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Cash Flow Statement

thousands of euro31-dic-201231-dic-2011
Pre-tax profit213,409221,226
Adjustments to reconcile net profit to the cashflow from operating activities:  
Amortisation and impairment of property, plant and equipment136,866126,914
Amortisation and impairment of intangible assets102,861106,852
Effect of valuation using the equity method(5,405)(6,260)
Allocations to provisions88,29277,539
Financial expense / (Income)134,106119,312
Bargain purchases(6,667)0
(Capital gains) / Losses and other non-monetary elements
(including valuation of commodity derivatives)(Capital gains) / Losses and other non-monetary elements
(including valuation of commodity derivatives)(Capital gains) / Losses and other non-monetary elements
(including valuation of commodity derivatives)
Change in provisions for risks and charges(25,349)(25,008)
Change in provisions for employee benefits(7,514)(6,857)
Total cash flow before changes in net working capital621,441608,070
(Increase) / Decrease in inventories(616)(24,043)
(Increase) / Decrease in trade receivables(93,854)(151,803)
Increase / (Decrease) in trade payables(83,188)161,691
(Increase) / Decrease in other current assets/ liabilities33,493(15,172)
Change in working capitals(144,165)(29,327)
Dividends collected4,0302,418
Interests income and other financial income collected36,54330,815
Interests expense and other financial charges paid(145,400)(121,246)
Taxes paid(129,334)(125,596)
Cash flow from (for) operating activities (a)243,115365,134
Investments in property, plant and development(126,089)(155,400)
Investments in intangible fixed assets(152,145)(174,041)
Investments in companies and business units net of cash and cash equivalents(21,372)(6,604)
Sale price of property,plant and equipment and intangible assets
(including lease-back transations)
Divestments of non-consolidated investments(1,916)5
(Increase) / Decrease in other investment activities(9,089)2,848
Cash flow from (for) investing activities (b)(287,651)(327,205)
New issees of long-term bonds250,31050,000
Repayments and other net changes in borrowings(65,423)(82,229)
Lease finance payments (6,309)(5,674)
Investments in consolidated companies (3,972)0
Dividends paid out to Hera shareholders and non-controlling interests(116,785)(117,242)
Change in treasury shares  (4,312)(5,253)
Other minor changes0(568)
Cash flow from (for) financing activities (c)53,509(160,966)
Effect of change in exchange rates on cash and cash equivalents (d)00
Increase / (Decrease) in cash and cash equivalents (a+b+c+d)8,973(123,037)
Cash and cash equivalents at the beginning of the year415,189538,226
Cash and cash equivalents at the end of the year424,162415,189