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  51,364  54,010
 - Depreciation of right-of-use assets  85,632  99,218
 - Amortisation of intangible assets  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 21,343  18,283
Purchases of intangible assets (4,561)  (2,228)
Proceeds from disposal of intangible assets  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.

 

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