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Consolidated statement of cash flows
€ million Note 1 Jan.–31 Dec. 2016 1 Jan.–31 Dec. 2015
Cash flows from operating activities
Profit before tax 145.2 188.0
Adjustments
Depreciation according to plan 137.6 127.6
Finance income and costs 1.0 7.1
Other adjustments 31 90.6 40.1
229.2 174.8
Change in working capital
Current non-interest-bearing receivables, increase (-)/decrease (+) -43.8 -1.8
Inventories increase (-)/decrease (+) 5.1 -43.9
Current non-interest-bearing liabilities, increase (+)/decrease (-) -78.5 7.0
-117.2 -38.8
Interest paid and other finance costs -17.0 -17.6
Interest received 14.1 8.9
Dividends received 0.0 0.1
Income taxes paid -84.1 -38.9
Net cash flows from operating activities 170.2 276.4
Cash flows from investing activities
Payments for acquisition of subsidiary shares, net of cash acquired 3 -427.5 -
Payments to acquire equity accounted investments 31 - -11.0
Payments for tangible and intangible assets 31 -277.4 -203.8
Proceeds from sale of subsidiaries, net of cash disposed of 31 160.9 -47.3
Equity repaid by associates and joint ventures - 9.5
Proceeds from sale of tangible and intangible assets 44.0 470.4
Proceeds from sale of available-for-sale financial assets 0.4 -
Non-current loan and receivables, increase (-)/decrease (+) -1.5 -0.6
Net cash flows from investing activities -501.1 217.1
Cash flows from financing activities
Interest-bearing liabilities, increase (+)/decrease (-) 63.0 -58.6
Repayments of finance lease liabilities -3.6 -2.8
Interest-bearing receivables, increase (-)/decrease (+) 2.0 1.8
Dividends paid -249.5 -156.1
Proceeds from issue of shares 12.6 -
Acquisition of treasury shares -0.3 -
Short-term money market investments, increase (-)/decrease (+) 364.5 -269.2
Other items 6.9 19.3
Net cash flows from financing activities 195.6 -465.7
Change in cash and cash equivalents and current available-for-sale financial assets -135.3 27.8
Cash and cash equivalents and current available-for-sale financial assets as at 1 January 31 334.1 313.3
Currency translation difference adjustment and change in value 2.1 -7.1
Cash and cash equivalents and current available-for-sale financial assets as at 31 December 31 200.8 334.1