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Consolidated Cash Flow Statement

This statement shows the factors behind changes in cash and cash equivalents, net of short-term bank overdrafts, as required by IAS 7.

    1st half of 2011 1st half of 2010
In thousands of Euros Notes Total of which Related parties (Section E) Total of which Related parties (Section E)
Operating activities
Consolidated net income 33,289 33,033
Non-controlling interests 34 47
Taxation for the period 13 28,500 29,691
Depreciation of property, plant and equipment 8 18,306 18,721
Amortisation of intangible assets 8 27,056 24,230
Non-monetary costs for stock options 829 1,381
Allocations for risks and retirement funds and employee benefits   10,737 19,090
Write-downs / (Reversals) 224 1,226
Losses / (Gains) on the disposal of property, plants and equipment (27) (1,919)
Losses / (Gains) on the disposal of intangible assets 0
Financial income 12 (2,318) (1,220)
Borrowing Costs 12 12,202 11,887
Income from public grants (1,345) (1,604)
Change in working capital:
(Increase)/Decrease in trade receivables 23 (94,889) (102) (109,692) (538)
(Increase)/Decrease in other receivables 24 2,839 124 (906) 11
(Increase)/Decrease in inventories 25 (17,548) (25,164)
Increase/(Decrease) in trade payables 31 92,376 8,633 117,894 1,010
Increase/(Decrease) in other payables 36 8,366 (256) 2,190 39
Increase/(Decrease) in provisions for risks 32 (9,913) (6,914)
Increase/(Decrease) in retirement funds and employee benefits 34 (8,886) (7,074)
Other changes 21,274 (36,416)
Cash generated from operating activities 121,106 68,481
Interest paid (12,539) (5,981)
Taxation paid (15,168) (1,009)
Cash flow from operating activities (A) 93,399 61,491
Investment activities
Investment in property, plant and equipment 17 (18,858) (8,558)
Sale price, or repayment value, of property, plant and equipment   178 3,340
Investment in intangible assets 16 (29,600) (26,287)
Sale price, or repayment value, of intangible assets 10 181
Purchase of financial assets 0 (23,097)
Sale price of financial assets 602
Collected interests 2,030 510
Cash flow from investment activities (B) (45,638) (53,911)
Financing activities
Purchase of treasury shares 29 0 (2,897)
Dividends paid 29 (25,684) (25,765)
Loans received 30 11,693 22,487
Outflow for repayment of loans 30 (66,669) (45,325)
Financing received for leases 30 227
Repayment of finance leases 30 (392) (377)
Cash flow from funding activities (C) (80,825) (51,877)
Increase / (Decrease) in cash and cash equivalents (A+B+C) (33,064) (44,297)
Opening balance 154,758 198,281
Exchange differences 9,287
Closing balance 121,694 163,271

The table below details the breakdown of the balance of cash and cash equivalents as of 30 June 2011 and 30 June 2010.

Amounts in /000 Notes As of 30 June 2011 As of 30 June 2010 Change
     
Cash and cash equivalents 27 128,965 177,165 (48,200)
Current account overdrafts 30 (7,271) (13,894) 6,623
Closing balance   121,694 163,271 (41,577)