2012 Annual Report - Italcementi Group

Statement of cash flows
Notes 2012 2011 (IFRS 5)
(in thousands of euro)
A) Cash flow from operating activities:
Profit (loss) before tax (224,224) 65,455
Adjustments for:
Amortization, depreciation and impairment 771,195 596,777
Reversal of the share of profit (loss) of equity accounted investees 1,827 (2,936)
Net (gains) losses from the sale of non-current assets (64,116) (90,656)
Change in employee benefits and other provisions 27,231 (5,222)
Stock options - (183)
Reversal financial costs 108,061 104,953
Cash flow from operating activities before tax,
finance income/costs and change in working capital 619,974 668,188
Change in working capital 37.4 111,950 (14,908)
Cash flow from operating activities before tax,
and finance income/costs 731,924 653,280
Net finance costs paid (106,453) (105,048)
Taxes paid (129,269) (118,063)
Total A) 496,202 430,169
B) Cash flow from investing activities:
Capital expenditure:
Intangible assets (16,781) (25,402)
Property, plant and equipment and investment property (352,869) (370,058)
Financial assets (equity investments) net of cash acquisitions (*) 37.2 (544) (2,599)
Total capital expenditure (370,194) (398,059)
Proceeds from the sale of non-current assets 37.3 84,571 182,323
Total sales 84,571 182,323
Change in other non-current financial assets and liabilities (5,489) (3,756)
Total B) (291,112) (219,492)
C) Cash flow from financing activities
Increase in non-current financial liabilities 305,847 128,586
Repayments of non-current financial liabilities (291,748) (332,824)
Change in current financial liabilities (112,062) (62,008)
Dividends paid (120,465) (142,441)
Other changes in equity 470 757
Change in interests in subsidiaries (10,280) 24,766
Other sources and applications (3,489) (38,704)
Total C) (231,727) (421,868)
D) Translation differences and other changes (14,715) (7,591)
E) Cash flow relating to discontinued operations 32 6,406 256,896
F) Cash flows for the period (A+B+C+D+E) (34,946) 38,114
G) Cash and cash equivalents at beginning of period 613,334 575,220
Cash and cash equivalents at end of period (F+G) 37.1 578,388 613,334
(*) cash of acquired and consolidated companies 112 280
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