Consolidated statements of cash flows
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For the years ended 31 December 2016 and 2015(Expressed in thousands of Euros).
| NOTES | 2016 | 2015 | |
|---|---|---|---|
| Operating activities | |||
| Profit before tax from continuing operations | 243,120 | 218,116 | |
| Loss before tax from discontinued operations | - | -1,477 | |
| Profit before income tax | 243,120 | 216,139 | |
| Adjustments to Profit and Loss: | 291,581 | 248,782 | |
| Amortisation and depreciation | 21.5 | 232,953 | 214,026 |
| Impairment | 21.5 | 13,262 | 11,013 |
| Losses on disposal of fixed assets | 21.6 | -4,336 | 12,340 |
| Finance income | 21.7 | -12,089 | -9,265 |
| Finance expenses | 21.7 | 64,121 | 65,291 |
| Net reversals of provisions and grants | -6,921 | -40,374 | |
| Other adjustments to Profit and Loss | 4,684 | -4,249 | |
| Profit/(loss) of companies accounted for using the equity method net of dividends | -93 | ||
| Adjustments to working capital: | 283,658 | -214,148 | |
| Changes in trade and other receivables | -30,158 | 33,826 | |
| Changes in inventories | -107,103 | -9,370 | |
| Changes in trade and other payables | 434,232 | -177,697 | |
| Changes in consumer loan and refinancing commitments | 385 | -281 | |
| Changes in other assets | -3,464 | -5,111 | |
| Changes in other liabilities | -4,088 | 1,669 | |
| Current income tax paid | -6,146 | -57,184 | |
| Net cash flows from/(used in) operating activities | 818,359 | 251,273 | |
| Investing activities: | |||
| Acquisition of intangible assets | 7.1 and 7.2 | -5,491 | -103,224 |
| Acquisition of property, plant and equipment | 6 | -332,807 | -455,116 |
| Acquisition of financial instruments | -33,124 | -29,229 | |
| Development cost | 7.2 | -7,065 | -4,911 |
| Changes in Fixed Assets Suppliers and financial leases | 49 | 18,180 | |
| Disposals of property, plant and equipment | 21.6 | 38,546 | 2,854 |
| Payments for other financial assets | -161 | 15,218 | |
| Interest received | 21.7 | 8,775 | 6,243 |
| Net cash flows used in investing activities | -331,278 | -549,985 | |
| Financing activities: | |||
| Dividends distributed to shareholders of the Parent | 16.4 | -122,212 | -112,614 |
| Acquisition of own shares | 16.3 a) | -19,903 | -200,055 |
| Borrowings repa | -366,603 | -53,050 | |
| Borrowings made | 17.1 | 297,203 | 598,224 |
| Payments/(Collections) for other financial liabilities | 2,542 | 127 | |
| Interest paid | 21.7 | -63,625 | -64,593 |
| Net cash flows from financing activities | -272,598 | 168,039 | |
| Net changes in cash and cash equivalents | 214,483 | -130,673 | |
| Net foreign exchange differences | -4,510 | 86,296 | |
| Cash and cash equivalents at 1st January | 14 | 154,627 | 199,004 |
| Cash and cash equivalents al 31st December | 14 | 364,600 | 154,627 |
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