Consolidated financial statement

Consolidated statement of cash flows
 

 (Eur thousand) Year 2013 Year 2012
Cash flows from operating activities (A)  
Net profit (loss) for the period 85.221 199.900
- Amortisation, depreciation and write-downs of fixed assets 210.129 152.595
- Net change in provision for liabilities and charges 72.444 4.541
- Net change in deferred tax assets and liabilities 54.951 21.264
- Write-down of receivables and "green certificates" 692 1.174
- Net capital gain/loss on sale of non-current assets  978 (854)
- Portion of income/expenses from investments carried at equity 38.571 26.407
- Write-down of equity investments 58.355 -
- Capital gain on sale of equity investment in ISAB S.r.l. 2013 and balance from 2012 (185.837) (226.536)
- Net change in employees' severance indemnities (299) (23)
Cash flows before changes in working capital 335.206 178.468
     
Change in other operating assets and liabilities
- Change in inventories 108.618 115.675
- Change in trade receivables  (50.853) (72.979)
- Change in trade payables (91.058) (66.967)
- Net change in other receivables/payables and other assets/liabilities (41.363) (91.268)
  (74.656) (69.597)
TOTAL 260.550 108.871
     
Cash flows from investing activities (B)  
Acquisition of intangible fixed assets and goodwill (5.111) (965)
Acquisition of property, plant, and machinery (70.908) (72.979)
Increases of property, plant and machinery due to cyclical maintenance - (3621)
Acquisition of equity investments and other non-current financial assets  (11.489) (2.304)
Collection from 2013 sale of ISAB S.r.l. and balance from 2012 sale  434.734 484.666
Disposals of intangible fixed assets and goodwill  2.777 643
Disposals of property, plant and machinery and related capital gains/losses 1.317 2.809
Disposals of equity investments and other non-current financial assets (58.951) 37.897
TOTAL 292.369 446.146
 
Cash flows from financing activities (C)  
New non-current loans 33.112 -
Repayment of non-current loans (162.707) (136.360)
New loans to group companies that are not consolidated line by line (98.635) (17.600)
Net change in other non-current financial assets/liabilities (62.435) 14.573
Net change in short-term bank borrowings (241.838) 124.605
Net change in other current financial assets/liabilities 9.460 33.491
Share capital increases/repayments - -
Acquisition of treasury shares - (25.673)
Dividends paid to third parties (68.150) (62.754)
Other changes in shareholders' equity 25.388 (18.653)
TOTAL (565.805) (88.362)
     
Change in the scope of consolidation (D) (*) (9.164) -
     
Net cash flow for the year (A+B+C+D) (22.051) 466.655
     
Cash and cash equivalents at the end of the year 999.325 532.670
Net cash flows for the year (22.051) 466.655
Cash and cash equivalents at the end of the year 977.274 999.325
     
     
  2013 2012
Additional cash flows information  
Income taxes paid 81.400 8.181
Interest paid 41.833 45.310

*The change in the scope of consolidation refers to the net impact of the 2013 acquisition of the ERG Wind Group and of ERG Renew Operations & Maintenance in addition to the sale of Eolo, as described in the paragraphs that follow

ERG S.p.A. - Genova

Paolo Merli

Head of Corporate Finance & Investor Relations

0039 010 2401376

ERG S.p.A. - Genova

Matteo Bagnara

Investor Relations

0039 010 2401423

ir@erg.it


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