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P. 21
2011
Cash Flow
Despite the adverse macroeconomic situation, AIA
retains not only healthy profitability, but also a strong
cash position, well above the minimum required level of
debt service cover ratios, as these are defined in the EIB
loan agreement.
Cash inflow from operating activities was €189.6 million,
compared to €196.5 million in 2010, signifying sustained
operating performance and efficient collection policy. Net
cash outflow from investing activities was €16.8 million,
versus an outflow of €3.6 million the previous year,
mainly attributed to the construction of Photovoltaic
Park in 2011. Finally, the net cash outflow from financing
activities reached €126.3 million vs. €216.4 million in
2010, incorporating lower dividend payments in 2011.
The closing cash position in 2011 reached €267.0 million,
€46.5 million higher than the previous year’s levels.
Chart 4.5
Cash Position Development 2010-2011
Annual report 21
Cash Flow
Despite the adverse macroeconomic situation, AIA
retains not only healthy profitability, but also a strong
cash position, well above the minimum required level of
debt service cover ratios, as these are defined in the EIB
loan agreement.
Cash inflow from operating activities was €189.6 million,
compared to €196.5 million in 2010, signifying sustained
operating performance and efficient collection policy. Net
cash outflow from investing activities was €16.8 million,
versus an outflow of €3.6 million the previous year,
mainly attributed to the construction of Photovoltaic
Park in 2011. Finally, the net cash outflow from financing
activities reached €126.3 million vs. €216.4 million in
2010, incorporating lower dividend payments in 2011.
The closing cash position in 2011 reached €267.0 million,
€46.5 million higher than the previous year’s levels.
Chart 4.5
Cash Position Development 2010-2011
Annual report 21
