Consolidated cash flow statement


(in thousands of Euro) 2015 2014
Cash flows from operating activities    

Net result

1,120 3,639

Adjustments:

   

non-controlling interests

3,931 4,756

depreciation, amortization and writedowns

64,751 61,184

expenses recognised for share-based incentive plans

642 852

expenses recognised for phantom stock options plans

8 1,000

payments of phantom stock options

- (2,299)

exchange rate differences on private placement

10,910 11,333

(not paid) interest expense on bonds

3,150 1,907

provision in income statement of fair value derivatives in cash flow hedge

(10,510) 6,564

change in fair value of the call option (Embedded derivative)

(1,450) (13,960)

losses/(gains) on disposal of fixed assets and non-current assets held for sale

(1,597) (66)

losses/(gains) on sale of equity investments in associates and joint ventures

- -

provisions for risks, restructuring and deferred taxes

(16,350) 1,235

post-retirement and other employee benefits

(717) (2,786)

change in net working capital

(4,199) 20,370

other medium/long-term assets/liabilities

1,896 (5,693)
CASH FLOWS FROM OPERATING ACTIVITIES 51,585 74,908
INVESTING ACTIVITIES    
Purchase of property, plant and equipment (51,266) (42,278)
Purchase of intangible assets (30,377) (42,129)
Net change in other securities 3,005 493
Sale of subsidiaries (net of cash and cash equivalents) and associates - -
Sale of property, plant and equipment 1,857 3,880
Sale of intangible assets 768 7
NET CASH FLOWS FROM INVESTING ACTIVITIES (76,013) (80,027)
FINANCING ACTIVITIES    
Capital increase in subsidiaries from third parties 82 -
Net change in capital 145 2,523
Net purchase of treasury shares - -
Dividends paid to Holding Company shareholders and non-controlling interests (4,341) (2,597)
New (repayment of) bonds - 98,235
New (repayment of) long-term loans 17,933 (102,623)
New (repayment of) finance leases 1,239 (1,115)
NET CASH FLOWS FROM FINANCING ACTIVITIES 15,058 (5,577)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (9,370) (10,696)
Balance at the beginning of the period 110,606 118,459
(Decrease) increase in cash and cash equivalents (9,370) (10,696)
Exchange differences 2,813 2,844
BALANCE AT THE END OF THE PERIOD 104,049 110,607
     
ADDITIONAL INFORMATION OF CASH FLOW STATEMENT    
Taxes paid (14,304) (12,703)
Financial expenses paid (34,142) (33,536)
Financial income collected 1,806 1,026

NB: this table shows the elements that bring about the change in cash and cash equivalents, as expressly required by IAS 7 (in particular the net balance between “Cash and cash equivalents” and “Bank overdrafts and short-term loans” included bann overdrafts repayable on demand). The cash flow statement included in the Report of the board of directors on operations shows the various operational components of cash flow, thereby explaining all of the changes in the overall net financial position.