Consolidated statement of cash flows
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For the year ended 31 December 2017 (expressed in thousands of Euros).
| NOTES | 2016 | 2017 | ||
|---|---|---|---|---|
| Operating activities | ||||
| Profit before tax from continuing operations | 258,994 | 186,323 | ||
| Loss before tax from discontinued operations | (15,874) | (21,434) | ||
| Profit before income tax | 243,120 | 164,889 | ||
| Adjustments to Profit and Loss: | 299,334 | 282,540 | ||
| Amortisation, depreciation and impairment | 19.5 | 240,580 | 248,799 | |
| Losses on disposal of fixed assets | 19.6 | 10,811 | 17,728 | |
| Gains on disposal of fixed assets | 19.1 | (16,461) | (31,226) | |
| Finance income | 19.7 | (11,656) | (4,830) | |
| Finance expenses | 19.7 | 62,293 | 65,868 | |
| Changes of provisions and grants | 832 | 984 | ||
| Other adjustments if discontinued operations | 13 | 8,291 | 1,923 | |
| Other adjustments to Profit and Loss | 4,737 | (16,418) | ||
| Profit/(loss) of companies accounted for using the equity method net of dividends | 9 | (93) | (288) | |
| Adjustments to working capital: | 285,464 | (85,363) | ||
| Changes in trade and other receivables | (30,661) | (48,232) | ||
| Changes in inventories | (106,538) | 88,349 | ||
| Changes in trade and other payables | 431,251 | (89,545) | ||
| Changes in consumer loan and refinancing commitments | (824) | 2,212 | ||
| Changes in other assets | (2,635) | (3,607) | ||
| Changes in other liabilities | (4,510) | 7,132 | ||
| Changes in working capital of discontinued operations | 13 | 5,443 | (1,578) | |
| Net cash flows from/(used in) operating activities | 827,918 | 362,066 | ||
| Investing activities: | ||||
| Acquisition of intangible assets | 6.1 and 6.2 | (5,491) | (7,234) | |
| Development cost | 6.2 | (7,065) | (11,167) | |
| Acquisition of property, plant and equipment | 5 | (333,428) | (262,195) | |
| Acquisition of financial instruments | (33,124) | (25,794) | ||
| Disposals of property, plant and equipment | 19.6 | 38,302 | 68;204 | |
| Payments/(Collections) for other financial assets | 2,220 | (1,073) | ||
| Interest received | 19.7 | 8,342 | 2,045 | |
| Investing flows of discontinued operations | 13 | (1,034) | 1,724 | |
| Net cash flows of discontinued operations | (331,278) | (235,490) | ||
| Financing activities: | ||||
| Dividends distributed to shareholders of the Parent | 14.4 | (122,212) | (128,535) | |
| Acquisition of own shares | 14.3 a) | (19,903) | - | |
| Borrowings repaid | 15.5 | (376,598) | (373,570) | |
| Borrowings made | 15.5 | 300,000 | 405,556 | |
| Payments for other financial liabilities | (6,484) | (6,622) | ||
| Interest paid | 19.7 | (61,797) | (65,683) | |
| Financing flows of discontinued operations | 13 | 6,643 | (30,443) | |
| Net cash flows from financing activities | (280,351) | (199,297) | ||
| Net changes in cash and cash equivalents | 216,289 | (72,721) | ||
| Net foreign exchange differences | (6,316) | 48,314 | ||
| Cash and cash equivalents at 1st January | 12 | 154,627 | 364,600 | |
| Cash and cash equivalents al 31st December | 12 | 364,600 | 340,193 |
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