NOTE 38 REPAYMENT OF LONG TERM AND SHORT TERM BORROWINGS
NOTE 38.1 PROCEEDS FROM LONG TERM AND SHORT TERM BORROWINGS
In 2014 as in 2013, the Group did not contract any ﬁnancial debts.
NOTE 38.2 REPAYMENT OF LONG TERM AND SHORT TERM BORROWINGS
In March 2014, the company repaid €500,000 in government grants previously received with respect to R&D programs. The ﬁgure for 2013 was €400,000. On March 31, 2013, the company had also repaid €5,360,000 representing the balance outstanding of borrowings, at its own initiative and ahead of schedule (see note 18.2).
NOTE 39 FREE CASH FLOW Free cash ﬂow is equal to net cash provided by operating activities plus cash used in investing activities – excluding cash used for acquisitions of companies, net of cash acquired.
2014 Net cash (used in)/provided by operating activities Net cash (used in)/provided by investing activities, excluding cash used for acquisition of companies Free cash ﬂow Non-recurring items included in free cash ﬂow Free cash ﬂow before non recurring items 25,751 (6,704) 19,047 – 19,047 2013 22,575 (4,987) 17,588 11,124 6,464
In 2014, net cash provided by operating activities of €25,751,000 comprised a €7,920,000 decrease in working capital requirement (an increase of €9,101,000 in 2013). Details of changes in working capital requirement are provided in note 37 above. Free cash ﬂow is positive at €19,047,000 (there were no non-recurring items). In 2013, it was positive at €17,588,000 and amounted to €6,464,000 excluding the non-recurring receipt (see note 23.2).
168 – 2014 Financial Report
Consolidated ﬁnancial statements