ANNUAL REPORT

ANSALDO ENERGIA FINANCIAL STATEMENTS 2009
19
financial position does not include payables
relating to maturity factoring operations which, as
explained below, are reported under “trade
payables”, because their main aim is to offer the
Company's suppliers the option of factoring to
provide financial support for supplies of goods
and/or services to the Company.
Shareholders' equity is represented by share
capital amounting to Euro 12 million, reserves
generated by conversion to IAS/IFRS, retained
earnings and other reserves amounting to Euro
15.6 million, in addition to profit for the year of
Euro 82.6 million.
Cash flow before strategic investments is a
positive Euro 52 million, while Funds From
Operations stand at Euro 151.8 million, an
improvement of Euro 45.4 million on the previous
year.
This cash flow was basically generated by the
positive collections/disbursements ratio for plant
contracts and service work.
Euro/thousand 2009 2008
Cash and cash equivalents at 1 January 22,167 22,991
Cash flow from operating activities 178,094 135,601
Changes in other operating assets and liabilities (26,265) (29,221)
Funds From Operations (FFO) 151,829 151,829 106,380 106,380
Change in working capital (56,834) 97,916
Cash flow generated by (used in) operating activities 94,995 204,296
Cash flow from ordinary investment activities (42,761) (62,675)
Free operating cash-flow (FOCF) 52,234 141,621
Strategic operations (7,686)
Changes in other financing actvities (264) –
Cash flow generated by (used in) investing activities (43,025) (70,361)
Dividends paid (88,794) (45,000)
Cash flow from other financing activities 44,792 (89,759)
Cash flow generated by (used in) financing activities (44,002) (134,759)
Cash and cash equivalents at 31 December 30,135 22,167
ANALYSIS OF PERFORMANCE AND FINANCIAL POSITION