Consolidated statement of cash flows

(x €1,000) 

 

Notes

2018

2017
Restated*

 

 

 

 

Net result

 

24,416

(12,925)

Adjustments for:

 

 

 

- Income tax

29

90,125

32,890

- Depreciation of property, plant and equipment

7

63,772

55,042

- Amortisation of intangible assets

8

6,004

4,506

- Impairment of other financial assets

11,25

(1,292)

153

- Impairment of intangible assets

8,25

-

703

- Impairment of inventories

12,25

21,920

3,723

- Share of impairment charges in investments

10,25

3,122

193

- Result on sale of PPP projects

35

(4,400)

(900)

- Result on sale of property, plant and equipment

 

(2,045)

(4,736)

- Share based payments

37

(95)

818

- Share of result of investments

10,11

(38,947)

(20,317)

- Finance income

28

(21,221)

(30,002)

- Finance expense

28

11,894

20,440

Interest received

 

15,817

9,870

Dividends received from investments

10,11

34,851

23,331

Changes in provisions and pensions

20,21

5,701

(21,835)

Changes in working capital (excluding cash and cash equivalents)

 

19,606

62,683

   

Cash flow from operations

 

229,228

123,637

Interest paid

 

(16,426)

(25,179)

Income tax paid

 

(13,335)

(10,762)

   

Net cash flow from ordinary operations

 

199,467

87,696

Investments in PPP receivables

9

(16,774)

(127,161)

Repayments of PPP receivables

9

26,047

104,982

   

Net cash flow from operating activities

 

208,740

65,517

   

Purchases of property, plant and equipment

7,18

(66,503)

(72,933)

Proceeds from sale of property, plant and equipment

7

12,959

16,488

Purchases of intangible assets

8

(13,705)

(23,513)

Proceeds from disposal of intangible assets

8

402

60

Investments in non-current receivables

11

(25,433)

(23,206)

Repayments of non-current receivables

11

13,657

14,699

Investments in other financial assets

10,11

(15,799)

(15,166)

Proceeds from disposal of other financial assets

10,11

1,563

2,634

Proceeds from sale of PPP projects

35

18,700

20,500

   

Net cash flow from investing activities

 

(74,159)

(80,437)

   

Proceeds from borrowings

18

41,146

175,230

Repayments of borrowings

18

(80,752)

(184,327)

Dividends paid to shareholders of the Company

31

(11,429)

(7,466)

Dividends paid to non-controlling interests

 

(451)

(410)

Repurchase of ordinary shares

 

(15,492)

(2,696)

   

Net cash flow from financing activities

 

(66.978)

(19,669)

   

Change in cash and cash equivalents

 

67,603

(34,589)

Cash and cash equivalents at beginning of year

14

695,779

738,575

Changes in cash and cash equivalents as a result of change in accounting policy

2

(16,289)

-

Exchange rate differences on cash and cash equivalents

 

(3,419)

(8,207)

   

Net cash position at end of year

14

743,674

695,779

   

*The comparative figures, where applicable, have been restated for IFRS 15. See note 2.

The notes on pages 107 to 189 are an integral part of these consolidated financial statements. 

Name

Company