Consolidated Statement of Cash Flows

The Consolidated Statement of Cash Flows, prepared in accordance with international accounting standards, is presented in the “Consolidated Financial Statements and Notes as of 31 December 2013”; the following is a comment relating to the summary statement shown.

 

20132012Change
In millions of Euro
Change in consolidated net debt
Opening consolidated net debt(391.8)(335.9)(55.9)
Cash flow from operating activities 78.1125.5(47.4)
(Increase)/Reduction in working capital(50.7)8.4(59.1)
(Increase)/reduction in net investments (70.0)(141.4)71.4
Change in shareholders' equity(41.2)(48.4)7.2
 ::Total change(83.8)(55.9)(27.9)
Closing consolidated net debt(475.6)(391.8)(83.8)
 

During 2013 the Piaggio Group used financial resources amounting to €83.8 million.

Cash flow from operating activities, defined as net profit, minus non-monetary costs and income, was equal to €78.1 million.

Working capital involved a cash flow of €50.7 million; in detail:

  • the collection of trade receivables used financial flows for a total of €15.1 million;
  • stock management generated financial flows for a total of approximately €13.3 million;
  • supplier payment trends used financial flows of approximately €44.5 million;
  • the movement of other non-trade assets and liabilities had a negative impact on financial flows by approximately €4.4 million.

Investing activities involved a total of €70.0 million of financial resources. The investments refer to approximately € 30.8 million for capitalised development expenditure, and approximately €56.8 million for plant, property, plant and equipment and intangible assets. The exceptionally high values of the previous year were affected by the development of the spare parts warehouse at Pontedera and the completion of the Vespa plant in India and Engines plant in Vietnam.

The impact of the distribution of dividends in 2013 on cash flow was equal to €33.1 million. 

As a result of the above financial dynamics, which involved a cash flow of €83.8 million, the net debt of the Piaggio Group amounted to €-475.6 million.