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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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