Statement of cash flow (IFRS)

STATEMENT OF CASH FLOW (IFRS)
 
EUR million Note 1 Jan–31 Dec 2015 1 Jan–31 Dec 2014
Cash flow from operations        
Net profit     90.5 35.0
Adjustments        
Depreciation, amortization and impairment 11, 12 56.6 104.0
Share-based payments     1.0 0.1
Profit/loss on sales of fixed assets and shares 3, 4 -6.8 -0.4
Share of profit from investments accounted for using the
equity method
  16 -4.2 -5.3
Other adjustments     -2.0 -2.1
Net financial expenses   8 5.9 4.5
Income taxes   9 28.8 21.6
Change in net working capital        
Change in current receivables     29.3 14.5
Change in inventories     0.0 0.1
Change in current non-interest-bearing liabilities     -44.3 2.8
Cash generated from operations     154.8 174.8
Financing income received under leases     0.3 0.2
Interest income received     1.2 0.9
Interest expenses paid     -3.8 -4.0
Other financial income received     8.7 5.2
Other financial expenses paid     -13.6 -8.1
Dividends received from investments accounted for using the
equity method
  16 5.4 5.9
Income taxes paid     -20.4 -7.0
Net cash flow from operations     132.6 167.9
         
Cash flow from investing activities        
Acquisition of Group companies and business operations, net of cash acquired   14 -73.7 3.7
Capital expenditure     -43.7 -43.0
Disposal of Group companies and business operations, net of cash disposed     8.3 3.3
Sales of fixed assets     0.6 0.6
Sales of available-for-sale financial assets     0.5 -
Change in loan receivables     2.7 -3.5
Total net cash used in investing activities     -105.3 -38.9
         
Cash flow from financing activities        
Dividends paid     -95.2 -65.4
Exercise of stock options     3.6 5.4
Payments of finance lease liabilities     -0.3 -3.7
Proceeds from short-term borrowings     288.1 227.1
Repayments of short-term borrowings     -228.4 -245.0
Proceeds from long-term borrowings     - -
Repayments of long-term borrowings     -1.8 -3.2
Total net cash used in financing activities     -34.0 -84.8
         
Change in cash and cash equivalents     -6.7 44.2
         
Cash and cash equivalents at the beginning of period   19 160.6 114.1
Foreign exchange differences     2.3 2.3
Change in cash and cash equivalents     -6.7 44.2
Cash and cash equivalents at the end of period   19 156.2 160.6
         
Notes are an integral part of these consolidated financial statements.