Statement of cash flow (IFRS)

STATEMENT OF CASH FLOW (IFRS)
 
EUR million Note 1 Jan–31 Dec 2014 1 Jan–31 Dec 2013
Cash flow from operations        
Net profit     35.0 62.2
Adjustments        
Depreciation, amortization and impairment 11, 12 104.0 89.7
Share-based payments     0.1 0.8
Profit/loss on sales of fixed assets and shares 3, 4 -0.4 -1.4
Share of profit from investments accounted for using the
equity method
  16 -5.3 -7.3
Other adjustments     -2.1 -9.2
Net financial expenses   8 4.5 6.6
Income taxes   9 21.6 16.9
Change in net working capital        
Change in current receivables     14.5 48.2
Change in inventories     0.1 0.2
Change in current non-interest-bearing liabilities     2.8 -24.4
Cash generated from operations     174.8 182.3
Financing income received under leases     0.2 0.2
Interest income received     0.9 10.0
Interest expenses paid     -4.0 -15.4
Other financial income received     5.2 9.3
Other financial expenses paid     -8.1 -16.2
Dividends received from investments accounted for using the
equity method
  16 5.9 7.6
Income taxes paid     -7.0 -18.8
Net cash flow from operations     167.9 159.0
         
Cash flow from investing activities        
Acquisition of Group companies and business operations, net of cash acquired   14 3.7 -1.7
Capital expenditure     -43.0 -58.5
Disposal of Group companies and business operations, net of cash disposed     3.3 -17.3
Sales of fixed assets     0.6 1.2
Change in loan receivables     -3.5 2.1
Total net cash used in investing activities     -38.9 -74.2
         
Cash flow from financing activities        
Dividends paid     -65.4 -59.7
Exercise of stock options     5.4 7.1
Payments of finance lease liabilities     -3.7 -5.4
Proceeds from short-term borrowings     227.1 100.3
Repayments of short-term borrowings     -245.0 -80.3
Proceeds from long-term borrowings     - 99.5
Repayments of long-term borrowings     -3.2 -113.5
Total net cash used in financing activities     -84.8 -52.0
         
Change in cash and cash equivalents     44.2 32.8
         
Cash and cash equivalents at the beginning of period   19 114.1 75.8
Foreign exchange differences     2.3 5.5
Change in cash and cash equivalents     44.2 32.8
Cash and cash equivalents at the end of period   19 160.6 114.1
         
Notes are an integral part of these consolidated financial statements.