2012 Synthesis of Results - Interpump

DIRECTORS’ REMARKS ON PERFORMANCE
IN 2012 10.
CASH FLOW
The change in net debt can be analysed as follows:
Opening net financial position
Cash flow from operations
Liquidity generated (absorbed) by the management of commercial working capital
Liquidity generated (absorbed) by other current assets and liabilities
Capital expenditure in tangible fixed assets
Proceeds from sales of tangible fixed assets
Increase in other intangible fixed assets
Received financial income
Other
Free cash flow of continuing operations
2012
€/000
(126,963)
65,572
(14,797)
2,513
(16,860)
3,342
(2,321)
1,973
(824)
38,598
2011
€/000
(126,122)
60,445
(21,482)
1,787
(10,642)
1,584
(2,763)
2,896
(915)
30,910
Acquisition of investments, including debt received
and net of treasury stock assigned
(20,430)
Sale of investments, including transferred financial debt 1,378
(4,824)
1,551
Dividends paid
Outlays for purchase of treasury stock
Proceeds from sale of treasury stock to beneficiaries of stock options
Capital increase following exercise of warrants
Proceeds from sale of financial assets
Loans granted to (repayments from) non-consolidated subsidiaries
Net liquidity generated (used) by continuing operations
(11,731)
(15,827)
2,025
56,881
1,634
(90)
52,438
(10,768)
(16,489)
188
31
-
7
606
Net liquidity generated (used) by discontinued operations 20 (2,110)
Exchange rate differences
Net financial position at end of period (74,549)
(44)
663
(126,963)
Net liquidity generated by operations was € 65.6 million (€ 60.4 million in 2011), reflecting an increase of 8.5 %. Free cash flow
stood at € 38.6 million, up by 24.9% on 2011 when the figure was € 30.9 million. € 14.8 million of commercial working capital was
absorbed in 2012 due to the sustained growth recorded over the period (€ 21.5 million in 2011). Commercial working capital grew
by 9.1% compared to 31/12/2011 on a like for like basis.
At 31 December 2012 all financial covenants had been amply complied with.
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