Financial Reporting - Rexel

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