2012 Half year financial report

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 2012  1st half of 2011
In thousands of Euros Notes Total
of which related parties
 Total of which related parties
Operating activities          
Consolidated net income   33,734   33,289  
Non-controlling interests   58   34  
Taxation for the period 13 22,540   28,500  
Depreciation of property, plant and equipment 8 18,444   18,306  
Amortisation of intangible assets 8 24,292   27,056  
Non-monetary costs for stock options   385   829  
Allocations for provisions for risks and retirement funds    11,235   10,737  
Write-downs / (Reversals)   638   224  
Losses / (Gains) on the disposal of property, plants and equipment   6   (27)  
Losses / (Gains) on the disposal of intangible assets   0   0  
Financial income 12 (849)   (2,318)  
Dividend income   (6)   0  
Borrowing costs 12 17,257   12,202  
Income from public grants   (1,209)   (1,345)  
Portion of earnings of affiliated companies   (2,550)   0  
Change in working capital:          
(Increase)/Decrease in trade receivables 23 (75,396) 967 (94,889) (94)
(Increase)/Decrease in other receivables  24 (3,247) (33) 2,839 156
(Increase)/Decrease in inventories 25 (49,244)   (17,548)  
Increase/(Decrease) in trade payables 31 104,304 2,384 92,376 3,766
Increase/(Decrease) in other payables   1,231 10 8,366 (8)
Increase/(Decrease) in provisions for risks (excluding allocations) 32 (6,713)   (9,913)  
Increase/(Decrease) in retirement funds and employee benefits (excluding allocations) 34 (3,647)   (8,886)  
Other changes   (4,829)   21,274  
Cash generated from operating activities   86,434   121,106  
Interest paid   (11,618)   (12,539)  
Taxation paid   (9,154)   (15,168)  
Cash flow from operating activities (A)   65,662   93,399  
           
Investment activities          
Investment in property, plant and equipment 17 (37,193)   (18,858)  
Sale price/repayment value, property, plant and equipment   124   178  
Investment in intangible assets 16 (31,453)   (29,600)  
Acquisition of Tecnocontrol   (11,323)      
Sale price/repayment value, intangible assets   914   10  
Purchase of financial assets   (4,211)   0  
Sale price of financial assets   0   602  
Collected interests   312   2,030  
Cash flow from investment activities (B)   (82,830)   (45,638)  
           
Financing activities          
Purchase of treasury shares 29 (2,385)   0  
Outflow for dividends paid 29 (29,877)   (25,684)  
Loans received 30 97,670   11,693  
Outflow for repayment of loans 30 (94,110)   (66,669)  
Financing received for leases 30 0   227  
Repayment of finance leases 30 (442)   (392)  
Cash flow from funding activities (C)   (29,144)   (80,825)  
           
Increase / (Decrease) in cash and cash equivalents (A+B+C)   (46,312)   (33,064)  
           
Opening balance   151,802   154,758  
Exchange differences          
Closing balance   105,490   121,694  

The table below details the breakdown of the balance of cash and cash equivalents as of 30 June year-on-year.

In thousands of Euros Notes As of 30 June 2012 As of 30 June 2011 Change
         
Cash and cash equivalents 27 107,340 128,965 (21,625)
Current account overdrafts 30 (1,850) (7,271) 5,421
Closing balance   105,490 121,694 (16,204)