31/2013
Operatingactivities
Netearnings
81,479
74,540
Elim.ofthe incomeofcompaniesaccountedforbytheequitymethod
(31)
Eliminationofnetexpensesnotaffectingcash flows:
-Depreciationandnon-recurrent financialprovisions
66,886
60,695
-Changes indeferred taxes
(318)
793
- Incomeondisposals,provisions for liabilitiesandothers
(4,490)
8,405
Grosscashflowmargin
143,526
144,433
Net changes inprovisionsprovidedbyorused for currentoperations
(2,757)
(2,099)
Operatingcashflow
140,770
142,333
Income taxexpense (revenue)
42,905
35,987
Eliminationofnetborrowingcosts
4,837
2,824
Effectof changes in inventoryoncash
(8,557)
(12,640)
Effectof changes inaccounts receivableandaccountspayable
(4,305)
(4,278)
Netcashprovidedbyorusedforoperationsbeforetax
175,649
164,227
Taxespaid
(34,577)
(45,206)
Cashprovidedbyorusedforoperations (A)
141,072
119,019
Investmentactivities
Acquisitionof consolidatedcompanies
(127,735)
Cashacquired
8,841
Acquisitionof tangibleand intangible fixedassets
(92,548)
(88,980)
Acquisitionof financial assets
Change ingranted loansandadvances
(215)
(457)
Investment subsidies received
Dividends received
Totalcashusedfor investmentactivities
(211,657)
(89,437)
Divestedcash
Disposalof consolidatedcompanies
Disposalof tangibleand intangible fixedassets
1,923
1,319
Disposalof financial assets
Totalcashfromdisposals
1,923
1,319
Cashprovidedbyorusedfor investmentactivities (B)
(209,733)
(88,118)
Financingactivities
Capital increase
1,838
Netdisposal (acquisition)of treasuryshares
Dividendspaid toshareholdersof theGroup
(17,820)
(14,674)
Dividendspaid tominority interestsof consolidatedcompanies
Totalcashfromequityoperations
(15,982)
(14,674)
Issueof long-term loans
155,307
5,137
Issueof short-term loans
467
72,269
Repaymentof long-term loans
(22,903)
(4,663)
Repaymentof short-term loans
(33,105)
(87,170)
Net interestexpensepaid
(4,837)
(2,826)
Totalcashfromoperationson loansandotherfinancial liabilities
94,928
(17,253)
Cashprovidedbyorusedforfinancingactivities (C)
78,947
(31,926)
Effectof change in foreignexchange rates (D)
5,597
226
Effectofadjustments in treasuryshares (D)*
(908)
(4,691)
Changes innetcash (A+B+C+D)
14,975
(5,489)
Cashat January1st (E)
85,776
91,269
Cashatyearend (A+B+C+D+E)
100,751
85,776
Cashandcashequivalents
110,818
94,000
Short-termbanking facilities
(10,066)
(8,224)
Closingcashposition
100,751
85,776
*For2013, the€(4.7)M includeareclassification intotheopeningcashbalanceof itemsnotmeetingthecriteria forallocationtocashequivalents.
CASH FLOWMOVEMENT TABLE
LISI 2014
74
