Consolidated statement of cash flows

(x €1,000)

  Notes 2020* 2019*
Result for the year from continuing operations     (272,047)  (13,326)
Result for the year from discontinued operations 37.3  149,655   25,293
Net result    (122,392)  11,967
       
Adjustments for:      
 - Income tax 31  38,488  38,651
 - Depreciation of property, plant and equipment  54,010  54,017
 - Depreciation of right-of-use assets  99,218  99,656
 - Amortisation of intangible assets  6,077  5,888
 - Impairment of property, plant and equipment  586  -
 - Impairment of intangible assets 9,27   60,934  10,337
 - Impairment of inventories 13,27   11,316  10,841
 - Share of impairment charges in investments 11,27  1,900  (2,655)
 - Result on sale of PPP projects    (18,265)  (1,100)
 - Result on sale of discontinued operations  37.3  (118,167)  -
 - Result on sale of property, plant and equipment    (3,517)  (2,788)
 - Share based payments 39   34  (46)
 - Share of result of investments in associates and joint ventures 11,12   (5,707)  (14,639)
- Finance income 30   (19,340)  (17,465)
- Finance expense 30   26,468  19,178
Interest received    14,245  11,975
Dividends received from investments  11,12   19,845  26,836
Changes in provisions and pensions  22,23   86,040  (23,044)
Changes in working capital (excluding cash and cash equivalents)     503,402  169,505
Cash flow from operations    635,175  397,114
Interest paid    (23,830)  (21,622)
Income tax paid    (8,485)  (16,364)
Net cash flow from ordinary operations    602,860  359,128
Investments in PPP receivables 10   (19,043)  (21,362)
Repayments of PPP receivables 10   30,505  27,611
Net cash flow from operating activities   614,322  365,377
Purchases of property, plant and equipment 7,19   (58,538)  (82,349)
Proceeds from sale of property, plant and equipment  18,283  17,414
Purchases of intangible assets  (2,228)  (4,774)
Proceeds from disposal of intangible assets  531 -
Investments in non-current receivables (loans) 12   (36,195)  (30,250)
Repayments of non-current receivables (loans) 12   11,566  14,684
Investments in associates, joint ventures and other financial assets 11,12    (30,241)  (34,790)
Proceeds from disposal of associates, joint ventures and other financial assets 11,12  2,637  2,752
Proceeds from sale of PPP projects    72,872  13,077
Net proceeds from sale of discontinued operations  37.3  81,746 -
Net cash flow from investing activities    60,433  (104,236)
       
Proceeds from borrowings 19   435,907  56,165
Repayments of borrowings 19   (38,660)  (93,475)
Repayments of principal portion of lease liabilities 20   (97,940)  (98,403)
Dividends paid to shareholders of the Company 33   -  (19,456)
Dividends paid to non-controlling interests    (129)  (559)
Repurchase of ordinary shares    -  (16,889)
Acquisition of non-controlling interest    (5,000) -
Net cash flow from financing activities    294,178  (172,617)
       
Change in cash and cash equivalents    968,933  88,524
Cash and cash equivalents at beginning of year 15   854,023  743,674
Changes in cash and cash equivalents as a result of change in accounting policy   -  (890)
Change in cash and cash equivalents in assets and liabilities held for sale    (6,231) -
Exchange rate differences on cash and cash equivalents    (27,788)  22,715
Net cash position at end of year 15   1,788,937  854,023

Net cash flows from discontinued operations have been disclosed in note 37

The notes on pages 87 to 171 are an integral part of these consolidated financial statements.

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