consolidated statement of cash flows

amounts in thousands of euros

note:

2015

2014

CASH FLOW FROM OPERATING ACTIVITIES

Income before tax

45,901

57,615

Adjustments:

Depreciation, amortisation and impairments of tangible and intangible assets

10,11,12

26,915

25,553

Result on disposal of tangible and intangible assets

10,12

490

447

Other non-cash flow receivables, offset against sales proceeds

13

27,202

-18,588

Net finance costs

8

15,364

9,539

Share plan expenses processed via equity

24

145

89

Currency translation differences

32

-10

Share of income of associates

2,528

19

Change in pension-related liabilities and provisions

20,21

-11,156

-12,310

Changes in working capital:

- trade and other receivables

-91,880

-12,680

- trade and other payables

73,545

27,855

Operating cash flow from continuing activities

89,086

77,529

Income tax paid

-19,076

-6,431

Net cash flow from operating activities

70,010

71,098

CASH FLOW FROM INVESTING ACTIVITIES

Acquisitions of subsidiaries

4

-3,844

-3,722

Acquisition of associates

4

-450

-3,400

Investments in property, plant and equipment

10

-6,460

-6,498

Investments in intangible assets

12

-12,417

-11,955

Disposals of tangible and intangible assets

10,12

153

91

Divestment of subsidiaries

4

-2,553

-669

Payment on loans and guarantee deposits

-1,744

-1,639

Net cash flow from investing activities

-27,315

-27,792

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from issuance of shares

16

80

10

Payments on derivative financial instruments

-188

-165

Proceeds from borrowings

18,22

60,026

77

Repayments of borrowings

18,22

-61,500

-17,513

Refinancing transaction expenses paid

-1,993

-

Interest paid

-6,151

-7,763

Interest received

353

55

Dividend paid to non-controlling interests

-13

-25

Dividend paid

-12,953

-6,290

Net cash flow from financing activities

-22,339

-31,614

INCREASE CASH AND CASH EQUIVALENTS

20,356

11,692

CHANGE IN CASH AND CASH EQUIVALENTS

Cash and cash equivalents and bank overdrafts as at 1 January

60,639

48,947

Increase in cash and cash equivalents

20,356

11,692

BALANCE CASH AND CASH EQUIVALENTS AND BANK OVERDRAFTS AS AT 31 DECEMBER

15

80,995

60,639