Consolidated Statement of Cash Flow

This statement shows the factors behind changes in cash and cash equivalents, net of short-term bank overdrafts, as required by IAS 7.

2013  2012 
  Totalof which related parties Totalof which related parties
In thousands of eurosNotes
Operating activities
Consolidated net profit(6,547)42,008
Allocation of profit to non-controlling interests1966
Taxes for the period1336,79425,787
Depreciation of property, plant and equipment838,40937,001
Amortisation of intangible assets844,70642,620
Non-monetary costs for stock options685
Allocations for provisions for risks and retirement funds17,87523,004
Write-downs / (Reinstatement)4,8291,493
Losses / (Gains) on the disposal of property, plants and equipment(164)(418)
Losses / (Gains) on the disposal of intangible assets0
Financial income12(1,473)(1,522)
Dividend income(154)(15)
Borrowing Costs1232,33928,904
Income from public grants(4,751)(2,316)
Portion of earnings of affiliated companies(2,110)(3,515)
Change in working capital:
(Increase)/Decrease in trade receivables23(11,296)822,4531,507
(Increase)/Decrease in other receivables 2413,680(411)(7,889)(121)
(Increase)/Decrease in inventories2513,27815,902
Increase/(Decrease) in trade payables32(46,988)(6,178)17,654(1,521)
Increase/(Decrease) in other payables(7,204)6,287(13,898)112
Increase/(Decrease) in provisions for risks34(12,934)(14,370)
Increase/(Decrease) in retirement funds and employee benefits 36(9,352)(4,814)
Other changes(15,509)6,336
Cash generated from operating activities 83,447195,156 
Interest paid(30,727)(28,848)
Taxes paid(16,600)(32,066)
Cash flow from operating activities (A) 36,120134,242 
Investing activities
Investment in property, plant and equipment17(38,845)(78,392)
Sale price, or repayment value, of property, plant and equipment 1,287955
Investment in intangible assets16(48,758)(59,574)
Acquisition of Tecnocontrol(11,323)
Sale price, or repayment value, of intangible assets21940
Purchase of financial assets(838)(1,263)
Sale price of financial assets1,2605
Collected interests994981
Cash flow from investing activities (B) (84,681)(148,571)
Financing activities
Exercise of stock options31274
Purchase of treasury shares31(471)(9,152)
Outflow for dividends paid31(33,087)(29,877)
Loans received32111,609114,835
Outflow for repayment of loans32(52,977)(128,245)
Financing received for leases320
Repayment of finance leases32(936)(894)
Cash flow from funding activities (C) 24,412(53,333)
Increase / (Decrease) in cash and cash equivalents (A B C) (24,149)(67,662)
Opening balance 84,140151,802
Exchange differences(7,175)
Closing balance 52,81684,140