Consolidated statement of cash flows
Millions of euros | Note | 2022 | 2021 |
Cash flow from operating activities | |||
Operating result | 110.8 | 82.0 | |
Adjusted for: | |||
- Depreciation/amortization of (in)tangible fixed assets | 6 | 76.4 | 64.1 |
- Impairment of fixed assets | 10/12 | 25.3 | |
- Result from divestments of fixed assets | -9.1 | -17.9 | |
- Other adjustments for which cash effects are investing or financing cash flow (2021: Sale Frozen Dough activities) | 6 | -11.8 | |
- Share-based remuneration | 4.8 | 3.5 | |
Total adjustments to reconcile operating result with net cash generated by (used for) operating activities | 72.1 | 63.2 | |
Cash flow from operating activities before movements in working capital and provisions | 182.9 | 145.2 | |
Movement in provisions | 0.9 | -6.4 | |
Movements in operating working capital: | |||
- Trade receivables | -39.0 | -33.2 | |
- Inventories | -90.4 | -54.4 | |
- Trade payables | 14.6 | 25.7 | |
Movements in other working capital | 3.8 | -17.9 | |
Cash flow from business operations | 72.8 | 59.0 | |
Interest received | 2.6 | 1.9 | |
Interest paid | -18.1 | -13.0 | |
Tax paid on profit | -18.3 | -25.5 | |
Cash flow from operating activities | 39.0 | 22.4 | |
Cash flow from investment activities | |||
Acquisition of group companies | 26 | -9.3 | |
Dividends received from joint ventures and associates | 14.2 | 4.3 | |
Investment other financial assets | -1.0 | -0.7 | |
Repayment other financial assets | 12.7 | 6.2 | |
Capital expenditure on (in)tangible fixed assets | -235.8 | -148.7 | |
Divestment of businesses | 20.4 | ||
Divestment of (in)tangible fixed assets | 10.8 | 8.4 | |
Cash flow from investment activities | -199.1 | -119.4 | |
Cash flow from financing activities | |||
Proceeds from interest-bearing debts | 236.0 | 132.0 | |
Repayment of interest-bearing debts | -2.7 | -2.9 | |
Payment of lease liabilities | -11.5 | -10.2 | |
Settlement of derivatives | -14.9 | ||
Paid-out dividend | -33.0 | -33.0 | |
Cash flow from financing activities | 173.9 | 85.9 | |
Net cash flow | 13.8 | -11.1 | |
Effects of exchange rate differences on cash and cash equivalents | 2.2 | 1.7 | |
Increase/(decrease) cash and cash equivalents | 16.0 | -9.4 | |
Cash and cash equivalents at start of financial year | 42.2 | 51.6 | |
Cash and cash equivalents at close of financial year | 17 | 58.2 | 42.2 |