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Consolidated statement of cash flows(1)
| (in thousands of euros) | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 |
| Operating activities: | ||
| Net income | 370,728 | 318,331 |
| Results of companies accounted for using the equity method | 732 | - |
| Depreciation, amortization and provisions | 116,090 | 85,942 |
| Capital gains(2) | 1,102 | (12,767) |
| Deferred taxes | 13,570 | 30,639 |
| Share options | 7,670 | 6,105 |
| Other | (416) | (701) |
| Cash flow from operations | 509,476 | 427,549 |
| Net change in inventories | (73,087) | (101,991) |
| Net change in operating assets | (92,923) | (95,630) |
| Net change in debt | 48,140 | 70,278 |
| Cash flow generated from continuing operations | 391,606 | 300,206 |
| Cash flow generated from operations of business being sold | - | - |
| Cash flow from continuing operations and businesses being sold | 391,606 | 300,206 |
| Investing activities: | ||
| Acquisitions of non-current assets: | ||
| - intangible assets | (73,905) | (71,621) |
| - property, plant and equipment | (95,218) | (82,650) |
| - other | (1,118) | (3,556) |
| Proceeds from sale of property, plant and equipment | 1,144 | 890 |
| Changes in receivables and payables relating to fixed assets | (582) | 1,217 |
| Acquisitions/(disposals) of entities, net of cash acquired (3) | (159,615) | (404,992) |
| Cash flow from investments in continuing operations | (329,294) | (560,712) |
| Cash flow from investments in businesses being sold | - | - |
| Cash flow from investments in held-for-sale assets (4) | - | 27,418 |
| Cash flow from investments in continuing operations and businesses being sold | (329,294) | (533,294) |
| Financing activities: | ||
| Change in financial debt | 1,071 | 182,158 |
| Change in financial instruments | – | – |
| Increase in equity | 11,326 | 14,974 |
| Treasury stock | (627) | 2,261 |
| Ordinary dividends paid by parent company | (76,080) | (64,751) |
| Dividends paid to minority interests | – | – |
| Cash flow from the financing of continuing operations | (64,310) | 134,642 |
| Cash flow from the financing of businesses being sold | - | - |
| Cash flow from the financing of continuing operations and businesses being sold | (64,310) | 134,642 |
| Currency translation adjustments, beginning of period | (8,176) | 35,257 |
| CHANGE IN CASH AND CASH EQUIVALENTS | (10,174) | (63,189) |
| CASH AT BEGINNING OF PERIOD | 148,895 | 212,084 |
| CASH AT END OF PERIOD | 138,721 | 148,895 |
(1) The Group did not record any transactions between shareholders during the period.
(2) At August 31, 2012, this includes the capital gain from the disposal of the Issy-les-Moulineaux building and of a Driessen repair business.
(3) At August 31, 2012, this involves mainly the purchase of Heath Tecna and Zodiac Seats UK (formerly Contour Aerospace), and at August 31, 2013, the purchase of Zodiac Inflight Innovations (formerly IMS) and its subsidiary Base2, Innovative Power Solution, Northwest Aerospace Technologies and Zodiac Aero Duct Systems (formerly ACC La Jonchère).
(4) At August 31, 2012, this includes the sale price, exclusive of taxes, of the Issy-les-Moulineaux building and of a Driessen repair business.
ZODIAC AEROSPACE • 101
