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CONSOLIDATED CASH FLOW STATEMENT
AT DECEMBER 31, 2011
(In thousands of euros) December 2011 December 2010
Cash fl ow from (used in) operating activities
Pre-tax profi t 144,033 174,685
Adjustments for:
Depreciation and write-downs 78,874 92,272
Capital gains (losses) on disposals 1,712 (370)
Reclassifi cation of dividends and borrowing costs 19,862 18,191
Other non-cash items on the income statement 4,376 5,506
Cash fl ow 248,857 290,284
Increase (decrease) in inventories, current receivables and payables (19,121) (7,097)
Increase (decrease) in non-current receivables and payables (677) 3,106
Income taxes paid (47,087) (44,946)
Net cash fl ow generated by operating activities (1) 181,972 241,347
Cash fl ow from (used in) investing activities
Acquisition of activities 580 (2,956)
Disposal of activities 270
Acquisitions of tangible and intangible assets (74,682) (63,856)
Disposals of tangible and intangible assets 693 2,533
Investment grants received 111
Acquisitions of fi nancial assets (3,927) (3,554)
Disposals of fi nancial assets 3,135 2,134
Interest received (61)
Dividends received 1,228 916
Net cash fl ow from (used in) investing activities ( 2) (72,923) (64,513)
Cash fl ow from (used in) fi nancing activities
Dividends paid (48,418) (40,112)
Interest paid (21,090) (19,107)
Increase (decrease) in capital 35
Repayment of debt resulting from fi nance lease contracts (358) (80)
Increase (decrease) in current accounts with entities outside the scope of consolidation 9,603 (6,875)
Borrowings and fi nancial liabilities issued 67,723 25,655
Repayments of borrowings and fi nancial liabilities (119,619) (109,882)
Net cash fl ow from (used in) fi nancing activities ( 3) (112,124) (150,401)
Net increase (decrease) in cash and cash equivalents (1) + (2) + (3) (3,075) 26,433
Net cash and cash equivalents at the beginning of the period 133,668 107,724
Effect of foreign exchange rate variations 1,829 (489)
Other items with no effect on cash
Net cash and cash equivalents at the end of the period 132,422 133,668
At the closing date, net cash and cash equivalents comprised the following:
Marketable securities and money market instruments 86,773 99,162
Cash on hand and balances with banks 54,486 40,595
Current used bank facilities including overdrafts and accrued interest (8,837) (6,089)
TOTAL 132,422 133,668
64 • Bel Group 2011