Consolidated statement of cash flows
(x €1,000)
|
Notes |
2017 |
2016 |
|
|
Net result |
13,385 |
49,204 |
|
|
Adjustments for: |
|||
|
- Income tax |
29 |
44,939 |
10,883 |
|
- Depreciation of property, plant and equipment |
7 |
55,042 |
60,305 |
|
- Amortisation of intangible assets |
8 |
4,506 |
4,144 |
|
- Impairment of property, plant and equipment |
7,25 |
- |
2,213 |
|
- Impairment of other financial assets |
11,25 |
153 |
(196) |
|
- Impairment of intangible assets |
8,25 |
703 |
833 |
|
- Impairment of inventories |
12,25 |
3,723 |
47,809 |
|
- Share of impairment charges in investments |
10,25 |
193 |
- |
|
- Result on sale of subsidiaries |
- |
(270) |
|
|
- Result on sale of PPP projects |
35 |
(900) |
(4,400) |
|
- Result on sale of property, plant and equipment |
(4,736) |
(6,291) |
|
|
- Share based payments |
37 |
818 |
606 |
|
- Share of result of investments |
10,11 |
(20,317) |
(19,826) |
|
- Finance income |
28 |
(30,002) |
(31,805) |
|
- Finance expense |
28 |
20,440 |
24,485 |
|
Interest received |
9,870 |
10,866 |
|
|
Dividends received from investments |
10,11 |
23,331 |
13,033 |
|
Changes in provisions and pensions |
20,21 |
(46,368) |
(62,423) |
|
Changes in working capital (excluding cash and cash equivalents) |
48,857 |
176,425 |
|
|
Cash flow from operations |
123,637 |
275,595 |
|
|
Interest paid |
(25,179) |
(38,468) |
|
|
Income tax paid |
(10,762) |
(14,473) |
|
|
Net cash flow from ordinary operations |
87,696 |
222,654 |
|
|
Investments in PPP receivables |
9 |
(127,161) |
(189,785) |
|
Repayments of PPP receivables |
9 |
104,982 |
35,048 |
|
Net cash flow from operating activities |
65,517 |
67,917 |
|
|
Acquisition of subsidiaries, net of cash acquired |
- |
(904) |
|
|
Purchases of property, plant and equipment |
7,18 |
(72,933) |
(61,927) |
|
Proceeds from sale of property, plant and equipment |
7 |
16,488 |
16,004 |
|
Purchases of intangible assets |
8 |
(23,513) |
(4,993) |
|
Proceeds from disposal of intangible assets |
8 |
60 |
- |
|
Investments in non-current receivables |
11 |
(23,206) |
(11,892) |
|
Repayments of non-current receivables |
11 |
14,699 |
11,799 |
|
Investments in other financial assets |
10,11 |
(15,166) |
(15,690) |
|
Proceeds from disposal of other financial assets |
10,11 |
2,634 |
3,357 |
|
Proceeds from sale of PPP projects |
35 |
20,500 |
16,600 |
|
Proceeds from sale of subsidiaries |
- |
(2,318) |
|
|
Net cash flow from investing activities |
(80,437) |
(49,964) |
|
|
Proceeds from borrowings |
18 |
175,230 |
312,216 |
|
Repayments of borrowings |
18 |
(184,327) |
(189,976) |
|
Dividends paid to shareholders of the Company |
31 |
(7,466) |
(1,978) |
|
Dividends paid to non-controlling interests |
(410) |
(540) |
|
|
Repurchase of ordinary shares with respect to Performance Share Plan |
(2,696) |
(2,529) |
|
|
Net cash flow from financing activities |
(19,669) |
117,193 |
|
|
Change in cash and cash equivalents |
(34,589) |
135,146 |
|
|
Cash and cash equivalents at beginning of year |
14 |
738,575 |
637,209 |
|
Change in cash and cash equivalents in assets and liabilities held for sale |
35 |
- |
(614) |
|
Exchange rate differences on cash and cash equivalents |
(8,207) |
(33,166) |
|
|
Net cash position at end of year |
14 |
695,779 |
738,575 |
The notes on pages 153 to 228 are an integral part of these consolidated financial statements.