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Boskalis jaarverslagen 2012

Consolidated statement of cash flows

(in thousands of EUR)   Note   2013   2012 REVISED*)
             
Cash flows from operating activities            
Net group profit       366,474   252,027
Depreciation, amortization and impairment losses       334,174   231,310
Cash flow       700,648   483,337
             
Adjustments for:            
Finance income and costs       55,220   34,480
Income tax expense       64,444   49,502
Results from disposals       -77,807   -11,094
Movement non-current receivables       -18,673   10,959
Movement provisions and employee benefits       -27,367   -14,912
Movement in inventories       -4,156   -5,647
Movement trade and other receivables       28,303   10,093
Movement trade and other payables       41,201   -49,475
Movement due from and due to customers       -66,653   -149,833
Share in result of associated companies, inclusing revaluation result       -20,214   -252
Cash generated from operating activities       674,946   357,158
             
Dividends received       884   2,109
Interest received       6,409   8,576
Interest paid       -49,078   -38,842
Income taxes paid       -47,049   -50,181
Net cash from operating activities       586,112   278,820
             
Cash flows from investing activities            
Purchases of property, plant and equipment, excluding capitalized borrowing costs   [15]   -292,675   -313,893
Proceeds from disposals of property, plant and equipment       77,982   39,447
Investment in group companies, net of cash acquired   [5.1]   -398,677   -
Disposal of joint venture, net of cash disposed   [5.3]   123,199   -
Disposal of (a part of) group companies, net of cash disposed and loans issued       40,575   -
Acquisition of (a part of) joint venture, net of cash acquired       -20,009   -
Repayment of outstanding loan by joint venture       -   77,299
Net investments in associated companies prior to bussiness combination   [16]   -65,248   -225,288
Net investments in other associated companies   [16]   -1,767   -7,376
Net cash used in investing activities       -536,620   -429,811
             
Cash flows from financing activities            
Proceeds from loans       3,377,382   696,403
Repayment of loans       -3,651,256   -495,413
Transaction costs paid related to raising financing       -15,974   -2,226
Proceeds from issue of share capital   [22.1]   320,000   -
Acquisition of non-controlling interests       -4,482   10
Dividends paid to the Company's shareholders       -43,237   -38,493
Dividends paid to non-controlling interests       -2,427   -1,122
Net cash used in / from financing activities       -19,994   159,159
             
Net increase in cash and cash equivalents       29,498   8,168
             
Net cash and cash equivalents as at 1 January    [21]   389,982   382,593
             
Net increase in cash and cash equivalents       29,498   8,168
Currency translation differences       -8,725   -779
Movement in net cash and cash equivalents       20,773   7,389
             
Net cash and cash equivalents as at 31 December    [21]   410,755   389,982

* Previous year figures are adjusted for changes in employee benefits reporting.

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