2012 Annual Report - Italcementi Group

Statement of cash flows
2012 2011
(euro)
A) Cash flow from operating activities:
Profit (loss) before tax (195,944,981) (17,072,033)
Amortization, depreciation and impairment 104,065,036 83,351,248
Impairment on financial assets 141,356,939 52,284,040
(Gains)/losses from the business unit (13,225,904) 0
Net (gains)/losses from sale of non-current assets (13,171,944) (18,829,797)
Change in employee benefits and other provisions 34,789,489 655,386
Stock options 0 (505,419)
Reversal financial income (69,458,300) (106,663,719)
Cash flow from operating activities before tax,
finance income/costs and change in working capital: (11,589,665) (6,780,294)
Working capital 40,334,782 (49,349,276)
Other assets/liabilities 6,454,971 (28,534,267)
Total change in working capital 46,789,753 (77,883,543)
Net finance costs paid (39,166,031) (40,030,986)
Dividends received 109,681,816 148,664,704
Taxes paid (548,244) 12,094,457
Total A) 105,167,629 36,064,338
B) Cash flow from investing activities:
Capital expenditure:
Intangible assets (10,277,306) (18,922,498)
Property, plant and equipment and investment property (66,582,454) (61,867,481)
Financial assets (equity investments) (1,095,000) (50,824,381)
Other assets (4,120,885) -
Total capital expenditure (82,075,645) (131,614,360)
Proceeds from sale of business unit 16,000,438 0
Receivables from sale of business unit (13,624,722) 0
Proceeds from sale of non-current assets 27,544,695 41,516,964
Total sales 29,920,411 41,516,964
Change in other non-current financial assets/liabilities 905,653 7,819
Total B) (51,249,581) (90,089,577)
C) Cash flow from financing activities:
Increase in non-current financial liabilities 284,954,529 80,856,859
Repayment of non-current financial liabilities (269,393,794) (193,341)
Change in current financial liabilities 41,924,132 (29,531,575)
Change in other financial assets 769,823 40,866,822
Adjustment of financial amounts due from investees (25,761,505) 0
Payment replenishment losses in investees (45,031,945) (5,000,000)
Dividends paid (40,434,367) (33,440,789)
Total C) (52,973,127) 53,557,976
D) Cash flows for the period (A+B+C) 944,921 (467,263)
E) Cash and cash equivalents at beginning of period 478,967 946,229
Cash and cash equivalents at end of period (D+E) 1,423,888 478,966
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