Annual report 2014
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Consolidated statement of cash flows

In thousands of euros

Notes

2014

2013

 

 

 

 

 

 

 

 

Cash flow from operating activities

 

 

 

Net result for the year

 

-38,087

177,874

Adjustments for:

 

 

 

Depreciation of property, plant and equipment

15.

10,691

12,499

Amortisation of intangible assets

14.

17,829

23,463

Impairment losses intangible assets

14.

42,906

29,126

Impairment losses property, plant and equipment

8.

6,049

5,423

Net financing costs

10.

2,021

4,468

Gain on sale of property, plant and equipment

5.

-2,165

-88

Share in result investments accounted to the ‘equity’ method

10.

-

-12,224

Other result from associates

10.

5,137

-212,238

Income tax

11.

-491

-11,371

 

 

43,890

16,932

Change in inventories

 

437

6,648

Change in trade and other receivables

 

14,145

-5,384

Change in accounts payable and other current liabilities

 

-17,236

-21,937

Change in provisions and post-employment benefit liabilities

 

-13,307

-6,161

 

 

27,929

-9,902

Interest received

 

232

240

Interest paid

 

-893

-3,310

Income taxes paid

 

-3,139

-2,493

Net cash from operating activities

 

24,129

-15,465

 

 

 

 

Cash flows from investing activities

 

 

 

Dividends received

 

-

70,693

Investments in intangible assets

14.

-5,613

-5,772

Investments in property, plant and equipment

15.

-7,403

-16,896

Acquisition of associated companies

 

-299

-

Divestment of associated companies

 

-

390,565

Disposal of operation, net of cash disposed of

 

-1,449

-503

Divestments of intangible assets

14.

2,975

-

Divestments of property, plant and equipment

 

1,160

473

Net cash used in investing activities

 

-10,629

438,560

 

 

 

 

Cash flows from financing activities

 

 

 

Dividends paid

23.

-

-301,275

Redemption of borrowings

 

-9,316

-88,879

Change in non-controlling interests

 

-3,831

-

Net cash used in financing activities

 

-13,147

-390,154

 

 

 

 

Net decrease in cash and cash equivalents

 

353

32,941

Cash and cash equivalents at 1 January

 

41,311

9,062

Change cash and cash equivalents for assets held for sale

 

-404

-692

Cash and cash equivalents at 31 December

 

41,260

41,311

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