2013 Registration document and annual financial report - page 184

Registration Document 2013
182
Financial Statemements
5
Consolidated Financial Statements And Notes
5.2.4. CONSOLIDATED CASH FLOW STATEMENTS
(in millions of euros)
Notes
2012
2013
+ EBITDA
7
850
865
+ Net financial expense
10
(75)
(92)
+ Income tax expense
(122)
(134)
-
Non cash revenue and expense included in EBITDA
21
21
-
Elimination of provision movements included in net financial expense
and non-recurring taxes
20
46
+ Dividends received from associates
0
7
+ Impact of discontinued operations
92
4
= FUNDS FROM OPERATIONS EXCLUDING NON-RECURRING TRANSACTIONS
34
786
717
+ Decrease (increase) in operating working capital
35
(158)
133
+ Impact of discontinued operations
35
81
5
= NET CASH FROM OPERATING ACTIVITIES
709
855
+
Cash received (paid) on non-recurring transactions (included restructuring costs
and non-recurring taxes)
(134)
(145)
+ Decrease (increase) in non-operating working capital
(1)
-
(185)
+ Impact of discontinued operations
(2)
(449)
(1)
=
NET CASH FROM OPERATING ACTIVITIES INCLUDING NON-RECURRING
TRANSACTIONS (A)
126
524
-
Renovation and maintenance expenditure
36
(299)
(265)
-
Development expenditure
37
(676)
(194)
+ Proceeds from disposals of assets
371
334
+ Impact of discontinued operations
(3)
529
(0)
= NET CASH USED IN INVESTMENTS/DIVESTMENTS (B)
(75)
(125)
+ Proceeds from issue of share capital
3
12
-
Dividends paid
(269)
(189)
-
Repayment of long-term debt
(15)
(5)
-
Payment of finance lease liabilities
(1)
(7)
+ New long term debt
727
610
= INCREASE (DECREASE) IN LONG-TERM DEBT
711
598
+ Increase (decrease) in short-term debt
146
(728)
+ Change in ownership percentage of subsidiaries
(6)
-
+ Impact of discontinued operations
(145)
(2)
= NET CASH FROM FINANCING ACTIVITIES (C)
440 (309)
+ Effect of changes in exchange rates (D)
17
(38)
+ Effect of changes in exchange rates on discontinued operations (D)
(10)
-
= NET CHANGE IN CASHAND CASH EQUIVALENTS (E)=(A)+(B)+(C)+(D)
498
52
-
Cash and cash equivalents at beginning of period
1,352
1,860
-
Effect of changes in fair value of cash and cash equivalents
6
5
-
Net change in cash and cash equivalents for discontinued operations
4
(7)
+ Cash and cash equivalents at end of period
30
1,860
1,910
= NET CHANGE IN CASHAND CASH EQUIVALENTS
498
52
(1) At December 31, 2013, this amount corresponds to the payment of “précompte” dividend withholding tax for €184.7 million (see Note 39.2).
(2) and (3) For December 31, 2012, of which cash flows related to the sale of the Economy Hotels US business (see Note 2.A.1.1):
(2) Mainly costs associated with the exercise of purchase options on leased hotels for €(274) million and the cancellation of accounting entries recognizing rents
on a straight-line basis following the purchase of the leased hotels, for €(123) million.
(3) Mainly proceeds from the sale of Motel 6 for €1,338 million and purchase of 268 leased hotels for €(851) million.
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