Statement of cash flow (IFRS)

STATEMENT OF CASH FLOW (IFRS)
EUR million Note 1 Jan–31 Dec 2016 1 Jan–31 Dec 2015
Cash flow from operations        
Net profit     107.2 90.5
Adjustments        
Depreciation, amortization and impairment 14, 15 53.9 56.6
Share-based payments     1.3 1.0
Profit/loss on sales of fixed assets and shares 3, 4 0.1 -6.8
Share of profit from investments accounted for using the equity method   28 -3.2 -4.2
Other adjustments     -7.7 -2.0
Net financial expenses   6 4.0 5.9
Income taxes   12 29.6 28.8
Change in net working capital        
Change in current receivables     -40.9 29.3
Change in inventories     0.0 0.0
Change in current non-interest-bearing liabilities     -10.7 -44.3
Cash generated from operations     133.6 154.8
Financing income received under leases     0.2 0.3
Interest income received     2.3 1.2
Interest expenses paid     -4.2 -3.8
Other financial income received     9.8 8.7
Other financial expenses paid     -10.7 -13.6
Dividends received from investments accounted for using the equity method   28 3.8 5.4
Income taxes paid     -37.6 -20.4
Net cash flow from operations     97.2 132.6
         
Cash flow from investing activities        
Acquisition of Group companies and business operations, net of cash acquired   29 -32.3 -73.7
Capital expenditure     -61.7 -43.7
Disposal of Group companies and business operations, net of cash disposed     0.0 8.3
Sales of fixed assets     0.1 0.6
Sales of available-for-sale financial assets     - 0.5
Change in loan receivables     2.5 2.7
Total net cash used in investing activities     -91.4 -105.3
         
Cash flow from financing activities        
Dividends paid     -99.3 -95.2
Exercise of stock options     0.8 3.6
Payments of finance lease liabilities     -1.3 -0.3
Proceeds from short-term borrowings     625.3 288.1
Repayments of short-term borrowings     -628.2 -228.4
Proceeds from long-term borrowings     - -
Repayments of long-term borrowings     -1.5 -1.8
Total net cash used in financing activities     -104.2 -34.0
         
Change in cash and cash equivalents     -98.4 -6.7
         
Cash and cash equivalents at the beginning of period   18 156.2 160.6
Foreign exchange differences     -1.1 2.3
Change in cash and cash equivalents     -98.4 -6.7
Cash and cash equivalents at the end of period   18 56.7 156.2
         
Notes are an integral part of these consolidated financial statements.