8.4
Consolidated statement of cash flows
(in thousands of euro)
| Notes | 2019 | 2018 | |
| Cash flows from operating activities | |||
| Profit for the period | 2,804 | 20,271 | |
| Adjustments for: | |||
| - Depreciation, amortisation and (reversal of) impairments | 6.10.1 | 27,599 | 12,372 |
| - Loss on divestment of intangible assets (US business) | 2,290 | - | |
| - Loss on divestments of property, plant and equipment (US business) | 543 | - | |
| - Net finance cost | 6.9.3 | 9,262 | 7,573 |
| - Income from equity-accounted investees, net of tax | 6.10.4 | -424 | -10,513 |
| - Equity-settled share-based payment transactions | 40 | -566 | |
| - Gain on sale of property, plant and equipment | 6.10.1 | -351 | -26 |
| - Gain on the sale of trademarks (Canada) | -14,341 | - | |
| - Loss on the sale of subsidiaries | 1,506 | - | |
| - Recycling of currency translation adjustment on sale of subsidiaries | 7,888 | - | |
| - Tax expense | 6.15.1 | -8,256 | 15,621 |
| 28,560 | 44,733 | ||
| Change in: | |||
| - Inventories | -44,761 | -9,043 | |
| - Trade and other receivables | -22,809 | -1,940 | |
| - Trade and other payables | -1,779 | 30,370 | |
| - Provisions, employee benefits and deferred revenue | -1,166 | 2,816 | |
| Cash flows from operations | -41,955 | 66,936 | |
| Interest received 1 | 3,125 | 1,703 | |
| Interest paid | -10,618 | -7,954 | |
| Taxes paid | -13,197 | -16,253 | |
| Cash from operating activities | -62,645 | 44,432 | |
| of which is attributable to discontinued operations | -23,322 | -5,703 | |
| 1) As of 2019 the interest received is presented as a cash flow from operating activities instead of investing activities (2018 amount has also been restated) | |||
The figures following the various items refer to the notes. The explanatory notes form an integral part of the financial statements.
| Notes | 2019 | 2018 | |
| Cash flow from investing activities | |||
| Dividends received from equity-accounted investees | 6.10.4 | 343 | 174 |
| Proceeds from sale of property, plant and equipment | 2,046 | 155 | |
| Acquisition of property, plant and equipment | 6.10.1 | -9,301 | -6,257 |
| Acquisition of intangible assets | 6.10.3 | -4,234 | -3,034 |
| Proceeds from sale of intangible assets | - | 87 | |
| Proceeds from the sale of trademarks (Canada) | 14,341 | - | |
| Acquisition of other financial fixed assets | -1,949 | -666 | |
| Disposal of other financial fixed assets | 542 | - | |
| Development expenditure | 6.10.3 | -759 | -1,295 |
| Free cash flows 1) | -61,616 | 33,596 | |
| Proceeds from sales of subsidiaries | 360 | - | |
| Acquisition of subsidiairies, net of cash acquired | - | -17,648 | |
| Net cash from (used in) investing activities | 1,389 | -28,484 | |
| of which is attributable to discontinued operations | 2,965 | -3,426 | |
| Cash flow from financing activities | |||
| Proceeds from interest-bearing loans | 6.9.1.1 | - | - |
| Transaction costs related to loans and borrowings | 6.9.1.1 | -175 | -192 |
| Repayment of term loan and other loans | 6.9.1.1 | -25,201 | -308 |
| Payment of lease liabilities | 6.9.1.3 | -10,401 | - |
| Dividends paid | -8,532 | -7,371 | |
| Contingent consideration paid | -2,443 | - | |
| Proceeds from revolving credit facility | 6.9.1.1 | 134,090 | 93,629 |
| Repayment of revolving credit facility | 6.9.1.1 | -55,000 | -85,469 |
| Net cash from (used in) financing activities | 32,337 | 289 | |
| of which is attributable to discontinued operations | -954 | -4,072 | |
| Net increase (decrease) in cash and bank overdrafts | -28,919 | 16,237 | |
| Cash and bank overdrafts at 1 January | -2,177 | -20,507 | |
| Effect of exchange rate fluctuations on cash and bank overdrafts held | -2,025 | 2,093 | |
| Cash and bank overdrafts at 31 December | -33,121 | -2,177 | |
| 1) Free cash flows is defined as the balance of net cash from operating activities and net cash used in investment activities excluding acquisitions and disposals of subsidiaries. | |||
Cash reconciliation
| 2019 | 2018 | ||
| € x 1,000 | € x 1,000 | ||
| Cash and cash equivalents | 11,482 | 26,708 | |
| Bank overdrafts | -44,603 | -28,885 | |
| Cash and bank overdrafts in the cash flow statement | -33,121 | -2,177 | |
The figures following the various items refer to the notes. The explanatory notes form an integral part of the financial statements.