2014 Consolidated cash flow statement

  1T 14
M€

1S 14
M€

9M 14
M€
2014
M€
 
Profit before taxes 41.0 78.4 102.2 (97.0)

Adjusted for:        
- Depreciations 14.6 35.3 48.7 64.2
- Provisions, capital grants and others (6.9) (16.8) (20.2) 199.5
- Share of profit / (losses) of associates and other investees 0.3 0.3 (0.2) 3.3
- Net financial result 9.2 22.0 37.0 49.5
Operating cash-flow prior to changes in working capital 58.2 119.2 167.3 220.0

Receivables, net 38.6 3.5 26.6 (45.0)
Inventories, net (17.0) 1.5 (11.0) 46.7
Payables, net 27.7 (25.8) (48.7) 14.9
Change in working capital 49.4 (20.8) (33.1) 16.7

Other operating changes (64.5) (28.4) (37.5) (44.3)
Income taxes paid (4.0) (25.9) (36.8) (52.6)
Cash-flow from operating activities 39.1 44.1 60.1 139.8

Property, plant and equipment, net (5.2) (8.8) (12.1) (14.9)
Intangible, net (3.9) (19.6) (29.4) (41.8)
Investements, net (5.2) (12.5) (16.1) (12.9)
Interest received 1.5 2.6 3.6 4.9
Net cash-flow provided/(used) by investing activities (12.8) (38.2) (53.9) (64.7)

Changes in treasury stock (0.9) (4.9) (9.4) (6.9)
Dividends of the parent company 0.0 0.0 (55.6) (55.6)
Short term financial investment variation 0.3 0.3 0.8 2.2
Increases (repayment) in capital grants 0.7 1.7 3.1 5.3
Increase (decrease) in borrowings (21.9) (43.8) 4.5 (44.3)
Interest paid (11.2) (23.3) (29.9) (46.2)
Cash-flow generated/(used) by financing (33.0) (69.8) (86.6) (145.7)

 
NET CHANGE IN CASH AND CASH EQUIVALENTS (6.7) (64.0) (80.4) (70.6)
Cash & cash equivalents at the beginning of the period 363.1 363.1 363.1 363.1

Foreign exchange differences 0.4 0.8 1.0 1.4
Net change in cash and cash equivalents (6.7) (64.0) (80.4) (70.6)
Cash & cash equivalents at the end of the period 356.7 299.9 283.6 293.8

Cash & cash equivalents at the end of the period (964.0) (951.9) (1,009.5) (956.6)
Net debt/ (cash) position 607.3 651.9 725.9 662.7
FCF (1) 21.0 (3.2) (4.6) 47.1

(1) Free cash flow is defined as cash generated before dividend payment, net financial Investments, net and similar payments, and investment in treasury stock


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*According to International Financial Reporting Standards (IFRS).