Consolidated Statement of Cash Flows

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

1st half of 2013 1st half of 2012
    Total of which related parties Total of which related parties
In thousands of euros Notes
Operating activities
Consolidated net profit 24,918 33,734
Allocation of profit to non-controlling interests 42 58
Taxes for the period 13 16,640 22,540
Depreciation of property, plant and equipment 8 19,945 18,444
Amortisation of intangible assets 8 23,084 24,292
Non-monetary costs for stock options 0 385
Provisions for risks and retirement funds and employee benefits 9,132 11,235
Write-downs / (Reversals) 1,352 638
Losses / (Gains) on the disposal of property, plants and equipment 17 6
Financial income 12 (814) (849)
Dividend income (146) (6)
Borrowing costs 12 15,543 17,257
Income from public grants (3,340) (1,209)
Portion of earnings of associated companies (1,000) (2,550)
Change in working capital: 0
(Increase)/Decrease in trade receivables 23 (63,286) 62 (75,396) 967
(Increase)/Decrease in other receivables 24 10,290 (136) (3,247) (33)
(Increase)/Decrease in inventories 25 (35,906) (49,244)
Increase/(Decrease) in trade payables 31 32,073 (1,529) 104,304 2,384
Increase/(Decrease) in other payables (1,362) 264 1,231 10
Increase/(Decrease) in provisions for risks 32 (6,489) (6,713)
Increase/(Decrease) in retirement funds and employee benefits 34 (4,617) (3,647)
Other changes 17,843 (4,829)
Cash generated from operating activities   53,919   86,434  
Interest paid (13,277) (11,618)
Taxes paid (33,363) (9,154)
Cash flow from operating activities (A)   7,279   65,662  
  
Investment activities
Investment in property, plant and equipment 17 (18,333) (37,193)
Sale price, or repayment value, of property, plant and equipment 72 124
Investment in intangible assets 16 (25,026) (31,453)
Acquisition of Tecnocontrol 0 (11,323)
Sale price, or repayment value, of intangible assets 11 914
Purchase of financial assets 0 (4,211)
Sale price of financial assets 1,260 0
Collected interests 517 312
Cash flow from investingactivities (B)   (41,499)   (82,830)  
  
Financing activities
Exercise of stock options 29 35
Purchase of treasury shares 29 (962) (2,385)
Outflow for dividends paid 29 (33,087) (29,877)
Loans received 30 100,495 97,670
Outflow for repayment of loans 30 (16,583) (94,110)
Repayment of finance leases 30 (463) (442)
Cash flow from funding activities (C)   49,435   (29,144)  
  
Increase / (Decrease) in cash and cash equivalents (A B C)   15,215   (46,312)  
           
Opening balance   84,140   151,802  
Exchange differences
Closing balance   99,355   105,490  

The following table shows details of cash and cash equivalents as of 30 June 2013 and as of 30 June 2012.

As of 30 June 2013 As of 30 June 2012 Change
In thousands of euros Notes
Cash and cash equivalents 27 101,881 107,340 (5,459)
Current account overdrafts 30 (2,526) (1,850) (676)
Closing balance   99,355 105,490 (6,135)

This table reconciles the movement in the flow of the net debt with cash and cash equivalent movements as shown in the statement of cash flows.

  
In thousands of euros
Increase/decrease in cash and cash equivalents from the consolidated statement of cash flows 15,215
Outflow for repayment of loans 16,583
Repayment of finance leases 463
Loans received (100,495)
Amortised cost on medium-/long-term financing 931
Purchase of financial assets
Sale of financial assets (1,260)
Exchange differences 2,222
Change in consolidated net debt (66,341)