Financial Reporting - Rexel
Financial Reporting - Rexel
Financial Reporting - Rexel
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Consolidated Statement of Cash Flows<br />
For the year ended December 31,<br />
(in millions of euros) Note 2011 2010<br />
Cash flows from operating activities<br />
Operating income 596.9 485.4<br />
Depreciation, amortization and impairment of assets 5 - 7 176.1 139.8<br />
Employee benefits (19.8) (15.5)<br />
Change in other provisions 1.7 (47.6)<br />
Other non-cash operating items (15.6) 18.1<br />
Interest paid (155.4) (160.7)<br />
Income tax paid (85.9) (36.9)<br />
Operating cash flows before change in working capital<br />
requirements 498.0 382.6<br />
Change in inventories (27.5) (26.6)<br />
Change in trade receivables (68.4) (48.8)<br />
Change in trade payables 12.9 121.6<br />
Changes in other working capital items 13.1 (4.2)<br />
Change in working capital requirements (69.9) 42.0<br />
Net cash from operating activities 428.1 424.6<br />
Cash flows from investing activities<br />
Acquisition of property, plant and equipment (94.8) (59.4)<br />
Proceeds from disposal of property, plant and equipment 26.4 7.0<br />
Acquisition of subsidiaries, net of cash acquired 3.1 (100.5) (67.3)<br />
Proceeds from disposal of subsidiaries, net of cash disposed 44.8 13.3<br />
Change in long-term investments (0.6) (1.8)<br />
Dividends received from associates 0.6 1.4<br />
Net cash from investing activities (124.1) (106.8)<br />
Cash flows from financing activities<br />
Capital increase 14 2.4 9.7<br />
Contribution received from minority shareholders 0.8 -<br />
Disposal / (Purchase) of treasury shares (30.8) 1.1<br />
Net change in credit facilities and other financial borrowings 19.2 (122.8) (303.6)<br />
Net change in securitization 19.2 (5.0) (34.3)<br />
Net change in finance lease liabilities 19.2 16.5 (5.2)<br />
Dividends paid 14 (19.2) (0.1)<br />
Net cash from financing activities (158.1) (332.4)<br />
Net (decrease) / increase in cash and cash equivalents 145.9 (14.6)<br />
Cash and cash equivalents at the beginning of the period 12 311.9 359.6<br />
Effect of exchange rate changes on cash and cash<br />
equivalents (44.1) (33.1)<br />
Cash and cash equivalents at the end of the period 12 413.7 311.9<br />
The accompanying notes are an integral part of these consolidated financial statements.<br />
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