APC 2015 Annual Report Download - page 187

2015 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 185
BUSINESS REVIEW
4
REVIEW OF THE CONSOLIDATED FINANCIAL STATEMENTS
2.18 Consolidated cash-flow
Operating Activities
Net cash provided by operating activities before changes in
operating assets and liabilities remained stable at EUR2,715million
for the year ended December 31, 2015, up 2.8% compared to
EUR2,640 million for the year ended December 31, 2014, and
represented 10.2% of revenue in 2015 compared with 10.6%
in2014.
The c hange in working capital requirement generated EUR117million
in cash in the year ended December 31, 2015, compared to
EUR107million consumed in the year ended December31, 2014,
mainly thanks to the cash-in of trade receivables.
In all, net cash provided by operating activities increased by 11.8%
from EUR2,533million in the year ended December31, 2014 to
EUR2,832million in the year ended December31, 2015.
Investing Activities
Net capital expenditure, which included capitalized development
projects, decreased by 5.2% to EUR787million for the year ended
December 31, 2015, compared to EUR829 million for the year
ended December31, 2014, and represented 3.1% of revenues in
2015 (3.3% in 2014).
Free cash-fl ow (cash provided by operating activities net of net
capital expenditure) amounted to EUR2,045million in 2015 versus
EUR1,704million in 2014.
Cash conversion rate (free cash-fl ow over net income attributable to
the equity holders of our parent company on continuing operations,
adjusted for business disposals impact and Pelco trademark
impairment) was 113% in 2015 versus 96% in 2014.
The effect of acquisitions and divestments during the year was
a net cash infl ow amounting to EUR232 million in 2015. Our
acquisitions represented a cash outfl ow, net of cash acquired,
of EUR2,490 million for the year ended December 31, 2014,
corresponding mainly to the cash part of Invensys acquisition.
Financing Activities
In 2015, the Group reimbursed two bonds for EUR750million and
the Schuldschein credit line for EUR184million and there were four
bond issuances in euros for EUR1,850million.
The net decrease in other fi nancial debts amounted to
EUR1,262 million during the year ended December 31, 2015,
compared to a net decrease in other fi nancial debts amounting to
EUR818 million during the year ended December 31, 2014. The
dividend paid by Schneider Electric was EUR1,108million in the year
ended December31, 2015, compared with EUR1,095million in the
year ended December31,2014.