Cash flow statements

     

Group

2014

Group

2013

Parent company

2014

Parent company

2013

EUR 1,000

 
         

Cash flows from operating activities

       

Profit/loss before non-recurring items

90,335

75,868

2,731

4,652

Adjustments:

       
 

Depreciation according to plan and impairment

52,282

53,700

676

691

 

Other income and expenses not including payments

-3,204

-576

   
 

Financial income and expenses

46,333

40,303

-4,136

-5,303

 

Other adjustments

-9,885

-8,739

5

-1,017

Cash flow from operating activities before change in working capital

175,862

160,556

-723

-978

Change in working capital:

       
 

Change in sales receivables and other receivables

1,409

1,180

-22,255

-14,787

 

Change in inventories

10,089

-632

   
 

Change in accounts payable and other liabilities

-4,331

-1,539

-135

328

 

Change in developer’s liability for debts

-6,595

-1,151

   

Cash flows from operating activities before financial items, provisions and taxes

176,434

158,413

-23,114

-15,436

         
 

Interest paid and payments on other operational financial costs

-44,016

-46,754

-2,756

-1,371

 

Financial income from operating activities

1,011

2,294

799

551

 

Direct taxes paid

-18,391

-15,483

-5,000

-4,042

Cash flows from operating activities (A)

115,037

98,470

-30,071

-20,298

         

Cash flows from investing activities

       
 

Investments in tangible and intangible assets

-155,521

-148,527

-222

-295

 

Contributions received for investments

340

1,627

   
 

Capital gains from the disposal of tangible and intangible assets

11,586

10,077

 

144

 

Other investments

-460

-212

   
 

Capital gains on other investments

46

892

   
 

Long-term loans granted

 

-23

 

-99,423

 

Repayments on long-term loan receivables

40

43

 

23

 

Repayments on short-term loan receivables

     

2,298

 

Subsidiary shares acquired *)

-44,330

-60,673

-988

 
 

Subsidiary shares divested *)

5,816

5,745

4,230

3,042

 

Participating interests acquired

-396

-410

   
 

Participating interests divested

590

102

589

 
 

Interest and dividends received on investments

1,005

650

6,204

3,986

Cash flows from investing activities (B)

-181,284

-190,709

9,813

-90,226

             

Cash flows from financing activities

       
 

Withdrawals of long-term loans

111,944

181,977

 

100,000

 

Repayments on long-term loans

-60,957

-58,800

-429

-7,754

 

Change in short-term loans

17,440

5,849

17,443

5,848

 

Acquired financial securities

-17,810

-75,599

-6

-4,075

 

Capital gains from financial securities

11,637

66,937

7

14,453

 

Dividends paid

-16,286

-14,805

-16,286

-14,805

 

Group contributions received

   

16,677

13,900

Cash flows from financing activities (C)

45,968

105,559

17,406

107,567

         

Change in cash and cash equivalents (A+B+C)

-20,279

13,319

-2,851

-2,957

         

Cash and cash equivalents at beginning of period

142,283

128,963

3,784

6,741

Cash and cash equivalents at end of period

122,004

142,283

932

3,784

             
             

 

*) Shares acquired and divested less cash and cash equivalents on acquisition date.
Cash and cash equivalents include bank accounts, liquid deposit notes and certificates of deposit.