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Consolidated statement of cash flows

(In € million)

 

Note

 

Year ended
31 Dec. 2020

 

Year ended
31 Dec. 2019

Cash flows from operating activities

 

 

 

 

 

 

Profit for the period

 

 

 

68.0

 

106.9

Adjustments for:

 

 

 

 

 

 

Depreciation and amortisation

 

12, 13, 14

 

277.7

 

287.1

Impairment losses

 

4, 12, 13

 

43.9

 

2.8

Change in fair value of derivatives

 

 

 

(23.2)

 

(10.1)

Share-based payment expense

 

31

 

3.2

 

1.8

Gain on sale of property, plant and equipment and non-current assets

 

 

 

(0.2)

 

(0.3)

Share of profit of joint ventures

 

28

 

(17.4)

 

(15.4)

Net finance expense

 

23

 

81.0

 

44.6

Interest paid

 

 

 

(39.0)

 

(43.0)

Payment of transaction and other costs relating to financing

 

22

 

(15.4)

 

Income tax expense

 

32

 

23.0

 

41.1

Income taxes paid, net of refunds received

 

 

 

(76.2)

 

(56.6)

 

 

 

 

325.4

 

358.9

Change in trade and other receivables

 

 

 

32.6

 

(11.3)

Change in inventories

 

 

 

(11.8)

 

(9.3)

Change in trade and other payables

 

 

 

26.9

 

31.7

Change in provisions and employee benefits

 

 

 

12.9

 

0.9

Change in other assets and liabilities

 

 

 

39.8

 

67.2

Net cash from operating activities

 

11

 

425.8

 

438.1

Cash flows from investing activities

 

 

 

 

 

 

Acquisition of business, net of cash acquired

 

27

 

(2.5)

 

(40.5)

Acquisition of property, plant and equipment and intangible assets

 

12, 14

 

(199.2)

 

(182.2)

Proceeds from sale of property, plant and equipment and other assets

 

 

 

0.7

 

4.2

Dividends received from joint ventures

 

28

 

22.7

 

20.7

Interest received

 

 

 

2.1

 

0.5

Net cash used in investing activities

 

 

 

(176.2)

 

(197.3)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from loans and borrowings

 

22

 

1,550.0

 

Repayment of loans and borrowings

 

22

 

(1,560.9)

 

(31.3)

Payment of lease liabilities

 

22

 

(16.1)

 

(9.8)

Payment relating to the IPO

 

 

 

 

(3.4)

Purchase of treasury shares

 

24

 

(0.6)

 

(0.5)

Payment of dividends

 

24

 

(114.8)

 

(99.0)

Other

 

 

 

1.1

 

4.6

Net cash used in financing activities

 

 

 

(141.3)

 

(139.4)

Net increase in cash and cash equivalents

 

 

 

108.3

 

101.4

Cash and cash equivalents as of the beginning of the period

 

 

 

261.0

 

157.1

Effect of exchange rate fluctuations on cash and cash equivalents

 

 

 

(14.2)

 

2.5

Cash and cash equivalents as of the end of the period

 

17

 

355.1

 

261.0