Statement of cash flows

The reclassified statement of cash flows for the period ended 30 June 2014 follows:

Statement of cash flows

(€’000) First half of 2014  First half of 2013 - restated (*) 
Opening cash and cash equivalents 191,521  141,922 
Gross cash flows from operating activities 58,734  61,855 
Changes in other operating assets and liabilities (22,559)  (15,945) 
Funds from operations
Change in working capital (50,039)  (66,999) 
Cash flows used in operating activities (13,864)  (21,089) 
Cash flows used in ordinary investing activities (2,423)  (4,916) 
Free operating cash flow
Strategic transactions (1,949)  (631) 
Other changes in investing activities 19  (70) 
Cash flows used in investing activities (4,353)  (5,617) 
Dividends paid (28,800)  (28,800) 
Cash flows from (used in) other financing activities (1,089)  34,059 
Cash flows from (used in) financing activities (29,889)  5,259 
Net exchange rate gains (losses) 935  (2,733) 
Closing cash and cash equivalents 144,350  117,742 
(*) Restated figures due to the adoption of IFRS 11 governing joint arrangements, whereby the group’s interests in joint ventures are measured using the equity method as from 1 January 2014 (when the group adopted the new standard). The 2013 figures have been restated for comparative purposes.

Cash and cash equivalents increased by €26.7 million to €144.4 million at the reporting date from the restated balance for the corresponding period of the previous year.

The free operating cash flow (FOCF) used in the reporting period before strategic transactions totalled €16.3 million, better than the restated €26.0 million for the corresponding period of the previous year.

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
Paid-in Share Capital EUR 100,000,000 R.E.A. n. 421689 Register of Enterprises of Genoa Tax Code 01371160662
A Finmeccanica Company