Consolidated statement of cash flows

CONSOLIDATED STATEMENT OF CASH FLOWS (in thousands of euro)

  01/01 - 12/31/201401/01 - 12/31/2013 (*)
   of which related parties of which related parties
  Net income (loss) from continuing operations before taxes 488,523   513,484  
  Reversal of amortisation, depreciation, impairment losses property, plant and equipment/intangible assets 304,855   292,392  
  Reversal of financial expenses 354,087   257,719  
  Reversal of financial income (91,677)   (64,787)  
  Reversal of dividends (3,873)   (1,290)  
  Reversal of gains/(losses) on equity investments 35,726   53,753  
  Reversal of share of net income from associates and joint ventures 55,147   25,835  
  Income taxes (173,309)   (208,992)  
  Change in inventories (104,203)   5,359  
  Change in trade receivables (32,621)   (15,341)  
  Change in trade payables 160,209   91,637  
  Change in other receivables/payables (14,152)   (50)  
  Change in provisions for employee benefits and other provisions (28,860)   (58,407)  
  Other changes (18,487)   (13,711)  
A Net cash flows provided by (used in) operating activities 931,365   877,601  
  Purchase of property, plant and equipment (367,201)   (402,281)  
  Disposal of property, plant and equipment 11,292   23,084  
  Purchase of intangible assets (10,763)   (10,818)  
  Disposals (Acquisitions) of retail investments  -    (11,173)  
  Acquisitions of equity investments in subsidiaries  17,886    -   - 
  Disposal of Steelcoord 125,600    -   
  Disposals (Acquisitions) of associates and joint ventures (17,458) (17,458) (55,257) (55.257)
  Disposals (Acquisitions) of other financial assets (455)  -  (9,931) (558)
  Dividends received 3,873   1,290  
B Net cash flows provided by (used in) investing activities (237,226)   (465,086)  
  Increase (reduction) in equity 5,631    -   
  Change in financial payables 112,700   (37,772)  - 
  Change in financial receivables/Securities held for trading (40,458)   169,118  
  Financial income (expenses) (190,325)   (192,932)  
  Dividends paid (160,101)   (159,789)  
C Net cash flows provided by (used in) financing activities (272,553)   (221,375)  
  Net cash flows provided by (used in) operating activities  (27,500)   4,719  
  Net cash flows provided by (used in) investing activities   -     -   
  Net cash flows provided by (used in) financing activities  454   (1,568)  
D Total financial cash flow provided by (used in) discontinued operations (27,046)   3,151  
E Total cash flows provided (used) during the period (A+B+C+D) 394,541   194,291  
F Cash and cash equivalents at beginning of year 806,856   665,004  
G Exchange differences on translation of cash and cash equivalents (50,792)   (52,439)  
H Cash and cash equivalents at end of the period (E+F+G) (°) 1,150,605   806,856  
(*) of which:        
  cash and cash equivalents (note 19)  1,166,668   879,897  
  bank overdrafts (16,063)   (73,041)  

(*) Steelcord business qualifies as “discontinued operation”. All comparative amounts have been restated.

The Statement of Cash Flows shows transactions with related parties only if they cannot be directly derived from the other Statements. Please refer to note 43 of the Explanatory Notes for further detail.