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Cash Flow Statement

thousands of euro30-Jun-201230-Jun-2011
Pre-tax profit150,280145,916
Adjustments to reconcile net profit to the cash flow from operating activities:  
Amortisation and impairment of tangible assets65,75461,237
Amortisation and impairment of intangible assets50,16450,816
Effect of valuation using the equity method(2,897)(4,723)
Allocations to provisions36,47133,271
Financial charges/(income)64,66858,177
(Capital gains)/losses and other non-monetary elements (including valuation of commodity derivatives)(40,029)(24,977)
Change in provisions for risks and charges(9,970)(11,150)
Change in provisions for employee benefits(3,318)(3,126)
Total cash flow before changes in net working capital311,123305,441
(Increase)/decrease in inventories6,869(19,863)
(Increase)/decrease in trade receivables(53,283)(168)
(Increase)/decrease in trade payables(232,223)(166,369)
(Increase)/decrease in other current assets/liabilities139,64886,528
Change in working capital(138,989)(99,872)
Dividends collected2,420965
Interest income and other financial income collected9,1808,665
Interest expense and other financial charges paid(75,202)(62,948)
Taxes paid(6,101)(6,023)
Liquidity generated by operations (a)102,431146,228
Investments in tangible fixed assets(59,634)(63,647)
Investments in intangible fixed assets(63,440)(70,442)
Investments in companies and business units net of cash and cash equivalents(2,166)(6,915)
Sale price of tangible and intangible fixed assets27,0863,307
Disinvestments in non-consolidated equity investments(1,916)0
(Increase)/decrease in other investment activities(1,631)2,370
Liquidity generated/(absorbed) by investment activities (b)(101,701)(135,327)
New issues of long-term loans241,8100
Repayments and other net changes in loans(34,570)(71,758)
Financial lease fees paid(1,815)(3,242)
Dividends paid out to Hera shareholders and minority interests(111,399)(117,242)
Change in treasury shares in portfolio(3,237)(704)
Other minor changes(1)83
Liquidity generated/(absorbed) by financing activities (c)90,788(192,863)
Effect of change in exchange rates on liquidity (d)00
(Increase)/decrease in liquidity (a+b+c+d)91,518(181,962)
Cash and cash equivalents at the beginning of the period415,189538,226
Cash and cash equivalents at the end of the period506,707356,264

In compliance with Consob Resolution no. 15519 dated 27 July 2006, the effects of relationships with related parties are accounted for in the appropriate cash flow statement outlined in paragraph 2.02.03 of these consolidated half-year financial statements.