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Consolidated statement of cash flows
€ million Note 1 Jan.–31 Dec. 2017 1 Jan.–31 Dec. 2016
Cash flows from operating activities
Profit before tax 327.6 145.2
Adjustments
Depreciation according to plan 139.2 137.6
Finance income and costs -1.5 1.0
Other adjustments 2.8 -66.9 90.6
70.9 229.2
Change in working capital
Current non-interest-bearing receivables, increase (-)/decrease (+) -73.0 -43.8
Inventories, increase (-)/decrease (+) -9.2 5.1
Current non-interest-bearing liabilities, increase (+)/decrease (-) 29.2 -78.5
-53.0 -117.2
Interest paid and other finance costs -15.5 -17.0
Interest received 16.1 14.1
Dividends received 2.2 0.0
Income taxes paid -46.6 -84.1
Net cash flows from operating activities 301.7 170.2
Cash flows from investing activities
Payments for acquisition of subsidiary shares, net of cash acquired 3.2 -0.5 -427.5
Payments to acquire equity accounted investments 2.8 -1.6 -
Payments for property, plant, equipment and intangible assets 2.8 -319.9 -277.4
Proceeds from sale of business operations, net of cash disposed of 3.2 143.9 160.9
Proceeds from sale of property, plant, equipment and intangible assets 96.7 44.0
Proceeds from sale of available-for-sale financial assets 0.1 0.4
Non-current loan and receivables, increase (-)/decrease (+) -7.0 -1.5
Net cash flows from investing activities -88.3 -501.1
Cash flows from financing activities
Interest-bearing liabilities, increase (+)/decrease (-) 2.8 5.2 63.0
Repayments of finance lease liabilities 2.8 -5.4 -3.6
Interest-bearing receivables, increase (-)/decrease (+) 2.8 0.3 2.0
Dividends paid -203.8 -249.5
Equity increase - 12.6
Short-term money market investments, increase (-)/decrease (+) -36.4 364.5
Other items -2.9 6.5
Net cash flows from financing activities -242.9 195.6
Change in cash and cash equivalents and current available-for-sale financial assets -29.5 -135.3
Cash and cash equivalents and current available-for-sale financial assets as at 1 January 2.8 200.8 334.1
Currency translation difference adjustment and change in value -1.1 2.1
Cash and cash equivalents and current available-for-sale financial assets as at 31 December 2.8 170.2 200.8