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Consolidated statement of cash flows

for the year ended 31 December


Table_11 Consolidated Statement of Cash Flows

(€ in thousands) Notes 2016 2015
Operating result   8,894 600
       
Financial gains/(losses)   1,235 -2,364
Depreciation, amortisation and impairment 8 132,003 123,096
Equity-settled stock compensation expense 7 3,275 3,788
Change in provisions   9,649 -15,386
Change in working capital:      
Change in inventories   -5,817 2,468
Change in receivables and prepayments   14,183 -18,038
Change in current liabilities (excluding provisions)1   -5,301 29,115
CASH GENERATED FROM OPERATIONS   158,121 123,279
       
Interest received 30 185 504
Interest paid 30 -1,227 -958
Corporate income taxes (paid) 10 -12,762 -4,050
CASH FLOWS FROM OPERATING ACTIVITIES   144,317 118,775
       
Investments in intangible assets 12 -96,444 -86,154
Investments in property, plant and equipment 13 -21,141 -21,577
Acquisition of subsidiaries and other businesses 15 -2,331 -46,651
Dividend received 16 190 167
CASH FLOWS FROM INVESTING ACTIVITIES   -119,726 -154,215
       
Repayment of borrowings 27 -4,287 0
Change in utilisation of credit facility 27 -35,000 -5,000
Change in non-controlling interest   -98 -126
Dividends paid   -138 0
Proceeds on issue of ordinary shares 7 10,039 34,397
CASH FLOWS FROM FINANCING ACTIVITIES   -29,484 29,271
       
NET (DECREASE) IN CASH AND CASH EQUIVALENTS   -4,893 -6,169
Cash and cash equivalents at the beginning of period   147,565 152,949
Effect of exchange rate changes on cash balances held in foreign currencies   -145 785
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD   142,527 147,565
 
1. Includes movements in the non-current portion of deferred revenue presented under Non-current liabilities.

The Notes to the Company Financial Statements are an integral part of these company financial statements.