Annual Report 2011 - Analist.be

Consolidated cash flow statementIn EUR million Notes 2011 2010 2009Cash flow from operating activities 737.8 509.2 794.6Consolidated result of the period before income taxes 256.9 637.5 1,056.6Adjustments for:Interest income and expenses 5 81.0 14.6 11.8Net earnings from associated companies 2 (144.2) (262.2) (161.1)Dividends of the non-consolidated interests 3 (500.3) (450.7) (550.3)Net depreciation charges 168.9 1.4 1.1Earnings on disposals, impairments and reversal of non-current assets 636.3 18.8 (391.3)Other (13.6) 2.9 6.6Interest income received 11.0 5.2 13.8Interest expenses paid (74.2) (20.3) (22.4)Dividends collected from non-consolidated interests and associated companies 484.2 563.8 655.6Income taxes paid (106.5) - -Change in working capital requirements:Inventories (25.7) - -Trade receivables 36.8 - -Trade payables 4.8 2.5 (0.5)Other receivables and payables (77.6) (4.3) 174.7Cash flow from investing activities (1,021.3) (289.4) (620.1)Acquisitions of:Investments (224.6) (161.9) (616.9)Subsidiaries, net of cash acquired (791.7) (70.2) -Tangible and intangible assets (187.3) (0.1) (0.7)Other financial assets (2.4) (60.4) (4.7)Divestments of:Investments 162.2 3.2 2.2Subsidiaries, net of cash disposed 11.1 - -Tangible and intangible assets 9.7 - -Other financial assets 1.7 - -Accounts at 31 December 2011Cash flow from financing activities 326.3 (138.8) (535.7)Capital increase from non-controlling interests 7.8 - -Dividends paid by the parent company to its shareholders (394.4) (375.7) (358.3)Dividends paid by the subsidiaries to the non-controlling interests (40.3) - -Amounts received from financial debts 1,134.7 407.2 750.0Repayments of financial debts (350.3) (160.5) (900.0)Net changes in treasury shares (0.3) (9.8) (27.4)Other (30.9) - -Effect of exchange rate fluctuations on funds held 9.3 - -Net increase (decrease) in cash and cash equivalents 52.1 81.0 (361.2)Cash and cash equivalents at the beginning of the period 13 685.8 604.8 966.0Cash and cash equivalents at the end of the period 13 737.9 685.8 604.8The consolidated cash flow statement for 2011 is altered significantly by the transaction on Imerys (see “Consolidation scope,associated companies and changes in the group structure”).Annual Report 2011 71