Consolidated statement of cash flows

 noteperiod ended 31/12/2013period ended 31/12/2012
Operating cash flows      
Profit (loss) before tax   97,819 56,379
Depreciation   52,174 57,867
Net foreign exchange difference (positive)/negative   212 1,562
Interest on financial liabilities   16,545 22,354
Interest and dividends   5,144 7,635
Investment profit/loss   17,442 11,637
Changes in working capital:      
Receivables (increase)/decrease 49 43250 39,124
Inventories (increase)/decrease   9,181 21,203
Liabilities (increase)/decrease 49 36,872 11890
Provisions and accruals 49 5,919 2,749
Other items    3,903 343
Operating cash flow   142,953 49,765
Income tax received/(paid)   1,935 4,355
Net operating cash flow 30 141,018 45410
Investment cash flows      
Inflows      
Disposal of tangible fixed assets   23,467 5,375
Sale of financial assets   11,621 43,611
Dividends received   399 600
Received interest and repayment of loans   5,295 6,304
Sale of bonds    4,306 23500
Other financial income   1 5,692
Outflows      
Purchase of tangible fixed assets   29,933 26,629
Purchase of financial assets   117,683 44410
Loans granted   54,853 -
Purchase of bonds   39,189 20,042
Net investment cash flow 30 196,569 5,999
Financial cash flows      
Inflows      
Credits and loans   158,871 91,333
Other financial income    2620 42
Outflows      
Purchase of own shares   1,943 1,138
Dividends and other payments to shareholders    3,078 456
Repayment of borrowings   85,811 115,675
Payments for financial leasing contracts   36 96
Interest paid    14,974 22530
Other financial expenses    - 269
Net financial assets 30 55,649 48,789
Total net cash flow   98 9,378
Effect of exchange rate changes on cash balances in foreign currencies    177 1,071
Change in cash and cash equivalents   79 10,449
Cash and cash equivalents at beginning of the period, including:   36,753 46,223
from continuing operations   36,211 44,942
from discontinued operations   542 1,281
Cash assets of acquired/disposed of entities at the beginning of the period   - 979
Cash and cash equivalents at end of the period, including: 30 36,674 36,753
from continuing operations   36,606 36,211
from discontinued operations   68 542

CONSOLIDATED STATEMENT OF CASH FLOWS - discontinued operations

Discontinued operationsperiod ended 31/12/2013period ended 31/12/2012
Operating cash flows    
Profit (loss) before tax 23,228 23,112
Correction 36810 18,363
Interest paid - -
Net operating cash flow 13,582 4,749
Investment cash flows    
Inflows 20,841 6,267
Outflows - -
Net investment cash flow 20,841 6,267
Financial cash flows    
Inflows 1,305 555
Outflows 9,038 2,812
Net financial assets 7,733 2,257
Change in cash and cash equivalents 474 739
Cash and cash equivalents at the beginning of the period 542 1,281
Cash and cash equivalents at the end of the period  68 542