Consolidated statement of cash flows
(x €1,000)
| Notes | 2021 | 2020* | |
| Result for the year from continuing operations | 17,003 | (272,047) | |
| Result for the year from discontinued operations | 37.4 | - | 149,655 |
| Net result | 17,003 | (122,392) | |
| Adjustments for: | |||
| - Income tax | 31 | 48,844 | 38,488 |
| - Depreciation of property, plant and equipment | 7 | 51,364 | 54,010 |
| - Depreciation of right-of-use assets | 8 | 85,632 | 99,218 |
| - Amortisation of intangible assets | 9 | 8,377 | 6,077 |
| - Impairment of property, plant and equipment | 7,27 | 5,030 | 586 |
| - Impairment of right-of-use assets | 8,27 | 1,980 | - |
| - Impairment of intangible assets | 9,27 | 3,275 | 60,934 |
| - Impairment of inventories | 13,27 | (1,888) | 11,316 |
| - Impairment of assets held for sale | 27,37 | 25,976 | - |
| - Share of impairment charges in investments | 11,27 | 14,117 | 1,900 |
| - Result on sale of PPP projects | - | (18,265) | |
| - Result on sale of discontinued operations | 37.4 | - | (118,167) |
| - Result on sale of property, plant and equipment | 7 | (7,325) | (3,517) |
| - Share based payments | 39 | - | 34 |
| - Share of result of investments in associates and joint ventures | 11,12 | (50,151) | (5,707) |
| - Finance income | 30 | (3,864) | (19,340) |
| - Finance expense | 30 | 16,103 | 26,468 |
| Interest received | 3,632 | 14,245 | |
| Dividends received from investments | 11,12 | 34,798 | 19,845 |
| Changes in provisions and pensions | 22,23 | (44,349) | 86,040 |
| Changes in working capital (excluding cash and cash equivalents) | 141,816 | 503,402 | |
| Cash flow from operations | 350,370 | 635,175 | |
| Interest paid | (25,863) | (23,830) | |
| Income tax paid | (376) | (8,485) | |
| Net cash flow from ordinary operations | 324,131 | 602,860 | |
| Investments in PPP receivables | 10 | (4,244) | (19,043) |
| Repayments of PPP receivables | 10 | 346 | 30,505 |
| Net cash flow from operating activities | 320,233 | 614,322 | |
| Purchases of property, plant and equipment | 7 | (64,899) | (58,538) |
| Proceeds from sale of property, plant and equipment | 7 | 21,343 | 18,283 |
| Purchases of intangible assets | 9 | (4,561) | (2,228) |
| Proceeds from disposal of intangible assets | 9 | 2,398 | 531 |
| Investments in non-current receivables (loans) | 12 | (21,617) | (36,195) |
| Repayments of non-current receivables (loans) | 12 | 16,004 | 11,566 |
| Investments in associates, joint ventures and other financial assets | 11,12 | (14,580) | (30,241) |
| Proceeds from disposal of associates, joint ventures and other financial assets | 11,12 | 42 | 2,637 |
| Investments in subsidiaries, net of cash required | (5,233) | - | |
| Net proceeds from sale of subsidiares | 36 | (94,462) | - |
| Proceeds from sale of PPP projects | - | 72,872 | |
| Net proceeds from sale of discontinued operations | 37.4 | - | 81,746 |
| Net cash flow from investing activities | (165,565) | 60,433 | |
| Proceeds from borrowings | 19 | 34,978 | 435,907 |
| Repayments of borrowings | 19 | (609,536) | (38,660) |
| Repayments of principal portion of lease liabilities | 20 | (87,521) | (97,940) |
| Dividends paid to shareholders of the Company | 33 | - | - |
| Dividends paid to non-controlling interests | - | (129) | |
| Acquisition of non-controlling interest | - | (5000) | |
| Net cash flow from financing activities | (662,079) | 294,178 | |
| Change in cash and cash equivalents | (507,411) | 968,933 | |
| Cash and cash equivalents at beginning of year | 15 | 1,788,937 | 854,023 |
| Change in cash and cash equivalents in assets and liabilities held for sale | 37 | (42,355) | (6,231) |
| Exchange rate differences on cash and cash equivalents | 45,538 | (27,788) | |
| Net cash position at end of year | 15 | 1,284,709 | 1,788,937 |
Net cash flows from discontinued operations have been disclosed in note 37.4
The notes on pages 93 to 169 are an integral part of these consolidated financial statements.