Page 59 - Annual Report 2013
P. 59
Annual Report 2013
Statement of cash flows for the year ended 31 december 2013
Note 2013 2012 Restated*
Operating activities
Profit for the year before tax 93,942,047 97,506,004
Adjustments for:
Depreciation & amortisation expenses 5.2 71,208,391 72,611,536
Provision for impairment of trade receivables 5.14 (877,910) 3,017,579
Net financial expenses 5.3 38,219,175 47,974,287
(Gain)/loss on PPE disposals (34,889) 7,479,086
Increase/(decrease) in retirement benefits (273,009) (30,453)
Increase/(decrease) in provisions (5,761,124) (7,041,490)
Increase/(decrease) in other assets/liabilities (1,060,350) (1,213,250)
Increase/(decrease) in working capital 36,744,314 (32,784,619)
Cash generated from operations 232,106,644 187,518,680
Income tax paid 5.23 (17,403,649) (27,750,000)
Interest paid 5.3 (38,919,008) (43,572,327)
Net cash flow from operating activities 175,783,987 116,196,353
Investment activities
Acquisition of PPE (5,259,277) (4,450,763)
Interest received 5.3 7,534,285 1,124,377
Investments to held-to-maturity financial assets 5.10 (19,391,597) (201,094,607)
Dividends received from associate 157,280 289,062
Net cash flow from investment activities (16,959,309) (204,131,931)
Financial activities
Dividends paid 5.19 (79,500,000) (111,000,000)
Repayment of bank loans 5.20 (57,859,530) (54,491,156)
Repayment of finance lease obligations 0 (7,551)
Net cash flow from financial activities (137,359,530) (165,498,707)
Net increase/(decrease) in cash & cash equivalents 21,465,147 (253,434,284)
Cash & cash equivalents at the beginning of the year 13,537,608 266,971,892
Cash & cash equivalents at the end of the year 35,002,755 13,537,608
*Restated following the application of IAS 19R . For further information refer to Note 5.32
The notes on pages 19 to 56 are an integral part of these financial statements.
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 18 of 58
Statement of cash flows for the year ended 31 december 2013
Note 2013 2012 Restated*
Operating activities
Profit for the year before tax 93,942,047 97,506,004
Adjustments for:
Depreciation & amortisation expenses 5.2 71,208,391 72,611,536
Provision for impairment of trade receivables 5.14 (877,910) 3,017,579
Net financial expenses 5.3 38,219,175 47,974,287
(Gain)/loss on PPE disposals (34,889) 7,479,086
Increase/(decrease) in retirement benefits (273,009) (30,453)
Increase/(decrease) in provisions (5,761,124) (7,041,490)
Increase/(decrease) in other assets/liabilities (1,060,350) (1,213,250)
Increase/(decrease) in working capital 36,744,314 (32,784,619)
Cash generated from operations 232,106,644 187,518,680
Income tax paid 5.23 (17,403,649) (27,750,000)
Interest paid 5.3 (38,919,008) (43,572,327)
Net cash flow from operating activities 175,783,987 116,196,353
Investment activities
Acquisition of PPE (5,259,277) (4,450,763)
Interest received 5.3 7,534,285 1,124,377
Investments to held-to-maturity financial assets 5.10 (19,391,597) (201,094,607)
Dividends received from associate 157,280 289,062
Net cash flow from investment activities (16,959,309) (204,131,931)
Financial activities
Dividends paid 5.19 (79,500,000) (111,000,000)
Repayment of bank loans 5.20 (57,859,530) (54,491,156)
Repayment of finance lease obligations 0 (7,551)
Net cash flow from financial activities (137,359,530) (165,498,707)
Net increase/(decrease) in cash & cash equivalents 21,465,147 (253,434,284)
Cash & cash equivalents at the beginning of the year 13,537,608 266,971,892
Cash & cash equivalents at the end of the year 35,002,755 13,537,608
*Restated following the application of IAS 19R . For further information refer to Note 5.32
The notes on pages 19 to 56 are an integral part of these financial statements.
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 18 of 58
