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Financial statements

Consolidated statement of cash flows

Millions of euros

Note

2019

2018

Cash flow from operating activities

   

Result after taxes

 

25.8

54.3

Adjusted for:

   

● Depreciation/amortization of (in)tangible fixed assets

6

61.5

42.0

● Reversal of impairment of property, plant, and equipment

10

 

-0.4

● Impairment of fixed assets

10/12

41.5

 

● Result from divestments of fixed assets

 

0.2

-0.1

● Result from past service gain due to change in indexation CSM UK pension scheme

 

-8.0

 

● Reversal contingent liability

 

-14.8

 

● Share-based remuneration

 

4.0

1.6

● Financial income and charges

7

14.6

13.2

● Results from joint ventures and associates

13

2.0

4.9

● Taxes

8

18.9

15.5

Cash flow from operating activities before movements in working capital and provisions

 

145.7

131.0

Movement in provisions

 

-8.5

-2.1

Movements in operating working capital:

   

● Trade receivables

 

-2.6

-7.2

● Inventories

 

-3.5

-15.2

● Trade payables

 

4.9

9.5

Movements in other working capital

 

-8.1

1.1

Cash flow from business operations

 

127.9

117.1

Interest received

 

0.5

0.7

Interest paid

 

-10.0

-8.7

Tax paid on profit

 

-4.0

-9.6

Cash flow from operating activities

 

114.4

99.5

    

Cash flow from investment activities

   

Acquisition of group companies

25

-28.5

0.5

Investment joint ventures and associates

 

-0.9

-16.1

Dividends received from joint ventures and associates

 

1.3

 

Investment other financial assets

 

-6.2

-37.0

Repayment other financial assets

 

5.7

23.8

Capital expenditure on (in)tangible fixed assets

 

-76.2

-60.1

Divestment of (in)tangible fixed assets

  

1.3

Cash flow from investment activities

 

-104.8

-87.6

    

Cash flow from financing activities

   

Proceeds from interest-bearing debts

 

40.0

41.0

Repayment of interest-bearing debts

 

-9.6

-12.4

Payment of lease liabilities

 

-9.5

 

Paid-out dividend

 

-32.9

-32.9

Cash flow from financing activities

 

-12.0

-4.3

Net cash flow

 

-2.4

7.6

Effects of exchange rate differences on cash and cash equivalents

 

1.0

1.4

Increase/(decrease) cash and cash equivalents

 

-1.4

9.0

Cash and cash equivalents at start of financial year

 

47.1

38.1

Cash and cash equivalents at close of financial year

17

45.7

47.1