Consolidated statement of cash flows

(x €1,000) 

 

Notes

2015

2014

       

Net result

 

 11,032 

(106,941)

Adjustments for:

     

- Income tax

29

 2,309 

(15,499)

- Depreciation of property, plant and equipment

7

 66,470 

79,586

- Amortisation of intangible assets

8

 4,057 

3,216

- Impairment of property, plant and equipment

7,25

 1,452 

1,200

- Impairment of non-current receivables

11,25

(949)

11,446

- Impairment of intangible assets

8,25

 3,298 

511

- Impairment of inventories

12,25

 37,325 

54,461

- Share of impairment charges in investments

10,25

 (2,040)

48,240

- Result on sale of subsidiaries

 

 - 

(1,238)

- Result on sale of PPP projects

35

 (5,207)

(24,500)

- Result on sale of property, plant and equipment

 

 (4,594)

(5,502)

- Share of result of investments

10

 (10,988)

(18,457)

- Finance income

28

 (34,495)

(45,969)

- Finance expense

28

 23,490 

33,900

Changes in provisions

20,21

 (69,606)

(11,738)

Changes in working capital (excluding cash and cash equivalents)

 

88,293

189,516

Cash flow from operations

 

109,847

192,232

Interest paid

 

 (38,274)

(47,002)

Income tax paid

 

 (10,023)

(10,280)

Net cash flow from ordinary operations

 

61,550

134,950

Investments in PPP receivables

9

 (218,514)

(248,693)

Repayments of PPP receivables

9

 63,820 

33,046

Net cash flow from operating activities

 

 (93,144)

(80,697)

       

Acquisition of subsidiaries, net of cash acquired

 

 - 

(689)

Purchases of property, plant and equipment

7

 (64,644)

(56,336)

Proceeds from sale of property, plant and equipment

7

 27,567 

21,943

Purchases of intangible assets

8

 (6,391)

(2,945)

Proceeds from disposal of intangible assets

8

 918 

-

Investments in non-current receivables

11

 (14,899)

(72,572)

Repayments of non-current receivables

11

 3,759 

42,199

Investments in other financial assets

10,11

 (17,433)

(9,011)

Proceeds from disposal of other financial assets

10,11

 837 

19,806

Proceeds from sale of PPP projects

35

 35,000 

108,900

Proceeds from sale of subsidiaries

 

 - 

10,234

Interest received

 

 34,905 

46,169

Dividends received from investments

10

 13,321 

11,470

Net cash flow from investing activities

 

12,940

119,168

       

Proceeds from borrowings

18

 214,239 

318,391

Repayments of borrowings

18

 (130,131)

(275,302)

Dividends paid to shareholders of the Company

31

 - 

(7,428)

Dividends paid to non-controlling interests

 

 (743)

(907)

Net cash flow from financing activities

 

 83,365 

34,754

       

Change in cash and cash equivalents

 

3,161

73,225

Cash and cash equivalents at beginning of year

14

 624,330 

548,131

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

35

 (421)

(5,722)

Exchange rate differences on cash and cash equivalents

 

10,139

8,696

Net cash position at end of year

14

 637,209 

624,330

Name

Company