Consolidated statement of cash flows
Millions of euros | Note | 2021 | 2020 |
Cash flow from operating activities | |||
Operating result | 82.0 | 104.1 | |
Adjusted for: | |||
- Depreciation/amortization of (in)tangible fixed assets | 6 | 64.1 | 60.3 |
- Impairment of fixed assets | 10/12 | 25.3 | 1.3 |
- Result from divestments of fixed assets | -17.9 | 0.1 | |
- Other adjustments for which cash effects are investing or financing cash flow | 6 | -11.8 | -12.9 |
- Share-based remuneration | 3.5 | 3.9 | |
Total adjustments to reconcile operating result with net cash generated by (used for) operating activities | 63.2 | 52.7 | |
Cash flow from operating activities before movements in working capital and provisions | 145.2 | 156.8 | |
Movement in provisions | -6.4 | -1.1 | |
Movements in operating working capital: | |||
- Trade receivables | -33.2 | -10.7 | |
- Inventories | -54.4 | -17.2 | |
- Trade payables | 25.7 | 13.5 | |
Movements in other working capital | -17.9 | -12.1 | |
Cash flow from business operations | 59.0 | 129.2 | |
Interest received | 1.9 | 1.3 | |
Interest paid | -13.0 | -10.8 | |
Tax paid on profit | -25.5 | -10.7 | |
Cash flow from operating activities | 22.4 | 109.0 | |
Cash flow from investment activities | |||
Acquisition of group companies | 26 | -9.3 | |
Dividends received from joint ventures and associates | 4.3 | 4.4 | |
Investment other financial assets | -0.7 | -0.1 | |
Repayment other financial assets | 6.2 | 7.6 | |
Capital expenditure on (in)tangible fixed assets | -148.7 | -88.9 | |
Divestment of businesses | 20.4 | ||
Divestment of (in)tangible fixed assets | 8.4 | 0.1 | |
Cash flow from investment activities | -119.4 | -76.9 | |
Cash flow from financing activities | |||
Proceeds from interest-bearing debts | 132.0 | 145.7 | |
Repayment of interest-bearing debts | -2.9 | -125.9 | |
Payment of lease liabilities | -10.2 | -10.7 | |
Paid-out dividend | -33.0 | -33.0 | |
Cash flow from financing activities | 85.9 | -23.9 | |
Net cash flow | -11.1 | 8.2 | |
Effects of exchange rate differences on cash and cash equivalents | 1.7 | -2.3 | |
Increase/(decrease) cash and cash equivalents | -9.4 | 5.9 | |
Cash and cash equivalents at start of financial year | 51.6 | 45.7 | |
Cash and cash equivalents at close of financial year | 17 | 42.2 | 51.6 |