Statement of cash flows
(Amounts in thousands of euros)
| Note | 2014 | 2013 | |
|---|---|---|---|
| Cash and cash equivalents | 12 | 310,442 | 887,375 |
| Current account facilities | 14 | (85,174) | (82,819) |
| Total opening cash and cash equivalents | 225,268 | 804,556 | |
| Operating activities | |||
| Net profit (loss) for the year | 30,693 | 116,486 | |
| Amortization of intangible assets | 27 | 22,953 | 2,997 |
| Depreciation of property, plant and equipment | 27 | 77,005 | 16,794 |
| Net impairment losses and provisions | 27 | 5,292 | 8,942 |
| Accrual for post-employment benefits and employee benefits | 18 | 7,616 | 6,563 |
| Net (gains) losses on the sale of assets | 26 - 27 | (8,424) | (1,243) |
| Deferred taxes and national tax consolidation system | 30 | (18,828) | 1,533 |
| Impairment losses on equity investments | 29 | 95,064 | 16,698 |
| Dividends distributed by subsidiaries | (3,390) | ||
| Other non-monetary items | (852) | (3,938) | |
| of which: non-recurring | |||
| Total income statement | 210,519 | 161,442 | |
| Decrease (increase) in inventories | (99,120) | 53,079 | |
| Decrease (increase) in trade receivables | (11,810) | (244,708) | |
| (Decrease) increase in progress payments and advances from customers | 47,087 | 49,920 | |
| (Decrease) increase in trade payables | 61,503 | (56,132) | |
| Decrease (increase) in other assets/liabilities | (122,059) | (26,749) | |
| of which: cash flows from related party transactions | 32 | (5,061) | |
| Total operating cash flows | (124,399) | (224,590) | |
| Cash flows from (used in) operating activities | 86,120 | (63,148) | |
| Investing activities | |||
| Net investments in intangible assets | (33,233) | ||
| Acquisition of the Cociv share | (20,009) | ||
| Investments in property, plant and equipment | 1 | (108,776) | (2,920) |
| Proceeds from the sale or reimbursement value of property, plant and equipment | 17,711 | 5,393 | |
| Investments in non-current financial assets | (178,360) | (37,942) | |
| Dividends received from subsidiaries | 123,227 | 2,725 | |
| Proceeds from the sale or reimbursement value of non-current financial assets | 1,228 | 44,012 | |
| Cash flows generated (used) in investing activities | (178,203) | (8,741) | |
| Financing activities | |||
| Share capital increase | 161,568 | ||
| Dividend distribution | 13 | (420) | (602,238) |
| Share buy-back | (7,677) | ||
| Increase in bank and other loans | 193,838 | 72,911 | |
| Decrease in bank and other loans | (401,093) | (88,402) | |
| Change in other financial assets/liabilities | 158,309 | 111,841 | |
| Merger effect | 32,310 | ||
| Exchange rate losses on cash and cash equivalents and bank overdrafts | 99,411 | (1,509) | |
| Cash flows generated (used) in financing activities | 236,246 | (507,397) | |
| Increase (decrease) in cash and cash equivalents | 144,163 | (579,286) | |
| Cash and cash equivalents | 12 | 380,867 | 310,442 |
| Current account facilities | 14 | (11,436) | (85,172) |
| Total closing cash and cash equivalents | 369,431 | 225,270 |