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Consolidated statement of cash flow

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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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