Cash Flows

(x €1,000) 2012 2011
Operating activities:
Profit before taxes -24,002 -24,046
Non-cash adjustments to reconcile profit before taxes to net cash flows:
Depreciation 21,140 20,343
Impairment loss on property, plant and equipment 448 559
Amortisation and imparement of intangible assets 9,961 10,584
Gain on disposal of property, plant and equipment -77 -571
Finance income -763 -666
Finance costs 17,114 3,027
Share of profit of an associate -204 112
Net gain on sale of Sealings -11,863 -5,152
Movement in provisions and pensions 6,020 1,224
 
Working capital adjustments:
Increase in trade and other receivables -4,478 -11,931
Increase in inventories 7,365 -795
Increase in trade and other payables -9,280 931
Increase in construction work in progress 1,066 8,620
  12,447 2,239
 
Interest received 601 666
Income tax paid -4,465 -7,570
Net cash flows from operating activities 8,583 4,665
 
Investing activities
Proceeds from sale of property, plant and equipment 3,189 1,769
Purchase of property, plant and equipment -12,964 -20,179
Divestment of subsidiaries, net of cash sold 763 9,710
Acquisition of other activities 0 -185
Disposal of other activities 0 190
Movement in associates and other investments -799 326
Bank balances of subsidiaries of which control is lost -689 0
Net cash flows used in investing activities -10,500 -8,369
 
Cash flows from financing activities
Interest paid -17,114 -12,758
Dividends paid -275 -172
Shares issued 31,299 1,424
Receipt of subordinated loan 18,700 0
Payments on contingent liabilities -5,191 -3,020
Receipt of borrowings 0 45,666
Repayment of borrowings -46,092 0
Net cash from (used in) financing activities -18,673 31,140
 
Net increase in cash and cash equivalents -20,590 18,106
Net foreign exchange difference 998 -1,082
Cash and cash equivalents at 1 January 57,593 40,569
Cash and cash equivalents at 31 December 38,001 57,593