Cash flows from operating activities

The following table shows the cash flows from operating activities:

     First half of 2013 First half of 2012
Profit for the period    32,367   29,668 
Share of losses of equity-accounted investees    (14)   (3,530) 
Income taxes   17,175   18,431 
Italian post-employment and other employee benefits    379   374 
Stock grant plans    1,812   1,096 
Gains/(losses) on the sale of assets    125   (85) 
Net financial income    3,155   6,015 
Net (gains)/losses on assets held for sale    (92)   - 
Amortisation, depreciation and impairment losses
 7,878   11,226 
Accruals to/reversals of provisions for risks    106   (1,890) 
Write-downs/reversals of write-downs of inventories and work in progress    (274)   (3,637) 
Total   62,617   57,668 
 

The change in working capital, shown net of the impacts of acquisitions and sales of consolidated companies and exchange rate gains and losses, comprises:

 (€’000)  First half of 2013
 First half of 2012
Inventories   (4,778)   (15,197) 
Work in progress and progress payments and advances from customers   (150,024)   (121,642) 
Trade receivables and payables    88,357   53,700 
Total   (66,445)   (83,139) 
 

The change in other operating assets and liabilities, shown net of the impacts of acquisitions and sales of consolidated companies and exchange rate gains and losses, comprises:

 (€’000)   First half
of 2013
 First half
of 2012
 Payment of Italian and other post-employment benefits    (716)   (2,225) 
 Taxes paid   (14,999)   (6,128) 
 Changes in other operating items    (129)   (17,376) 
 Total   (15,844)   (25,729) 
 

Reference should be made to paragraph 2.3 on the group’s financial position for a discussion of changes in the consolidated statement of cash flows.

 

 

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
Paid-in Share Capital EUR 70,000,000 R.E.A. n. 421689 Register of Enterprises of Genoa Tax Code 01371160662
A Finmeccanica Company