2011 Annual Report - Italcementi Group

Statement of cash flows
(euro)
Notes 2011 2010
A) Cash flow from operating activities:
Profit before tax (17,072,032) (89,739,500)
Amortization, depreciation and impairment 83,351,248 79,112,627
Impairment on financial assets 52,284,040 38,225,234
Capital (gains)/losses on sale of fixed assets (18,829,797) (24,368,172)
Change in employee benefits and other provisions 655,386 1,829,060
Stock options (505,419) 713,338
Reversal of net finance costs (income) (106,663,719) (62,827,191)
Cash flow from operating activities befre tax,
finance income/costs and change in working capital: (6,780,293) (57,054,604)
Working capital (49,349,275) 64,330,884
Other assets/liabilities (28,534,268) (7,899,009)
Total change in working capital (77,883,543) 56,431,875
Net finance costs paid (40,030,986) (41,521,046)
Dividends received 148,664,704 104,327,894
Taxes (paid) or surpluses recovered 12,094,457 (7,421,641)
Total A) 36,064,339 54,762,478
B) Cash flow from investing activities:
Capital expenditure:
Intangible assets (18,922,498) (15,027,602)
Property, plant and equipment and investment property (61,867,481) (83,695,715)
Financial assets (equity investments) 4 (50,824,381) (43,677,307)
Other assets - (39,386)
Total capital expenditure (131,614,360) (142,440,010)
Proceeds from the sale of fixed assets 41,516,964 123,786,260
Total sales 41,516,964 123,786,260
Change in other long-term financial assets and liabilities 7,819 -
Total B) (90,089,577) (18,653,750)
C) Cash flow from financing activities:
Increase in non-current financial liabilities 80,856,859 209,482,286
Repayment of non-current financial liabilities (193,341) (15,215,916)
Change in current financial liabilities (29,531,575) (75,763,516)
Change in other financial assets 40,866,822 (121,943,624)
Payment replenishment losses in equity investments 4 (5,000,000) -
Dividends paid 15 (33,440,789) (33,432,387)
Total C) 53,557,976 (36,873,157)
D) Cash flows for the period (A+B+C) (467,262) (764,429)
E) Cash and cash equivalents at beginning of period 11 946,229 1,710,658
Cash and cash equivalents at end of period (D+E) 11 478,967 946,229
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