4.4
Consolidated statement of cash flows
(in thousands of euro)
| Notes | 2020 | 2019 | |
| Cash flows from operating activities | |||
| Profit for the period | 64,829 | 2,804 | |
| Adjustments for: | |||
| - Depreciation, amortisation and (reversal of) impairments | 4.7.5 | 24,928 | 27,599 |
| - Net finance cost | 4.9.3 | 12,825 | 9,262 |
| - Share of profit from equity-accounted investees, net of tax | 4.10.4 | -1,008 | -424 |
| - Equity-settled share-based payment transactions | 4.17.4 | 351 | 40 |
| - Gain or loss on sale of property, plant and equipment | 4.10.1 | -10 | 192 |
| - Gain or loss on divestment of intangible assets | - | -12,051 | |
| - Loss on the sale of subsidiaries | - | 1,506 | |
| - Recycling of currency translation adjustment on sale of subsidiaries | - | 7,888 | |
| - Tax expense | 4.15.1 | -1,914 | -8,256 |
|
|
100,001
|
28,560
|
|
| Change in: | |||
| - Inventories | 102,951 | -44,761 | |
| - Trade and other receivables | 39,694 | -22,809 | |
| - Trade and other payables | -20,828 | -1,779 | |
| - Provisions, employee benefits and deferred revenue | 5,825 | -1,166 | |
|
Cash flows from operations
|
227,643
|
-41,955
|
|
| Interest received | 8,309 | 3,125 | |
| Interest paid | -18,688 | -10,618 | |
| Taxes paid | -10,796 | -13,197 | |
|
Net cash from operating activities
|
206,468
|
-62,645
|
|
| of which is attributable to discontinued operations | - | -23,322 | |
The figures following the various items refer to the notes. The explanatory notes form an integral part of the financial statements.
| Notes | 2020 | 2019 | |
| Cash flows from investing activities | |||
| Dividends received from equity-accounted investees | 4.10.4 | - | 343 |
| Proceeds from sale of property, plant and equipment | 76 | 2,046 | |
| Acquisition of property, plant and equipment | 4.10.1 | -10,339 | -9,301 |
| Acquisition of intangible assets | 4.10.3 | -1,072 | -4,234 |
| Proceeds from sale of intangible assets | - | 14,341 | |
| Acquisition of other financial fixed assets | -413 | -1,949 | |
| Disposal of other financial fixed assets | 876 | 542 | |
| Development expenditure | 4.10.3 | -226 | -759 |
|
Free cash flow 1)
|
195,369
|
-61,616
|
|
| Proceeds from sales of subsidiaries | - | 360 | |
| Acquisition of subsidiairies, net of cash acquired | - | - | |
|
Net cash from (used in) investing activities
|
-11,098
|
1,389
|
|
| of which is attributable to discontinued operations | - | 2,965 | |
| Cash flows from financing activities | |||
| Proceeds from borrowings | 4.9.1.1 | 197,736 | 134,090 |
| Transaction costs related to borrowings | 4.9.1.1 | -1,767 | -175 |
| Repayment of borrowings | 4.9.1.1 | -190,227 | -80,201 |
| Payment of lease liabilities | 4.9.1.3 | -10,149 | -10,401 |
| Dividends paid | - | -8,532 | |
| Contingent liabilities paid | 4.11.2 | -2,932 | -2,443 |
|
Net cash from (used in) financing activities
|
-7,339
|
32,337
|
|
| of which is attributable to discontinued operations | - | -954 | |
|
Net increase (decrease) in cash and bank overdrafts
|
188,030
|
-28,919
|
|
| Cash and bank overdrafts at 1 January | -33,121 | -2,177 | |
| Effect of exchange rate fluctuations on cash and bank overdrafts held | -579 | -2,025 | |
|
Cash and bank overdrafts at 31 December
|
154,330
|
-33,121
|
|
| 1) Free cash flow is defined as the balance of net cash from operating activities and net cash used in investment activities excluding acquisitions and disposals of subsidiaries. | |||
Cash reconciliation
| 2020 | 2019 | ||
| € x 1,000 | € x 1,000 | ||
| Cash and cash equivalents | 173,376 | 11,482 | |
| Bank overdrafts | -19,046 | -44,603 | |
|
Cash and bank overdrafts in the cash flow statement
|
|
154,330
|
-33,121
|
The figures following the various items refer to the notes. The explanatory notes form an integral part of the financial statements.