VConsolidated statements
of clash flows

For the years ended 31 December 2012 and 2011 (Expressed in thousands of Euros)

Notes 2012 2011
(Re-expressed)
Operating activities
PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 255,684 182,279
Loss before tax from discontinued operations (7,459) (4,456)
Profit before income tax 248,225 177,823
Adjustments for: 269,381 315,085
Amortisation and depreciation 21.5 279,115 277,388
Impairment 21.5 8,196 9,022
Loss/(gains) on disposal of fixed assets 21.6 12,061 4,295
Loss/(gains) on disposal of financial instruments operations (18,196) -
Finance income 21.7 (8,367) (8,614)
Finance expenses 21.7 59,514 44,006
Net provisiones (reversals) and grants (72,961) (17,171)
Other adjustments 11,089 6,159
Profit/(loss) of companies accounted for using the equity method net of dividends 11 (1,070) -
Adjustments to working capital: (93,884) (23,235)
Changes in trade and other receivables 16,471 (10,130)
Changes in inventories (9,847) 20,112
Changes in trade and other payables (1,514) 53,347
Changes in consumer loan and refinancing commitments 856 1,008
Changes in other assets (6,176) (5,301)
Changes in other liabilities (5,964) 10,341
Changes in assets held for sale and liabilities 1,110 (3,699)
Current income tax paid (88,820) (88,913)
Cash flows from operating activities 423,722 469,673
Investing activities
Acquisition of intangible assets 7.1 and 7.2 (9,565) (15,714)
Acquisition of property, plant and equipment 6 (321,522) (334,187)
Acquisition of financial instruments (10,224) (6,352)
Disposals of intangible assets 82 3,586
Development cost 7.2 (668) -
Changes in Fixed Assets Suppliers (21,542) (4,203)
Disposals of property, plant and equipment 21.6 4,114 10,777
Payments (collections) for other financial assets (5,449) 33,030
Interest received 24,673 7,116
Other adjustment in transfers to assets held for sale and liabilities 221 449
Acquisition of subsidiaries net of cash acquired - (38,620)
Cash flows used in investing activities (339,880) (344,118)
Financing activities
Dividends distributed to shareholders of the Parent (72,498) (368,600)
Acquisition of own shares 16.4a) (23,971) (39,400)
Acquisition of non-controlling interests - (198)
Contributions from non-controlling interests - 16,093
Borrowings made/repaid 111,365 315,762
Payments (collections) for other financial liabilities (2,768) (28,159)
Interest paid (55,468) (42,448)
Other adjustment in transfers to assets held for sale and liabilities 1,320 (25,435)
Cash flows used in financing activities (42,020) (172,385)
Net changes in cash and cash equivalents 41,822 (46,830)
Net exchange gains 18,660 19,931
Cash and cash equivalents at 1st January 14 289,943 316,842
Cash and cash equivalents al 30th June 14 350,425 289,943
The accompanying notes form an integral part of the consolidated annual accounts for 2012.

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