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Part 3 - Financial statements
83
17. Cash flow from operating activities
Cash generated from operations before taxes, at EUR
16,1 million is slightly improving compared to the two
previous periods. Please note that the project execution
cycles on the one hand and the typology of in-progress
orders during a year on the other hand have a significant
impact on this cash flow. The change in “product mix”
of Hamon to large export business and/or including civil
work and construction also had a swelling effect on the
working capital. As mentioned under note 33, Hamon
implemented a program to sell without recourse trade
receivables for respectively EUR 30,0 million and
EUR 15,9 million as of 31 December 2012 and 2011.
The cash flow from operating activities mentioned here
above takes those programs into account.
18. Cash flow from investing activities
Net cash flow from investing activities amounted to
EUR -8,7 million in 2012, significantly decreasing compared
to 2011 (EUR -26,3 million) that had seen the acquisition
of Deltak for EUR -19,5 million.
The investments of the year were mainly related to:
■ the sale proceeds of 10% of our available-for-sale
financial asset in AIT;
■ the sale proceeds of our previous offices in Seoul,
Korea;
■ the major investments in Research and Development;
■ the development of our air-cooled condenser production
capabilities in China;
■ the acquisition of civil engineering equipments for the
building of natural draft cooling towers in the United
States and in India;
■ the investments for recurring replacements.
19. Cash flow from financing activities
The cash flow from financing activities amounted to
EUR 4,9 million in 2012.
‘Proceeds from new bank borrowings’ (at EUR 21,7
million) mainly came from the issue of treasury bills,
increased local financings in Brazil and in India and
Coface pre-financings in France (see note 34).
‘Repayment of borrowings’ of EUR - 11,1 million mainly
resulted from reimbursements in December 2012 of
borrowings contracted under the “revolver” credit line
of the syndicated credit (see note 34).
‘Dividends paid to shareholders’ resulted from the
payment, on 10 May 2012, of the final dividend for
the year 2011 (EUR 0,13 per share). The Group decided
not to distribute in 2012 any advance dividend for the
year 2012.
We invite you to consult note 12 for the information on
interests received and paid during the year 2012.
20. Cash flow from discontinued activities
Nihil for 2012 (2011: EUR -0,1 million).