EXPENSES INCURRED IN IMPROVING AND PROTECTING THE ENVIRONMENT
2007 2008 2009 External services
Environmental protection
Ordinary expenditure
TOTAL (IN EUROS)
218,383 194,134 31,778 444,296
211,465 173,893 20,034 405,392
68,885 307,255 1,167
2010 2011 Expend.
16,162 234,758 1,225
47,676 227,058 -
377,308 252,145 274,734
31,514 (7,700) (1,225) 22,589
Inc.
Fluidra investments in 2011 amounted to 21.4 million euros
The Group’s management committees – Budget Commit- tee, Business Monitoring Committee, Executive Committee – and the respective Division Management Committees are responsible for managing, overseeing and monitoring the company’s financial performance.
The consolidated cash flow statement shows a drop in cash flow of €26M this year. This was essentially due to the acquisition of Aqua, as reported under the heading “Acqui- sition of subsidiaries not offset by the cash flow balance generated by financial activities.
The cash flow generated by operations in 2011 fell to be- low 15 million euros due to a reduction in the balance of accounts payable compared to the moderate increase in the previous year.
The evolution of the acquisitions of tangible fixed assets and intangible assets can be explained by the investments discussed above.
Finally, the fall in cash flow generated by financial activities shows that in the 2011 business year debt with credit insti- tutions did not rise, but was offset by repayments through new financing, in contrast to the previous year in which debt rose by 42 million euros.
The net cash flow in 2011 dropped by 26 million euros, which meant that at the end of 2011 the Group’s cash and cash equivalents totalled 65.8 million euros.
TABLE SHOWING SHAREHOLDERS’ EQUITY, NET DEBT AND CASH FLOW (millions of euros)
2008
Shareholders’ equity Net debt Free cash flow
306.7 225.5 -7.8
2009
301.4 169.5 63.1
2010
316.4 147.6 28.3
2011
326.4 174.2 21.0
It is worth mentioning that these tax payments are spread out geographically across the different regions in which Fluidra operates, although they are mostly concentrated in Spain.
In 2011, Fluidra received financial aid from a number of or- ganisations. Specifically, it received funding from the Mi- nistry of Industry in the shape of non-refundable subsidies and loans at a subsidised rate of interest in the framework of a plan to promote competitiveness. In total, the Group was awarded 423 thousand euros in the shape of repaya- ble loans. [EC4] With regard to capital loans from the CDTI, in 2011 the Group only received loans totalling 105 thou- sand euros.
With regard to training, grants were received from the FOR- CEM in 2011 for a total of 44 thousand euros.
As far as indirect economic impacts are concerned, Fluidra has not considered them sufficiently significant or relevant as to carry out an exhaustive analysis of their scope within its operations. [EC9]
19 (
TABLE SHOWING TAXES (millions of euros)
2008
PUBLIC SECTOR CORPORATION TAX OTHER TAXES
2009 2010 2011
8.6 3.5
(0.3) 3.0
5.8 3.0
4.4 3.1
ECONOMIC SCENARIO
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