2011 Annual report - touax group

Annual report 2011
Consolidated cash flow statement at December 31
(€ thousands)
2011 2010 2009
Consolidated net profit/(loss) (including minority interests) 12,949 13,281 14,156
Shares of profilt/(loss) of associates (37) (29)
Depreciation 24,989 23,566 19,116
Provisions for deferred taxes 300 (317) 132
Capital gains & losses on disposals (3,335) (649) (423)
Other non-cash income and expenses 351 124 (61)
Self-financing capacity after cost of net financial debt & tax 35,217 35,976 32,920
Cost of net financial debt 14,489 12,910 12,868
Current tax expense 3,835 4,318 4,112
Self-financing capacity before cost of net financial debt & tax 53,541 53,204 49,900
Taxes paid (3,835) (4,318) (4,112)
A Change in working capital requirement relating to
operations excluding changes in inventory (1) (17,384) (3,329) (3,230)
B Change in inventory (2) 6,631 18,106 830
C Change in working capital requirement for investment 4,012 (488) (5,135)
Acquisition of assets intended for leasing (53,468) (36,240) (89,641)
Revenue from sale of assets 7,291 8,140 12,624
Net impact of finance leases granted to customers 1,198 1,161 1,907
Sub-total (34,336) (9,321) (79,415)
I - CASH FLOW FROM OPERATING ACTIVITIES (2,014) 36,236 (36,857)
Investing activities
Acquisition of tangible and intangible assets (2,382) (1,364) (261)
Acquisition of equity interests (1,174)
Net change in financial fixed assets (3,890) (1,336) (3,098)
Revenue from sale of assets 2,220
Effect of changes in the consolidation perimeter 125
II - CASH FLOW FROM INVESTING ACTIVITIES (3,927) (3,874) (3,359)
Financing transactions
Cash inflows from new loans 80,253 46,099 215,626
Loan repayments (45,033) (59,751) (182,254)
Net change in financial debts 35,220 (13,652) 33,372
Net increase in shareholders' equity (capital increase) 514 115 17,622
Cost of net financial debt (14,489) (12,910) (12,868)
Distribution of dividends (5,695) (5,501) (4,681)
General Partners’ statutory compensation (936) (916) (1,041)
Net sale (acq.) of warrants 254 (375)
Net sale (acquisition) of own shares (119) 135 89
III - CASH FLOW FROM FINANCING TRANSACTIONS 14,749 (33,104) 32,493
Impact of exchange rate fluctuations (192) 138 (72)
IV - CASH FLOW FROM EXCHANGE RATE FLUCTUATIONS (192) 138 (72)
CHANGE IN NET CASH POSITION (I) + (II) + (III) + (IV) 8,616 (604) (7,795)
Analysis of cash flow
Cash position at start of year 25,949 26,553 34,347
Cash position at year end 34,565 25,949 26,553
CHANGE IN NET CASH POSITION 8,616 (604) (7,795)
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