Statement of cash flow (IFRS)

STATEMENT OF CASH FLOW (IFRS)
         
EUR million Note 1 Jan–31 Dec 2017 1 Jan–31 Dec 2016
Cash flow from operations        
Net profit     107.8 107.2
Adjustments        
Depreciation, amortization and impairment 14, 15 54.7 53.9
Share-based payments     1.9 1.3
Profit/loss on sales of fixed assets and shares 3, 4 0.0 0.1
Share of profit from investments accounted for using the equity method   29 -3.2 -3.2
Other adjustments     -5.4 -7.7
Net financial expenses   6 3.4 4.0
Income taxes   12 28.0 29.6
Change in net working capital        
Change in current receivables     -27.9 -40.9
Change in inventories     0.0 0.0
Change in current non-interest-bearing liabilities     12.5 -10.7
Cash generated from operations     171.8 133.6
Financing income received under leases     0.1 0.2
Interest income received     1.4 2.3
Interest expenses paid     -3.5 -4.2
Other financial income received     9.8 9.8
Other financial expenses paid     -15.2 -10.7
Dividends received from investments accounted for using the equity method   29 3.5 3.8
Income taxes paid     -16.9 -37.6
Net cash flow from operations     151.0 97.2
         
Cash flow from investing activities        
Acquisition of Group companies and business operations, net of cash acquired   30 -43.7 -32.3
Capital expenditure     -47.0 -61.7
Disposal of Group companies and business operations, net of cash disposed     -0.3 0.0
Sales of fixed assets     0.4 0.1
Sales of available-for-sale financial assets     0.0 -
Change in loan receivables     2.7 2.5
Total net cash used in investing activities     -87.9 -91.4
         
Cash flow from financing activities        
Dividends paid     -101.0 -99.3
Exercise of stock options     - 0.8
Payments of finance lease liabilities   21 -1.0 -1.3
Proceeds from short-term borrowings   21 1 657.4 625.3
Repayments of short-term borrowings   21 -1 595.8 -628.2
Proceeds from long-term borrowings   21 0.5 -
Repayments of long-term borrowings   21 -0.3 -1.5
Total net cash used in financing activities     -40.2 -104.2
         
Change in cash and cash equivalents     22.9 -98.4
         
Cash and cash equivalents at the beginning of period   18 56.7 156.2
Foreign exchange differences     -1.4 -1.1
Change in cash and cash equivalents     22.9 -98.4
Cash and cash equivalents at the end of period   18 78.2 56.7
         
Notes are an integral part of these consolidated financial statements.