Consolidated financial statements

Consolidated statement of cash flows

EUR million Note 2016 2015
       
Cash flow from operating activities      
Profit before tax   320.0 290.6
Adjustments      
Depreciation, amortisation and impairment 10 223.8 220.4
Financial income (-) and expenses (+)   17.8 23.8
Gains (-) and losses (+) on the disposal of fixed assets   -0.7 -2.9
Increase (+) / decrease (-) in provisions in the income statement   -2.8 2.0
Other adjustments   0.4 -0.2
    238.5 243.0
Change in working capital      
Increase (-) / decrease (+) in trade and other receivables   -3.0 -1.6
Increase (-) / decrease (+) in inventories   0.6 -5.6
Increase (+) / decrease (-) in trade and other payables   11.9 6.9
    9.4 -0.4
Dividends received   3.5 2.9
Interest received   2.2 2.4
Interest paid   -22.0 -23.8
Taxes paid   -65.1 -52.0
Net cash flow from operating activities   486.5 462.8
       
Cash flow from investing activities      
Investment in shares and business combinations   -25.0 -2.9
Investment in associates   -23.9 -11.1
Contingent consideration of subsidiaries   -0.2 1.3
Capital expenditure   -208.9 -199.8
Proceeds from disposal of subsidiaries and businesses   2.4  
Proceeds from sale of financial assets available-for-sale   0.4 1.5
Proceeds from disposal of tangible and intangible assets   1.0 1.1
Loans granted   -167.0  
Repayment of loan assets     0.1
Net cash flow used in investing activities   -421.3 -209.8
       
Cash flow before financing activities   65.2 253.0
       
Cash flow from financing activities      
Proceeds from long-term borrowings   150.0 0.2
Repayment of long-term borrowings   -130.8 -10.7
Increase (+) / decrease (-) in short-term borrowings   158.5 -39.5
Repayment of finance lease liabilities   -4.4 -4.8
Dividends paid   -223.2 -210.3
Net cash used in financing activities   -49.9 -265.2
       
Change in cash and cash equivalents   15.3 -12.2
Cash and cash equivalents at the beginning of the period   29.1 41.3
Cash and cash equivalents at the end of the period 24 44.5 29.1
       

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