ANNUAL REPORT ‘12
ECONOMIC AND FINANCIAL ANALYSIS
107
debts outstanding resulting from the concession fee
of 1,200 million euros that ANA, S.A. will have to pay
to the grantor under the terms of the concession
contract.
Equity capital increased by 32.5 million euros, corre-
sponding to a 7.4% increase through profits for the
financial year.
12.4_CASH FLOW
The free cash flow generated by the Group in 2012
was 109.3 million euros, demonstrating a growth of
56.5% million euros over 2011. This variation is
explained in large part by the lower value of net invest-
ments (-47.4 million euros).
At ANA S.A. the free cash flow was 91.2 million euros
(+53.1 million euros compared to 2011).
The cash flows generated by the business, and the way
these have been employed, are detailed in the next table.
BALANCE SHEET – ANA, S.A.
(million euros)
2012
2011
2,173.2
1,042.8
416.4
568.4
1,410.2
115.6
471.1
438.6
124.5
79.8
Non-current assets
Current assets
Equity
Non-current liabilities
Current liabilities
2,297.7
1,122.6
Total
assets
ent l
rurC
ent l
r
Non-cur
E
C
ent a r
Non-cur
151,242
145,613
129,224
OPERATING CASH FLOW
171,753
162,663
140,490
(60,062)
(107,560)
(135,428)
Net capital expenditure
(62,484)
(109,850)
(131,906)
91,179
38,053
(6,204)
FREE CASH FLOW
109,269
52,813
8,584
(25,199)
(39,508)
(27,262)
Dividends
(25,199)
(39,508)
(27,262)
(14,601)
(16,056)
(15,031)
Financial costs
(18,260)
(20,009)
(18,926)
(14,185)
17,852
23,139
Net debt
(24,426)
7,612
23,139
(37,195)
(341)
25,358
Variation in short term funds
(41,384)
(908)
14,465
(91,179)
(38,053)
6,204
FINANCING CASH FLOW
(109,269)
(52,813)
(8,584)
ANA, S.A.
2012
2011
ANA GROUP
2012
2010
2011
2010
(thousand euros)
