REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
62
CONSOLIDATED
CASH FLOW STATEMENTS
For the twelve months ending 31 December 2014 and 2013 (€Thousand)
Note
31/12/13
31/12/12*
1. OPERATING ACTIVITIES
Consolidated profit (loss) before tax
(26,338)
(22,512)
Adjustments:
Amortisation of tangible and intangible assets (+)
7 and 8
98,516
101,322
Impairment losses (net) (+/-)
6, 7 and 8
(12,810)
(28,103)
Allocations for provisions (net) (+/-)
19
(14,721)
(6,642)
Gains/Losses on the sale of tangible and intangible assets (+/-)
25.1
1,005
(2,120)
Gains/Losses on investments valued using the equity method (+/-)
10
1,341
1,521
Financial income (-)
25.2
(7,368)
(4,099)
Financial expenses and variation in fair value of financial instruments (+)
25.6
66,813
67,287
Net exchange differences (Income/(Expense))
(38)
7,483
Profit (loss) on disposal of financial investments
(17,278)
(40,851)
Other non-monetary items (+/-)
4,108
(14,995)
Adjusted profit (loss)
93,230
58,291
Net variation in assets / liabilities:
(Increase)/Decrease in inventories
361
(29)
(Increase)/Decrease in trade debtors and other accounts receivable
(44,383)
(5,486)
(Increase)/Decrease in other current assets
(6,014)
8,330
Increase/(Decrease) in trade payables
3,674
358
Increase/(Decrease) in other current liabilities
(3,847)
(13,172)
Increase/(Decrease) in provisions for contingencies and expenses
(7,158)
(959)
Income tax paid
(3,750)
(7,082)
Total net cash flow from operating activities (I)
32,113
40,251
2. INVESTMENT ACTIVITIES
Financial income
7,289
3,753
Investments (-):
-
Tangible and intangible assets and investments in property
(109,892)
(38,768)
Non-current assets classified as held for sale
(4,256)
-
Non-current financial investments
(370)
(17,560)
(114.518)
(56,328)
Disinvestment (+):
Group companies, joint ventures and associates
2
58,278
141,388
Tangible and intangible assets and investments in property
6,449
1,962
Non-current assets classified as held for sale
-
5,150
Non-current financial investments
4,247
-
Other assets
-
287
68,974
148,787
Total net cash flow from investment activities (II)
(38,255)
96,212
3. FINANCING ACTIVITIES
Interest paid on debts (-)
(59,952)
(68,055)
Variations in (+/-):
Equity instruments:
- Capital
-
123,309
- Reserves
-
107,512
- Non-controlling interests
-
-
- Treasury shares
(692)
(23,634)
- Equity components of convertible bonds
-
27,230
Debt instruments:
- Bonds and other tradable securities (+)
-
457,641
- Loans from credit institutions (+)
10,000
137,575
- Loans from credit institutions (-)
(37,227)
(765,684)
- Other financial liabilities (+/-)
(15,911)
(37,585)
Total net cash flow from financing activities (III)
(103,782)
(41,691)
4. GROSS INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (I+II+III)
(109,924)
94,772
5. Effect of exchange rate variations on cash and cash equivalents (IV)
254
1,210
6. Effect of variations in the scope of consolidation (V)
176,412
-
7. NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (I+II+III-IV+VI)
66,234
93,562
8. Cash and cash equivalents at the start of the financial year
133,869
40,307
9. Cash and cash equivalents at the end of the financial year (7+8)
200,103
133,869
* Audited balances adjusted for IFRS 5.
Notes 1 to 31 in the Consolidated Annual Report and Annexes I/II are an integral part of the Consolidated Comprehensive Income for 2014.
The Consolidated Comprehensive Income Statement for 2013 is presented solely for the purposes of comparison.
