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Consolidated statement of cash flows

Table_11 Consolidated Statement of Cash Flows

 
 
(€ in thousands) Notes 2015 2014
Operating result   600 21,114
       
Financial (losses)   -2,364 -1,956
Depreciation, amortisation and impairment 8 123,096 114,711
Equity-settled stock compensation expense 7 3,788 4,126
Change in provisions   -15,386 -3,702
Change in working capital:      
Change in inventories   2,468 -3,549
Change in receivables and prepayments   -18,038 -11,592
Change in current liabilities (excluding provisions)1   29,115 15,568
CASH GENERATED FROM OPERATIONS   123,279 134,720
       
Interest received 30 504 1,467
Interest paid 30 -958 -3,817
Corporate income taxes (paid)   -4,050 -13,741
CASH FLOWS FROM OPERATING ACTIVITIES   118,775 118,629
       
Investments in intangible assets 12 -86,154 -72,700
Investments in property, plant and equipment 13 -21,577 -16,564
Acquisition of subsidiaries and other businesses 15 -46,651 -17,280
Dividend received 16 167 58
CASH FLOWS FROM INVESTING ACTIVITIES   -154,215 -106,486
       
Repayment of borrowings 27 0 -175,000
Change in utilisation of credit facility 27 -5,000 50,000
Change in non-controlling interest   -126 0
Dividends paid   0 -177
Proceeds on issue of ordinary shares 7 34,397 6,794
CASH FLOWS FROM FINANCING ACTIVITIES   29,271 -118,383
       
NET (DECREASE) IN CASH AND CASH EQUIVALENTS   -6,169 -106,240
Cash and cash equivalents at the beginning of period   152,949 257,785
Effect of exchange rate changes on cash balances held in foreign currencies   785 1,404
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD   147,565 152,949
 
1. Includes movements in the non-current portion of deferred revenue presented under Non-current liabilities.

The Notes to the Consolidated Financial Statements are an integral part of these consolidated financial statements.