Consolidated cash flow statement (IFRS)

EUR million Note 1 Jan–31 Dec 2015 Adjusted
1 Jan–31 Dec 2014
Cash flows from operating activities (including discontinued operations)


Profit before taxes
16.7 21.6
Adjustments 35


Depreciation and impairment
38.4 44.7

Share of the profit of associates and joint ventures
-1.4 -0.5

Finance income and costs 12 20.6 37.9

Other adjustments
29.2 -22.9
Cash flows before change in working capital
103.4 80.8





Change in working capital



Increase (-)/decrease(+) in trade and other receivables
19.7 13.0

Increase (-)/decrease(+) in inventories
79.6 -51.6

Increase (+)/decrease(-) in current liabilities
-57.8 -54.2
Cash flows from operations before financial items and taxes
144.8 -12.0





Interest paid
-29.8 -29.2
Other finance costs paid
-6.2 -6.9
Dividends received
0.5 0.6
Interest received
1.3 0.7
Other finance income received
0.0 0.1
Income tax paid
-4.1 -1.7
Cash flow from operating activities
106.6 -48.4





Cash flows from investing activities (including discontinued operations)



Purchases of property, plant and equipment
-9.2 -23.7

Proceeds from sale of property, plant and equipment
7.4 15.3

Purchases of intangible assets
-1.2 -3.7

Proceeds from sale of intangible assets
1.0 0.2

Investments in other assets

-93.8

Proceeds from sale of other investments available-for-sale
26.2 100.0

Acquired subsidiary shares less cash and cash equivalents at time of purchase
-1.6 -2.8

Disposed subsidiary shares less cash and cash equivalents at time of sale
1.1 58.6

Disposed shares in associates and joint ventures
3.9 0.4
Cash flow from investing activities
27.7 50.5





Cash flows from financing activities (including discontinued operations)



Increase (-)/decrease(+) of long-term loan receivables
0.1 -0.6

Rights offering

29.3

Transaction cost from rights offering

-2.0

Proceeds from short-term borrowings
112.7 199.7

Repayments of short-term borrowings
-182.7 -310.0

Proceeds from long-term borrowings
0.0 300.6

Repayments of long-term borrowings
-4.9 -217.7

Increase(+)/decrease(-) of hybrid bonds
-27.1 69.3

Repayments of finance lease liabilities
-13.2 -12.0

Dividends paid

-0.1
Cash flow from financing activities
-115.0 56.4





Increase (-)/decrease(+) in cash and cash equivalents
19.4 58.5
Cash and cash equivalents at beginning of financial year
109.1 51.1
Translation difference of cash and cash equivalents
-0.5 -0.5
Cash and cash equivalents at the end of financial year 25 127.9 109.1