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Consolidated STATEMENT OF CASH FLOWS(1)(2)
| (in thousands of euros) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 |
| Operating activities: | ||
| Net income | 353,603 | 370,728 |
| Results of companies accounted for using the equity method | 1,088 | 732 |
| Depreciation, amortization and provisions | 128,232 | 116,090 |
| Capital gains | 926 | 1,102 |
| Deferred taxes | 17,749 | 13,570 |
| Stock options | 7,826 | 7,670 |
| Other | (219) | (416) |
| Cash flow from operations | 509,205 | 509,476 |
| Net change in inventories | (133,905) | (73,087) |
| Net change in operating assets | (163,538) | (92,923) |
| Net change in debt | 20,059 | 48,140 |
| Cash flow generated from continuing operations | 231,821 | 391,606 |
| Investing activities: | ||
| Acquisitions of non-current assets: | ||
| -intangible assets | (82,031) | (73,905) |
| -property, plant and equipment | (113,189) | (95,218) |
| -other | (11,044) | (1,118) |
| Proceeds from sale of property, plant and equipment | 1,845 | 1,144 |
| Changes in receivables and payables relating to fixed assets | 657 | (582) |
| Acquisitions/(disposals) of entities, net of cash acquired(3) | (162,717) | (159,615) |
| Cash flow from investments | (366,479) | (329,294) |
| Financing activities: | ||
| Change in debt | 236,113 | 1,071 |
| Change in financial instruments | - | - |
| Increase in equity | 8,028 | 11,326 |
| Treasury stock | (118) | (627) |
| Ordinary dividends paid by parent company | (87,790) | (76,080) |
| Dividends paid to minority interests | - | - |
| Cash flow from the financing of continuing operations | 156,233 | (64,310) |
| Currency translation adjustments, beginning of period | (4,626) | (8,176) |
| CHANGE IN CASH AND CASH EQUIVALENTS | 16,949 | (10,174) |
| CASH AT BEGINNING OF PERIOD | 138,721 | 148,895 |
| CASH AT END OF PERIOD | 155,670 | 138,721 |
(1) The Group did not record any transactions between shareholders during the period.
(2) No activities are currently in the process of being sold.
(3) At August 31, 2013, this involves 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), and at August 31, 2014, of TriaGnoSys, Pacific Precision Products and Greenpoint Technologies.
ZODIAC AEROSPACE 105
