Press release
Board of Directors of Piquadro S.p.A: Draft Separate and
Consolidated Financial Statements as of March 31, 2013 Approved
· · · · · · Consolidated revenue of 56.3 million (-12.7% compared
to March 31, 2012); EBITDA of 7.9 million or 14.1% of consolidated
revenue ( 14.2 million or 22.0% of consolidated revenue in the
previous year); EBIT of 5.2 million or 9.3% of consolidated revenue
( 11.8 million or 18.2% of consolidated revenue in the previous
year); Profit before tax of 5,0 million ( 11,7 million in the
previous year); Consolidated net profit of 3.2 million ( 7.8
million in the previous year); Dividend of 0.02 per share proposed
for a total of 1.0 million.
Silla di Gaggio Montano, June 14, 2013 Â Today the Board of
Directors of Piquadro S.p.A., which designs, manufactures and
distributes professional and travel leather goods featuring
innovative designs and cutting edge technology, approved the draft
separate financial statements for the year April 1, 2012 Â March
31, 2013 and the consolidated financial statements for the year
ended March 31, 2013. The consolidated financial statements for the
year ended March 31, 2013 showed consolidated revenue of 56.3
million, down 12.7% on the previous year ( 64.4 million). The
decrease in revenue is chiefly attributable to the 20.2% decrease
in the Wholesale channel which was subject to severe reorganization
operated by the Company. Such a decline was only partially
countered by the 7.4% increase of sales in the DOS channel which
represent 33.4% of revenues. Same store sales growth (SSSG),
calculated as the worldwide average growth rate of revenues from
DOS existing at 1 April 2012, was a positive 5.3% at current
exchange rates (for the same number of business days and constant
exchange rates, growth was 3.9%). On a geographical point of view,
the Group's revenues show that the Italian market still represents
a very high percentage of sales (74.2%) even with a 14.4% decrease
compared to the previous year. In the domestic market the Group
opened 7 points of sale (6 DOS and 1 franchised). Even in the
negative trend of the Italian market, the SSSG indicator of the
Italian owned stores was positive at 2.5% (adjusting for the
different amount of business days and exchange rates, the Same
Store Sales Growth  SSSG indicator was 2.2%). In the European
market, where the Group operates through both the DOS and Wholesale
channel, revenues stand at 10.1 million which represent 18.0% of
consolidated revenues, virtually flat compared to the previous year
(-1%). The extra-European markets on the contrary paid the toll of
the reorganization of the retail system which led to a 19.1%
decrease in the local sales as a consequence of the of the closing
of two shops in Hong Kong,four in China and one in Taiwan, only
partially balanced by the opening of three new Piquadro branded
store in Taiwan As to earnings results, the Piquadro Group reported
an EBITDA of 7.9 million compared to 14.2 million registered during
the year ended March 31, 2012. EBITDA margin was 14.1%. EBIT stood
at 5.2 million, compared to 11.8 million at March 31, 2012; EBIT
margin was approximately 9.3%. Consolidated net profit was 3.2
million.
At March 31, 2013, net financial debt was approximately 8.5
million, representing a worsening of approximately 2.2 million
compared to the previous year (net debt of 6.2 million at March 31,
2012). During the year ended 31 March 2013 the Group made
investments for 5.5 million and paid 3 million of dividends. "The
year's results reflect the difficult situation in the Italian
market and the heavy investments made to increase sales abroad,"
commented Marco Palmieri, President and CEO of the Piquadro Group.
"The flow of revenues was conditioned not only by shrinking
consumer spending in our principal market, Italy, but also by the
company strategy to reposition the Piquadro brand and the
performance of the wholesale market, which forced a revision of the
Italian distribution network with the elimination of 25% of the
non-exclusive resellers. At the same time, the company undertook an
internationalization strategy calling for heavy investments, such
as the opening of a showroom in Milan, the bolstering and
reorganization of the export teams, and the development of direct
retail in an effort to increase global brand visibility through a
massive program of openings, including a flagship store in Paris.
This new strategy, which involves collaboration with famed
designers such as Antonio Marras, pursues the same objective of
increasing brand awareness and enhancing the image of the Piquadro
brand worldwide. The positive trend in the DOS outlets (with
positive SSSG even in Italy) attests to the validity of the retail
development strategy toward monobrand outlets. We shall continue in
this direction, therefore, concentrating investments in projects
and human resources to develop retail and internationalize the
Piquadro brand." Results of the Parent Company, Piquadro S.p.A.
During the year ended March 31, 2013, the Parent Company reported
revenue of approximately 53.2 million, down 12.6% compared to the
revenue reported in the year ended March 31, 2012. The revenue
trend was largely attributable to the negative performances
achieved on the Italian market (approximately 14.6%, or
approximately 7.1 million) mainly in the Wholesale channel.
Revenues were approximately flat in Europe, whereas the rest of the
world showed a 19.0% decrease ( 0.5 million by amount). The Parent
Company's EBITDA for the year was approximately 8.2 million
compared to 14.0 million for financial year 2011/2012 and
represented 15.5% of the Group's revenue at March 31, 2013 (22.9%
for the year ended March 31, 2012). The Parent Company's EBIT
amounted to 6.2 million, approximately 11.7% of revenue, down
approximately 48.3% compared to financial year 2011/2012 (19.8%).
Piquadro S.p.A. reported a net profit of approximately 3.2 million
for the year ended March 31, 2013 ( 7.3 million at March 31, 2012),
after income taxes of 1,7 million, resulting in a total tax rate of
35.2% (34.0% for the year ended March 31, 2012). At March 31, 2013,
net financial debt of Piquadro S.p.A. was 9.9 million due to the
facts described above. Outlook for 2013/2014 In the financial year
2012/13 the development dynamics of the Piquadro Group will be
influenced by the economic scenario in the countries where it
mainly operates. The Italian economic situation, in particular,
will influence the Group's performance due to Piquadro's leadership
position in the domestic market in which the Group reports over 70%
of its revenues. Even if the Group's strategy sets a downsizing of
the Wholesale net on the Italian market, expectations in terms of
sales and profitability will depend on the ability of the Wholesale
clients, especially, the Italian ones, to gain back access to
credit and therefore reestablish a regular purchasing process. The
trend showed in the year 2012/13 and in the first two months of FY
2013/14 by the sales of the directly operated stores are in
contrast with the negative dynamics described above and have shown
a positive trend in Italy as well as abroad. Such a trend comforts
the management on the strategy of single-brand DOS openings which
is partially aimed at improving the quality of the distribution by
replacing the weakest Wholesale clients. The Group is concentrating
on the international development of the brand and it is committed
to the strategy of increasing visibility and awareness of the brand
on an international level. With that aim the opening of the
flagship store in Paris (February 2013) was an important step. The
upcoming openings of
Florence and Turin due by September 2013 as well as the opening of
Venice last May are crucial to the increase of the visibility and
awareness of the brand on a global level because they are cities
where highest is the traffic of target consumers (so called travel
and business) and ever increasing is the flow of Asian, Russian,
American and Middle Eastern tourists coming from the areas where
the development strategies of the Group will focus in the near
future. The Group's focus on the international development entailed
an internal reorganization especially related to the export sales
department. Projections for the 2013-14 fiscal year will therefore
depend largely on the future economic situation in Italy and thus
the strength of Piquadro' principal market, with particular
reference to the wholesale channel, and on the our ability to gain
positions rapidly in major foreign markets, increasing the sales
outlets served and developing the brand in new markets where the
group has already begun to operate. In this scenario, the
management will constantly monitor operating costs with the
objective of maintaining gross margins in excess of the average,
which will allow the Company to make greater commitments to
research and development as well as marketing with the aim of
further raising awareness of the Piquadro brand throughout the
world. The Board of Directors of Piquadro S.p.A. will propose that
the forthcoming general Shareholders' Meeting, which has been
scheduled on July 26, 2013 at 11:00 a.m. (first call) and July 29,
same place and time (second call), distribute a dividend per share
of 0.02, calculated on the shares outstanding at today's date
(50,000,000 shares). The total amount of the proposed dividend is
thus 1.0 million. The dividend will be paid beginning on August 8,
2013 (record date on August 7, 2013) following ex-dividend date No.
6 of August 5, 2013. This press release contains some alternative
performance indicators in order to allow for a better assessment of
the Piquadro Group's earnings and financial position performance.
Such indicators should not be considered in lieu of the
conventional indicators required by IFRSs. In detail, the
alternative indicator employed is EBITDA (gross operating margin),
defined as earnings before interest, taxes, depreciation and
amortization. It should be noted that the figures presented in the
financial statements contained in the press release have not yet
been fully audited. Pursuant to Section 2 of Article 154-bis of
Legislative Decree No. 58/1998, the executive in charge of the
financial reports of Piquadro S.p.A., Roberto Trotta, declares that
the accounting information contained in this press release
corresponds to the documented results, books and accounting
records. The financial statements as of March 31, 2013 are
currently being audited and the report on operations as well as the
corporate governance and ownership structure report are also being
reviewed by the independent auditors. The audit process is
underway. Remuneration Report The Board of Directors today approved
the Remuneration Report pursuant to art. 123-ter of Legislative
Decree 58/1998 (the Consolidated Law on Financial Intermediation
"TUF") and the implementation of the regulations issued by the
Consob. The Board has also resolved to present and submit to the
advisory vote of the next Shareholders' Meeting the first Section
of the Report, illustrating the Company's Policy on remuneration
for the Directors and Managers with strategic responsibilities,
pursuant to art. 123-ter of the TUF. Corporate Governance Report
Today, the Board of Directors also approved the Corporate
Governance Report for the year ended on March 31, 2013, which
contains information on Company's compliance with the Governance
Code for listed companies promoted by Borsa Italiana S.p.A. and the
additional information required by applicable legislation.
Convening of the Shareholders' Meeting The today's Board of
Directors' meeting also resolved to call an ordinary Shareholders'
Meeting for July 26, 2013 and, if necessary, in a second convening,
for July 29, 2013 in order to resolve on the following matters, as
well as to approve the Financial Statements as of March 31, 2013: ·
advisory vote on the First Section of the Remuneration Report
pursuant to art. 123-ter of the TUF; · request to the Shareholders'
Meeting to resolve the renewal of the authorization to the Board of
Directors concerning the purchase and sale of own shares; ·
appointment of the new corporate bodies, since the mandates of the
current Board of Directors' and Board of Statutory Auditors'
members shall expire with the approval of the financial statements
for the year ended on 31 March 2013. The Shareholders' Meeting call
notice will be published by the Company pursuant to applicable laws
and in th compliance with the provisions of the Company's By-laws
on June 15 , 2013, on Piquadro website and on the newspaper Italia
Oggi. Own shares The renewal of the authorization request from the
Shareholders' Meeting for the purchase and sale of own shares has
the main objective of stabilizing the price of the Company's shares
and supporting liquidity but also to make it possible to create, if
the Board of Directors will deem it necessary, a `Share Stock' Â to
be used as consideration in case of extraordinary dealings, even by
means of shares' exchange, with third parties in the interest of
the Company - in accordance with market practice no. 2 referred to
in Consob Resolution 16839/2009. The proposal of the Board, if
approved by the Shareholders' Meeting, envisages that the Board is
authorized to purchase own shares in the maximum number permitted
by the Law, for a period of 12 months from the authorization date -
that is, until the Shareholders' Meeting which will approve the
Financial Statements as of March 31, 2014 - by using the reserves
available as posted in the last duly approved Financial Statements.
These operations may be carried out, in one or more installments,
by purchasing shares, pursuant to art. 144-bis, paragraph 1, letter
b, of the Issuer Regulations, in regulated markets following
operating modalities provided for in the regulations for the
organization and management of the markets themselves, which do not
permit the direct combination of the purchase negotiation proposals
with predetermined sale negotiation proposals. The purchases may be
made with modalities different from those indicated above pursuant
to art. 132, paragraph 3, of the TUF or other regulations from time
to time applicable at the time of the transaction. The share
purchase price will be identified accordingly from time to time,
with regard to the method preselected for the execution of the
transaction and in accordance with the provisions of law,
regulations or accepted market practices, within a minimum and a
maximum which may be determined using the following criteria: · the
minimum purchase consideration must not in any case be 20% lower
than the reference price which the share registered during the
Stock Exchange session on the day before each transaction; · the
maximum purchase consideration must not in any case be 10% higher
than the reference price which the share registered during the
Stock Exchange session on the day before each transaction. If the
own shares purchase transaction are carried out within the accepted
practices with reference to the liquidity support activity referred
to in point 1 of Consob Resolution 16839/2009, notwithstanding the
further limits provided for by such Resolution, the price for the
purchase negotiation proposals must not be higher
than the higher of: a) the price of the most recent independent
transaction or b) the current price of the highest independent
purchase negotiation proposal present in the market in which the
purchase proposals are submitted. The proposal of the Board also
envisages authorization for the sale, in one or more installments,
of any own shares purchased, at a consideration, which will be set
by the Board of Directors, not 20% lower than the reference price
which the share registered during the Stock Exchange session on the
day before each transaction. The authorization to the sale of own
shares is requested to the Shareholders' Meeting, for a period of
12 months from the authorization date - that is, until the
Shareholders' Meeting which will approve the Financial Statements
as of March 31, 2014 If the own share sale operations are carried
out within the accepted practices in relation to the market
liquidity support activity, as referred to in point 1 of Consob
Resolution 16839/2009, without prejudice to the further limits
provided for by that Resolution, the price for the sale negotiation
proposals must not be lower than the lower of: a) the price of the
most recent independent transaction and or b) the current price of
the lowest independent sale negotiation proposal present in the
market in which the sale proposals are submitted. The Company does
not currently hold own shares; the subsidiary companies do not hold
any Company's shares. Documents The annual report (which also
includes the report on operations, the draft separate financial
statements, consolidated financial statements for the financial
year ended March 31, 2013) and the Corporate Governance Report will
be made available to the public at the Company's registered office
and on the internet site www.piquadro.com in the Investor Relations
section, within the terms provided for by current applicable laws.
The Directors' Report on the authorization request from the
Shareholders' Meeting for the purchase and sale of own shares will
be distributed with the modalities provided for by the applicable
laws - and, therefore, also on the internet site www.piquadro.com
in the Investor Relations section - at the time of distribution of
the Report on the Agenda (art. 125-ter of the TUF) and, in any
case, within the terms provided for by the Law. The Remuneration
Report pursuant to art. 123-ter of the TUF will be distributed at
the times and with the methods provided for by the applicable
standards - therefore, also consultable at the internet site
www.piquadro.com in the Investor Relations section - within the
terms provided for by the Law. Annexes Consolidated and Separate
Balance Sheets, Income Statements and Cash Flow Statements of the
Group and the Parent Company Piquadro S.p.A.. The figures presented
have yet to be certified and are subject to final assessment by the
Board of Statutory Auditors of Piquadro S.p.A. Disclaimer This
press release contains forward-looking statements, especially in
the Outlook 2013/14 section. Such forward-looking statements are
founded on the Piquadro Group's expectations and projections of
future events, and by their nature are subject to an intrinsic
element of uncertainty. Such statements refer to events and depend
upon circumstances that may or may not occur or arise in the future
and, as such, undue reliance should not be made upon them. Actual
results could differ from those contained in those
statements due to a variety of factors, including market volatility
and negative performance, changes in the prices of commodities and
production processes, changes in macroeconomic conditions and other
variations of business conditions, amendments to regulations and
modifications of the institutional framework in Italy and abroad
and any many other factors, most of which are beyond the Piquadro
Group's control. About Piquadro Piquadro is an Italian brand of
professional and travel leather goods characterized by innovative
design and technological content. The company originated from an
idea of Marco Palmieri, the current Chairman and Chief Executive
Officer. Piquadro is headquartered in Silla di Gaggio Montano, near
Bologna, where it carries out all design, project, planning,
acquisition, quality control, logistics, marketing, communications
and distribution activities. In the fiscal year ended March 31,
2013, consolidated revenues amounted to 56.3 million and
consolidated net profit was 3.2 million. Piquadro sells its
products in over 50 countries worldwide, through a distribution
network that includes 94 single-brand boutiques (54 in Italy and 40
abroad di cui 50 DOS-directly operated stores and 44 franchised).
Piquadro has been listed on the Italian Stock Exchange since
October 2007. Piquadro SpA Investor relationship- Roberto Trotta
Phone +39 0534 409001 investor.relator@piquadro.com Piquadro SpA
Media relationship - Paola Di Giuseppe Phone +39 0534 409001
paoladigiuseppe@piquadro.com
Consolidated statement of financial position as at March 31, 2013
and March 31, 2012 (in thousands of Euro) NON-CURRENT ASSETS
Intangible assets Tangible fixed assets Other receivables Deferred
tax assets TOTAL NON-CURRENT ASSETS CURRENT ASSETS Inventories
Trade receivables Other current assets Tax receivables Receivables
for derivative financial instruments Cash and cash equivalents
TOTAL CURRENT ASSETS TOTAL ASSETS 14,227 21,517 870 1,447 20,476
58,537 77,473 11,911 23,113 1,437 714 12,813 49,988 66,086 3,951
12,684 877 1,424 18,936 1,528 12,132 977 1,461 16,098 March 31,
2013 March 31, 2012
LIABILITIES AND SHAREHOLDERS' EQUITY (in thousands of Euro)
SHAREHOLDERS' EQUITY Share capital Share premium reserve Other
reserves Retained earnings Group profit for the year Total Group
shareholders' equity Minority interest capital and reserves Net
profit( loss) pertaining to minority interests Total minority
interest share SHAREHOLDERS' EQUITY NON-CURRENT LIABILITIES
Financial payables Payables to other lenders for leasing contracts
Provisions for employee benefits Provisions for risks and charges
Deferred tax liabilities TOTAL NON-CURRENT LIABILITIES CURRENT
LIABILITIES Financial payables Payables to other lenders for
leasing contracts Liabilities for derivative financial instruments
Trade payables Other current liabilities Tax payables TOTAL CURRENT
LIABILITIES TOTAL LIABILIITES TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY
March 31, 2013 1,000 1,000 712 23,278 3,263 29,253 40 (20) 20
29,273
March 31, 2012 1,000 1,000 512 18,499 7,779 28,790 28,790
17,420 3,180 252 1,069 196 22,117 7,796 562 15,030 2,695 26,083
48,200 77,473
2,628 3,706 261 785 327 7,707 11,997 709 3 13,856 3,024 29,589
37,296 66,086
Consolidated income statement for the period ended March 31, 2013
and March 31, 2012 (in thousands of Euro) REVENUE Revenues from
sales Other income OPERATING COSTS Change in inventories Purchases
Service costs and rents, leases and similar costs Personnel costs
Amortization, depreciation and write-downs Other operating costs
TOTAL OPERATING COSTS (B) OPERATING PROFIT (A-B) FINANCIAL INCOME
AND CHARGES Financial income Financial charges TOTAL FINANCIAL
INCOME AND CHARGES PROFIT BEFORE YAXES Income Taxes - non recurring
NET PROFIT attributable to: SHAREHOLDERS OF THE PARENT COMPANY
MINORITY INTERESTS March 31, 2013 56,267 731 March 31, 2012 64,447
713
(2,136) 11,951 25,986 12,530 3,120 300 51,751 5,247 904 (1,140)
(236) 5,011 (1,768) 270 3,243 3,263 (20) 3,243 0.065 0.063
(1,548) 11,956 28,296 11,555 2,891 256 53,406 11,754 986 (1,089)
(103) 11,651 (3,872) 7,779 7,779 7,779 0.156 0.151
EARNINGS PER SHARE (basic ) in Euro EARNINGS PER SHARE (diluted )
in Euro
Consolidated cash flow statement as at March 31, 2013 and March 31,
2012 (in thousands of Euro) Pre-tax profit Adjustments for:
Depreciation of property, plant and equipment/Amortisation of
intangible assets Write off tangible and intangible assets
Provision for bad debts Adjustment to the provision for employee
benefits Net financial charges (income), including exchange rate
differences Cash flow from operating activities before changes in
working capital Change in trade receivables (net of the provision)
Change in inventories Change in other current assets Change in
trade payables Change in provisions for risks and charges Change in
other current liabilities Cash flow from operating activities after
changes in working capital Payment of taxes Interest paid Cash flow
generated from operating activities (A) Investments in intangible
assets Investments in property, plant and equipment Changes
generated from investing activities (B) Financing activities Change
in long-term financial receivables Repayment of borrowings
Registering of borrowings Changes in derivative financial
instruments Lease instalments paid Other movements Payment of
dividends Cash flow generated from/(absorbed by) financing
activities (C) Net increase (decrease) in cash and cash equivalents
(A+B+C) Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period March 31, 2013
5,011 2,207 497 417 (26) 236 8,342 1,179 (2,316) 567 1,174 218
(257) 8,907 (2,702) (207) 5,998 (3,014) (2,457) (5,471) March 31,
2012 11,651 2,028 421 441 18 103 14,662 (1,695) (1,807) 375 555
(63) (863) 11,164 (5,391) (152) 5,621 (1,196) (1,991) (3,187)
(12,273) 22,913 (3) (741) 240 (3,000) 7,136 7,663 12,813 20,476
(3,446) 9,000 (35) (867) (5,000) (348) 2,086 10,727 12,813
Separate statement of financial position of Piquadro SpA as at
March 31, 2013 and March 31, 2012 (in Euro) March 31, 2013 March
31, 2012 NON-CURRENT ASSETS Intangible assets Tangible fixed assets
Financial assets Other receivables Deferred tax assets TOTAL
NON-CURRENT ASSETS CURRENT ASSETS Inventories Trade receivables
Receivables due from group companies Other current assets Tax
Receivables Receivables for derivative financial instruments Cash
and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS 10,783,181
21,236,775 6,502,445 756,141 1,208,608 18,672,616 59,159,766
78,042,149 9,360,813 22,930,501 6,217,184 1,139,297 713,676
10,720,395 51,081,866 66,608,060 1,785,393 10,878,037 4,999,258
255,589 964,106 18,882,383 1,526,112 11,073,814 1,793,320 176,130
956,818 15,526,194
LIABILITIES AND SHAREHOLDERS' EQUITY (in Euro) SHAREHOLDERS' EQUITY
Share capital Share premium reserve Other reserves Retained
earnings Profit for the year Total shareholders' equity NON-CURRENT
LIABILITIES Financial payables Payables to other lenders for
leasing contracts Provisions for employee benefits Provisions for
risks and charges Deferred tax liabilities TOTAL NON-CURRENT
LIABILITIES CURRENT LIABILITIES Financial payables Payables to
other lenders for leasing contracts Liabilities for derivative
financial instruments Trade payables Payables due to group
companies Other current liabilities Tax payables TOTAL CURRENT
LIABILITIES TOTAL LIABILIITES TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY
March 31 2013 1,000,000 1,000,000 1,361,136 23,034,751 3,181,881
29,577,768
March 31 2012 1,000,000 1,000,000 1,238,552 18,781,108 7,253,643
29,273,303
17,419,662 3,179,847 251,565 1,823,786 196,501 22,871,361 7,446,070
561,694 13,207,095 2,255,553 2,122,608 25,593,020 48,464,381
78,042,149
2,628,400 3,706,327 260,794 1,487,029 327,364 8,409,914 11,640,000
709,441 2,532 12,999,072 1,315,473 2,258,325 28,924,842 37,334,757
66,608,060
Separate income statement of Piquadro SpA for the period ended
March 31, 2013 and 2012 (in Euro) REVENUE Revenues from sales Other
income OPERATING COSTS Change in inventories Purchases Service
costs and rents, leases and similar costs Personnel costs
Amortization, depreciation and write-downs Other operating costs
OPERATING PROFIT FINANCIAL INCOME AND CHARGES Profit/(loss)
investment in group companies Financial income Financial charges
PROFIT BEFORE YAXES Income Taxes - non recurring NET PROFIT March
31, 2013 53,188,352 876,797 (1,422,368) 14,510,689 23,885,632
8,381,866 2,413,434 71,159 6,224,737 (987,949) 639,805 (970,138)
4,906,455 (1,724,574) 270,396 3,181,881 March 31, 2012 60,846,869
721,509 (1,599,917) 14,920,587 25,919,871 7,686,256 2,342,762
256,068 12,042,751 (801,711) 678,037 (933,600) 10,985,477
(3,731,834) 7,253,643
Piquadro S.p.A. cash flow statement as at March 31, 2013 and March
31, 2012 (in thousands of Euro) Pre-tax profit Adjustments for:
Depreciation of property, plant and equipment/Amortisation of
intangible assets Write off investments Loss(Profit) from group
companies Provision for bad debts Adjustment to the provision for
employee benefits Net financial charges/(income), including
exchange rate differences Cash flow from operating activities
before changes in working capital Change in trade receivables (net
of the provision) Change in trade receivables (group cpmpanies)
Change in inventories Change in other current assets Change in
trade payables Change in trade payables (group companies) Change in
provisions for risks and charges Change in other current
liabilities Cash flow from operating activities after changes in
working capital Payment of taxes Interest paid Cash flow generated
from operating activities (A) Investments in intangible assets
Investments in property, plant and equipment Investments in group
companies Changes generated from investing activities (B) Financing
activities Change in long-term financial receivables Repayment of
borrowings Registering of borrowings Changes in derivative
financial instruments Lease instalments paid Other movements
Payment of dividends Cash flow generated from/(absorbed by)
financing activities (C) Net increase (decrease) in cash and cash
equivalents (A+B+C) Cash and cash equivalents at the beginning of
the period Cash and cash equivalents at the end of the period 1,712
285 832 417 (26) 330 8,457 1,277 (283) (1,422) 304 208 940 341
(134) 9,688 (2,358) (300) 7,030 (727) (1,338) (4,048) (6,113) 1,768
133 801 441 18 256 14,402 (1,752) 2,005 (1,600) (114) 283 (49)
(501) (722) 11,952 (5,391) (151) 6,410 (1,195) (1,662) (1,684)
(4,541) March 31, 2013 4,907 March 31, 2012 10,985
(12,103) 22,750 (3) (741) 133 (3,000) 7,036 7,953 10,720 18,673
(3,337) 9,000 (35) (867) (5,000) (239) 1,630 9,090 10,720
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