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.

 

 

Name

Company