(In € million)

 

Note

 

Year ended
31 Dec. 2019

 

Year ended
31 Dec. 2018

Cash flows from operating activities

 

 

 

 

 

 

Profit/(loss) for the period

 

 

 

106.9

 

(83.9)

Adjustments for:

 

 

 

 

 

 

Depreciation and amortisation

 

12, 13, 14

 

287.1

 

271.7

Impairment losses

 

12

 

2.8

 

0.6

Change in fair value of derivatives

 

 

 

(10.1)

 

23.1

Share-based payment expense

 

31

 

1.8

 

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

 

9

 

(0.3)

 

(0.9)

Share of profit of joint ventures

 

28

 

(15.4)

 

(8.9)

IPO-related costs

 

9

 

 

7.4

Net finance expense

 

23

 

44.6

 

206.4

Interest paid

 

 

 

(43.0)

 

(133.0)

Payment of transaction and other costs relating to financing

 

22

 

 

(29.7)

Payment of fee for early redemption of notes

 

22, 23

 

 

(26.2)

Income tax expense

 

32

 

41.1

 

0.9

Income taxes paid, net of refunds received

 

 

 

(56.6)

 

(59.0)

 

 

 

 

358.9

 

168.5

Change in trade and other receivables

 

 

 

(11.3)

 

37.8

Change in inventories

 

 

 

(9.3)

 

(22.9)

Change in trade and other payables

 

 

 

31.7

 

34.6

Change in provisions and employee benefits

 

 

 

0.9

 

1.1

Change in other assets and liabilities

 

 

 

67.2

 

41.1

Net cash from operating activities

 

11

 

438.1

 

260.2

Cash flows from investing activities

 

 

 

 

 

 

Acquisition of business, net of cash acquired

 

27

 

(40.5)

 

Acquisition of property, plant and equipment and intangible assets

 

12, 14

 

(182.2)

 

(213.9)

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

 

9

 

4.2

 

15.9

Dividends received from joint ventures

 

28

 

20.7

 

23.7

Investment in joint venture

 

28

 

 

(0.6)

Interest received

 

 

 

0.5

 

1.2

Net cash used in investing activities

 

 

 

(197.3)

 

(173.7)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from loans and borrowings

 

22

 

 

1,600.0

Proceeds from issue of shares in the IPO

 

24

 

 

1,043.9

Payments relating to the IPO

 

24

 

(3.4)

 

(42.6)

Repayment of loans and borrowings

 

22

 

(31.3)

 

(2,637.0)

Payment of lease liabilities

 

22

 

(9.8)

 

(1.8)

Purchase of treasury shares

 

24

 

(0.5)

 

Payment of dividends

 

24

 

(99.0)

 

Other

 

 

 

4.6

 

2.9

Net cash used in financing activities

 

 

 

(139.4)

 

(34.6)

Net increase in cash and cash equivalents

 

 

 

101.4

 

51.9

Cash and cash equivalents as of the beginning of the period

 

 

 

157.1

 

103.9

Effect of exchange rate fluctuations on cash and cash equivalents

 

 

 

2.5

 

1.3

Cash and cash equivalents as of the end of the period

 

17

 

261.0

 

157.1