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Annual Statements

Financial reporting

Price winner 2012 in the category non-listed

Home Annual Statements Financial Statements 2012 Notes to the consolidated financial statements Notes to the consolidated cash flow statement Cash flow from operations

40. Cash flow from operations

(in thousands of euros)

2012

2011

Result

196,438

197,510

Corporate income tax

57,438

51,314

Share in result of associates

- 45,464

- 35,889

Financial income and expenses

88,082

91,252

100,056

106,677

Operating result

296,494

304,187

Adjustments for:

Depreciation and amortisation

214,897

206,134

Impairment

22,741

1,473

Result on sales of property

- 11,513

- 576

Costs related to sales of property

- 448

-

Fair value gains and losses on property

24,021

664

Other non cash changes lease receivables and liabilities

19,435

365

Result on disposal of assets

- 18

- 432

Change in other provisions and employee benefits

- 7,171

- 13,883

261,944

193,745

Operating result after adjustments

558,438

497,932

Changes in working capital

- 76,267

28,738

Cash flow from operations

482,171

526,670