The consolidated cash flow statement for 2009, prepared according to a “managerial” format which, unlike the format used in the statements attached, shows the changes in net financial position instead of the changes in cash and cash equivalents, can be broken down as follows: (in millions of euro)
2009
2008
189.4
177.1
76.1
36.4
265.5
213.5
45.8
(127.0)
CASH FLOW GENERATED BY CURRENT OPERATIONS
311.3
86.5
Capital increases
187.9
274.0
--
42.5
499.2
403.0
(625.0)
(526.2)
(1.2)
(16.8)
(21.4)
(155.8)
32.7
(56.1)
TOTAL APPLICATIONS OF FUNDS
(614.9)
(754.9)
FINANCIAL SURPLUS (DEFICIT)
(115.7)
(351.9)
NET FINANCIAL POSITION AT THE BEGINNING OF THE PERIOD
(1,685.4)
(1,333.5)
NET FINANCIAL POSITION AT THE END OF THE PERIOD
(1,801.1)
(1,685.4)
SOURCES OF FUNDS Net income for the period including minority interests Amortization, depreciation and write-downs and other non-monetary changes Self-financing Change in working capital
Repayment of loan by Tirreno Power TOTAL SOURCES OF FUNDS APPLICATIONS Net investment in fixed assets Buy-back of own shares Payment of dividends Other changes
The composition of the net financial position is given in the Explanatory Notes. During 2009 the net debt figure rose from € 1,685.4 million to € 1,801.1 million. The cash flow generated by operations, a positive € 311.3 million, showed an improvement on the previous year because of the higher level of self-financing and lower absorption of working capital, especially in the Sorgenia group. Applications refer mainly to net investment made in the utilities sector by the Sorgenia group.
At December 31 2009 the CIR Group had 12,746 employees, down from 12,969 at December 31 2008.
Report on Operations
17