The Statement of Cash Flows at 31 December 2011 was broken down as follows:

Statement of Cash Flows (EUR 000) 31.12.2011 31.12.2010
Cash and cash equivalents - opening balance 153,320 128,541
Gross cash flow from operating activities 127,299 164,994
Changes in other operating assets and liabilities (67,235) (50,311)
Fund From Operations 60,064 114,683
Change in working capital (42,657) (41,717)
Cash flow from (used in) operating activities 17,407 72,966
Cash flow from ordinary investing activities (10,188) (6,983)
Free Operating Cash Flow 7,219 65,983
Strategic investments (6,302) -
Other changes in investing activities (44) -
Cash flow from (used in) investing activities (16,534) (6,983)
Dividends paid (33,592) (30,982)
Cash flow from financing activities 38,955 (12,795)
Cash flow from (used in) financing activities 5,363 (43,777)
Translation differences 1,372 2,573
Cash and cash equivalents - closing balance 160,928 153,320

The year 2011 ended with net increase of EUR 7,608 thousand in cash and cash equivalents over the same period of the prior year.

The following are the main changes in the Statement of Cash Flows:

  • cash flow from operating activities of EUR 17,407 thousand, down EUR 55,559 thousand from the same period of the prior year;
  • cash flow used in investing activities was EUR 16,534 thousand, up EUR 9,551 thousand from the same period of the prior year (EUR 6,983 thousand at 31 December 2010);
  • cash flow from financing activities was EUR 5,363 thousand as compared with EUR 43,777 thousand used at 31 December 2010. The decrease was also due to greater dividends paid: EUR 33,592 thousand in 2011, EUR 30,982 thousand in 2010.

The Free Operating Cash Flow (FOCF) before strategic investments for the period at issue amounted to EUR 7,219 thousand from EUR 65,983 thousand at 31 December 2010; the decrease of EUR 58,764 thousand was due to the need for financing operating working capital during the year resulting from the progress of some contracts – which brought very positive cash inflows in the previous years – and the non-performance of new contracts (the two contracts in Libya), which were actually suspended.

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