Consolidated statement of cash flows

(x €1,000) 

 

Notes

2016

2015

       

Net result

 

 49,204

 11,032 

Adjustments for:

     

 - Income tax

29

 10,883 

 2,309 

 - Depreciation of property, plant and equipment

7

 60,305 

 66,470 

 - Amortisation of intangible assets

8

 4,144 

 4,057 

 - Impairment of property, plant and equipment

7,25

 2,213 

 1,452 

 - Impairment of investments and non-current receivables

11,25

 (196)

 (949)

 - Impairment of intangible assets

8,25

 833 

 3,298 

 - Impairment of inventories

12,25

 47,809 

 37,325 

 - Share of impairment charges in investments

10,25

 - 

 (2,040)

 - Result on sale of subsidiaries

 

(270)

 - 

 - Result on sale of PPP projects

35

(4,400)

 (5,207)

 - Result on sale of property, plant and equipment

 

(6,291)

 (4,594)

 - Share based payments

37

 606 

 302 

 - Share of result of investments

10

(19,826)

 (10,988)

 - Finance income

28

 (31,805)

 (34,495)

 - Finance expense

28

 24,485 

 23,490 

Interest received

 

 10,866 

 11,828 

Dividends received from investments

10

 13,033 

 13,321 

Changes in provisions and pensions

20,21

 (62,423)

 (69,606)

Changes in working capital (excluding cash and cash equivalents)

 

176,425

 91,083 

Cash flow from operations

 

275,595

 138,088 

Interest paid

 

(38,468)

(38,274)

Income tax paid

 

 (14,473)

 (10,023)

Net cash flow from ordinary operations

 

222,654

 89,791 

Investments in PPP receivables

9

 (189,785)

 (195,437)

Repayments of PPP receivables

9

 35,048 

 63,820 

Net cash flow from operating activities

 

67,917

 (41,826)

       

Acquisition of subsidiaries, net of cash acquired

 

 (904)

 - 

Purchases of property, plant and equipment

7

 (61,927)

 (64,644)

Proceeds from sale of property, plant and equipment

7

 16,004 

 27,567 

Purchases of intangible assets

8

 (4,993)

 (6,391)

Proceeds from disposal of intangible assets

8

-

 918 

Investments in non-current receivables

11

(11,892)

 (14,899)

Repayments of non-current receivables

11

11,799

 3,759 

Investments in other financial assets

10,11

(15,690)

 (17,433)

Proceeds from disposal of other financial assets

10,11

3,357

 837 

Proceeds from sale of PPP projects

35

 16,600 

 35,000 

Proceeds from sale of subsidiaries

 

(2,318)

 - 

Net cash flow from investing activities

 

 (49,964)

 (35,286)

       

Proceeds from borrowings

18

312,216

 214,239 

Repayments of borrowings

18

 (189,976)

 (130,131)

Dividends paid to shareholders of the Company

31

 (1,978)

 - 

Dividends paid to non-controlling interests

 

 (540)

 (743)

Repurchase of ordinary shares with respect to Performance Share Plan

 

 (2,529)

 (3,092)

Net cash flow from financing activities

 

117,193

 80,273 

       

Change in cash and cash equivalents

 

 135,146 

 3,161 

Cash and cash equivalents at beginning of year

14

 637,209 

 624,330 

Change in cash and cash equivalents in assets and liabilities held for sale

35

 (614)

 (421)

Exchange rate differences on cash and cash equivalents

 

(33,166)

 10,139 

Net cash position at end of year

14

738,575

 637,209 

The notes on pages 129 to 205 are an integral part of these consolidated financial statements.

 

 

Name

Company