2011 Registration Document - Valeo

5.2.4 Consolidated statement of cash flows
Financial and accounting information
Consolidated fi nancial statements for the year ended December 31, 2011
(in millions of euros) Note 2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the year 451 384
Share in net earnings (losses) of associates (2) 1
Net dividends received from associates - 4
Expenses (income) with no cash effect 5.11.1 429 524
Cost of net debt 71 67
Income taxes (current and deferred) 148 104
Gross operating cash flows 1,097 1,084
Income taxes paid (169) (118)
Changes in working capital 5.11.2 (29) 31
Net cash from operating activities 899 997
CASH FLOWS FROM INVESTING ACTIVITIES
Outflows relating to acquisitions of intangible assets (193) (153)
Outflows relating to acquisitions of property, plant and equipment (490) (323)
Inflows relating to disposals of property, plant and equipment 17 12
Net change in non-current financial assets 17 (26)
Impact of changes in scope of consolidation 5.11.3 (269) 22
Net cash used in investing activities (918) (468)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to owners of the Company (91) -
Dividends paid to non-controlling interests in consolidated subsidiaries (19) (13)
Issuance of share capital 22 8
Sale (purchase) of treasury stock (18) (36)
Issuance of long-term debt 843 28
Interest paid (74) (65)
Interest received 17 13
Repayments of long-term debt (681) (11)
Acquisition of non-controlling interests - (8)
Net cash used in financing activities (1) (84)
Effect of exchange rate changes on cash 1 7
NET CHANGE IN CASH AND CASH EQUIVALENTS (19) 452
Net cash and cash equivalents at beginning of year 1,239 787
Net cash and cash equivalents at end of year 1,220 1,239
o/w:
▪ Cash and cash equivalents 1,295 1,316
▪ Short-term debt (75) (77)
The Notes are an integral part of the consolidated financial statements.
2011 Registration D ocument - VALEO
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