Separate financial statements

Statement of cash flows (1)

(eur thousand)
 
Notes 31/12/2012 31/12/2011
Cash flows from operating activities (a):      
Net profit (loss) from continuing operations   29.166 21.499
- Amortisation, depreciation and write-downs of fixed assets 23,31 3.931 5.507
- Net change in provision for liabilities and charges 16,19 64.427 2.084
- Net change in deferred tax assets and liabilities 6,15 9.244 (10.392)
- Write-downs of receivables 692 1.792
- Net capital gain/loss on sale of non-current assets   372 (853)
- Net write-downs of financial fixed assets 4 85.810 148.717
- Gain on the exercise of the put option on isab s.r.l. (1)   (198.678) (261.868)
- Net change in employees' severance indemnities 14 (51) (48)
Cash flows before changes in working capital   (5.086) (93.562)
       
Change in other operating assets and liabilities:      
- Change in inventories 8, 23 111.141 107.422
- Change in trade receivables 9, 23 (130.176) 108.825
- Change in trade payables 20, 23 22.379 (123.709)
- Net change in other receivables/payables and other assets/liabilities   (48.045) (48.177) 
    51.389 44.361 
       
TOTAL   46.303 (49.200) 
       
Cash flows from investing activities (B):      
Acquisition of intangible fixed assets and goodwill 1,2 (2.099) (1.795)
Acquisition of property, plant, and machinery 3 (323) (398) 
Acquisition of equity investments 4 (34.708) (1.883) 
Collection on the exercise of the isab s.r.l. put option (2)   425.588 484.666
Disposals of intangible fixed assets 1 172 642
Disposals of property, plant, and machinery 3 (211) 891
Disposals of equity investments 4 - 10.324
TOTAL   388.419 492.447
       
Cash flows from financing activities (C):      
New non-current loans   -
Repayment of non-current loans   (165.536) (134.786)
Net change in non-current financial assets/liabilities  5,17 86.090 (47.409)
Net change in short-term bank borrowings  21,23 (265.277) 256.991
Net change in other current financial assets/liabilities 11,23 (76.856) (2.790)
Share capital increases/repayments   -
Dividends   (57.121) (58.980) 
Other changes in shareholders' equity 13  (434) (26.110) 
TOTAL   (478.268) (13.084)
       
       
Net cash flows for the year (a+b+c)   (43.546) 430.162
       
Cash and cash equivalents at the beginning of the year 12 840.993 410.829
Net cash flows for the year   (43.546) (430.162)
Cash and cash equivalents at the end of the year prior to IFRS 5 reclassification 12,23 797.446 840.993
       
Reclassification of assets/liabilities held for sale 23 (5.849) -
Cash and cash equivalents at the end of the year 12 791.597 840.993

(1) the Statement of Cash Flows also includes the total cash flows from Assets and Liabilities held for sale, which are detailed in Note 23
(2) see the paragraph Sale of equity investment in ISAB S.r.l.

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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