Consolidated Statement of Cash Flows

The Consolidated Statement of Cash Flows, prepared in accordance with the schedules envisaged by international financial reporting standards, is presented in the “Consolidated Financial Statements and Notes as of 30 June 2013”; the following is a comment relating to the summary statement shown.

 

Change in consolidated net debt 1st half of 2013 1st half of 2012 Change
In millions of euros
Opening consolidated net debt (391.8) (335.9) (55.9)
  Cash flow from operating activities 66.0 77.5 (11.5)
  (Increase)/Decrease in working capital (60.4) (14.0) (46.4)
  (Increase)/Decrease in net investments (36.3) (76.0) 39.6
  Change in shareholders’ equity (35.7) (35.7) (0.0)
 Totale Changes (66.3) (48.1) (18.2)
Closing consolidated net debt (458.2) (384.0) (74.2)
 

During the first half of 2013 the Piaggio Group used financial resources amounting to € 66.3 million.

Cash flow from operating activities, defined as net profit, minus non-monetary costs and income, was equal to € 66.0 million.

Working capital involved a cash flow of € 60.4 million; in detail:

  • the collection of trade receivables used financial flows for a total of € 63.3 million;
  • stock management absorbed financial flows for a total of approximately € 35.9 million;
  • supplier payment trends generated financial flows of approximately € 32.1 million;
  • the movement of other non-trade assets and liabilities had a positive impact on financial flows by approximately € 6.7 million.

Investing activities involved a total of € 36.3 million of financial resources. The investments refer to approximately € 22.8 million for capitalised research and development expenditure, and approximately € 20.6 million for plant, property and equipment and intangible assets. The exceptionally high values of the corresponding period of the previous year were affected by the development of the spare parts warehouse at Pontedera and by completion of the Vespa plant.

The impact of the distribution of dividends in May 2013 on cash flow was equal to approximately € 33.1 million, while the impact of the purchase of treasury shares was equal to € 1.0 million.

As a result of the above financial dynamics, which involved a cash flow of € 66.3 million, the net debt of the Piaggio Group amounted to -€458.2 million.