8.4
Consolidated statement of cash flows
(in thousands of euro)
| Notes | 2018 | 2017 | |
| Cash flows from operating activities | |||
| Profit for the period | 20,271 | 10,501 | |
| Adjustments for: | |||
| - Depreciation, amortisation and (reversal of) impairments | 3 | 12,372 | 11,073 |
| - Net finance cost | 5 | 7,573 | 8,209 |
| - Income from equity-accounted investees, net of tax | 11 | -10,513 | -385 |
| - Equity-settled share-based payment transactions | -566 | -71 | |
| - Gain on sale of property, plant and equipment | 3 | -26 | - |
| - Tax expense | 6 | 15,621 | 19,684 |
| 44,733 | 49,011 | ||
| Change in: | |||
| - Inventories | -9,043 | -25,612 | |
| - Trade and other receivables | -1,940 | 5,058 | |
| - Trade and other payables | 30,370 | 10,212 | |
| - Provisions, employee benefits and deferred revenue | 2,816 | -906 | |
| Cash flows from operations | 66,936 | 37,763 | |
| Interest paid | -7,954 | -6,800 | |
| Taxes paid | -16,253 | -23,449 | |
| Cash from operating activities | 42,729 | 7,514 | |
| Cash flow from investing activities | |||
| Interest received | 1,703 | 622 | |
| Dividends received | 11 | 174 | 99 |
| Proceeds from sale of property, plant and equipment | 155 | 455 | |
| Acquisition of subsidiaries, net of cash acquired | 25 | -17,648 | - |
| Acquisition of property, plant and equipment | 8 | -6,257 | -8,770 |
| Acquisition of intangible fixed assets | 10 | -2,947 | -403 |
| Acquisition of other financial fixed assets | -666 | -4,072 | |
| Development expenditure | 10 | -1,295 | -382 |
| Net cash from (used in) investing activities | -26,781 | -12,451 | |
| Free cash flows 1) | 15,948 | -4,937 | |
| Cash flow from financing activities | |||
| Proceeds from interest-bearing loans | 17 | - | 87,056 |
| Transaction costs related to loans and borrowings | 17 | -192 | -1,568 |
| Repayment of interest-bearing loans | 17 | -308 | -45,819 |
| Dividends paid | -7,371 | -6,740 | |
| Proceeds from revolving credit facility | 17 | 93,629 | 100,950 |
| Repayment of revolving credit facility | 17 | -85,469 | -110,000 |
| Net cash from (used in) financing activities | 289 | 23,879 | |
| Net increase (decrease) in cash and bank overdrafts | 16,237 | 18,942 | |
| Cash and bank overdrafts at 1 January | 15 | -20,507 | -38,480 |
| Effect of exchange rate fluctuations on cash and bank overdrafts held | 2,093 | -969 | |
| Cash and bank overdrafts at 31 December | 15 | -2,177 | -20,507 |
| 1) Free cash flows is defined as the balance of net cash from operating activities and net cash used in investment activities. | |||
The figures following the various items refer to the notes. The explanatory notes form an integral part of the financial statements.