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Consolidated statement of cash flows

(In € million)

 

Note

 

Year ended
31 Dec. 2021

 

Year ended
31 Dec. 2020

Cash flows from operating activities

 

 

 

 

 

 

Profit for the period

 

 

 

172.1

 

68.0

Adjustments for:

 

 

 

 

 

 

Depreciation and amortisation

 

12, 13, 14

 

306.6

 

277.7

Impairment losses

 

12, 13, 14

 

4.4

 

43.9

Change in fair value of derivatives

 

 

 

(7.4)

 

(23.2)

Share-based payment expense

 

31

 

3.8

 

3.2

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

 

 

 

(0.8)

 

(0.2)

Loss on sale of subsidiary

 

26

 

12.1

 

Gain on pre-existing interest in former joint ventures

 

27

 

(48.8)

 

Share of loss/(profit) of joint ventures

 

28

 

1.6

 

(17.4)

Net finance expense

 

23

 

31.4

 

81.0

Interest paid

 

 

 

(40.6)

 

(39.0)

Payment of transaction and other costs relating to financing

 

22

 

 

(15.4)

Income tax expense

 

32

 

52.3

 

23.0

Income taxes paid, net of refunds received

 

 

 

(73.0)

 

(76.2)

 

 

 

 

413.7

 

325.4

Change in trade and other receivables

 

 

 

(4.0)

 

32.6

Change in inventories

 

 

 

(9.4)

 

(11.8)

Change in trade and other payables

 

 

 

62.5

 

26.9

Change in provisions and employee benefits

 

 

 

14.9

 

12.9

Change in other assets and liabilities

 

 

 

53.2

 

39.8

Net cash from operating activities

 

11

 

530.9

 

425.8

Cash flows from investing activities

 

 

 

 

 

 

Acquisition of business, net of cash acquired

 

26, 27

 

(63.6)

 

(2.5)

Sale of subsidiary, net of cash disposed of

 

26

 

3.1

 

Acquisition of property, plant and equipment and intangible assets

 

12, 14

 

(245.9)

 

(199.2)

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

 

 

 

1.1

 

0.7

Dividends received from joint ventures

 

28

 

 

22.7

Interest received

 

 

 

1.5

 

2.1

Net cash used in investing activities

 

 

 

(303.8)

 

(176.2)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from loans and borrowings

 

22

 

100.0

 

1,550.0

Repayment of loans and borrowings

 

22

 

(239.5)

 

(1,560.9)

Payment of lease liabilities

 

22

 

(26.7)

 

(16.1)

Purchase of treasury shares

 

24

 

(0.7)

 

(0.6)

Payment of dividends

 

24

 

(128.1)

 

(114.8)

Other

 

 

 

1.4

 

1.1

Net cash used in financing activities

 

 

 

(293.6)

 

(141.3)

Net (decrease)/increase in cash and cash equivalents

 

 

 

(66.5)

 

108.3

Cash and cash equivalents as of the beginning of the period

 

 

 

355.1

 

261.0

Effect of exchange rate fluctuations on cash and cash equivalents

 

 

 

15.9

 

(14.2)

Cash and cash equivalents as of the end of the period

 

17

 

304.5

 

355.1