Consolidated Cash Flow

The reclassified statement of cash flows for the period ended 30 June 2013 follows:

Statement of cash flows (€’000)  
 For the first six
months of 2013  
   For the first six
months of 2012  
 
Opening cash and cash equivalents   146,837    160,928   
Gross cash flows from operating activities   62,617    57,668   
Changes in other operating assets and liabilities   (15,844)    (25,729)   
Funds from operations      46,773    31,939
Change in working capital   (66,445)    (83,139)   
Cash flows used in operating activities   (19,672)    (51,200)   
Cash flows used in ordinary investing activities   (5,080)    (3,540)   
Free operating cash flow      (24,752)    (54,74)
Strategic transactions   (631)    (216)   
Other changes in investing activities   (70)     -    
Cash flows used in investing activities   (5,781)    (3,756)   
Sale/use of treasury shares    -     2   
Dividends paid   (28,800)    (28,000)   
Cash flows from other financing activities   28,774    39,453   
Cash flows from/(used in) financing activities   (26)    11,455   
Exchange rate gains and losses, net   (2,764)    1,267   
Closing cash and cash equivalents   118,594    118,694   

Cash and cash equivalents at 30 June 2013 amounted to €118,594 thousand, substantially in line with the same period of previous year.
Specifically:

  • cash flows used in operating activities of €19,672 thousand reflect the change in working capital and other operating assets and liabilities;
  • cash flows used in investing activities of €5,781 thousand are up over the corresponding period of the previous year when they were impacted by the sale of the assets pertaining to the subsidiary Ansaldo STS USA INC.;
  • cash flows used in financing activities amount to €26 thousand. In the first half of 2012, cash flows generated by financing activities of €11,455 thousand ware impacted by the collection of the dividend paid by International Metro Service S.r.l. (€3,592 thousand) and the change in current financial assets at fair value through profit or loss of €5,620 thousand;
  • dividends paid in May 2013 totalled €28,800 thousand, compared to €28,000 thousand in the first half of 2012.

The free operating cash flow (FOCF) used before strategic transactions totalled €24,752 thousand, compared to €54,740 thousand for the six months ended 30 June 2012; this is largely due to the change in working capital.

 

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