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| (€k) | 2015 | 2014 |
|---|---|---|
| Opening net cash and cash equivalents | 142,814 | 129,579 |
| Pre-tax profit and net financial expense for the year | 150,921 | 121,616 |
| Amortisation, depreciation and impairment losses on non-current assets, net of reversals | 224,322 | 197,599 |
| Adjustment and (gains)/losses on disposal of financial assets | 1,003 | (2,977) |
| (Gain)/losses on disposal of non-current assets | (4,788) | (3,373) |
| Other non-cash items | (103) | (1,142) |
| Change in working capital | 11,200 | (4,410) |
| Net change in non-current non-financial assets and liabilities | 1,868 | (30,840) |
| Cash flow from operating activities | 384,423 | 276,473 |
| Taxes paid | (51,559) | (36,525) |
| Interest paid | (35,707) | (30,836) |
| Net cash flow from operating activities | 297,157 | 209,112 |
| Acquisition of property, plant and equipment and intangible assets | (227,339) | (179,529) |
| Proceeds from sale of non-current assets | 8,347 | 3,585 |
| Acquisition of consolidated equity investments | (850) | (1,335) |
| Disposal of US Retail division | 23,357 | 18,608 |
| Net change in non-current financial assets | 3,195 | 11 |
| Net cash flow used in investing activities | (193,290) | (158,661) |
| Issue of new non-current loans | 274,992 | - |
| Repayments of non-current loans | (336,136) | (42,432) |
| Repayments of current loans, net of new loans | (68,669) | 12,227 |
| Excercise of stock options | 2,105 | 523 |
| Other cash flows * | (11,476) | (14,029) |
| Net cash flow used in financing activities | (139,184) | (43,711) |
| Cash flow for the period | (35,317) | 6,741 |
| Effect of exchange on net cash and cash equivalents | 1,348 | 6,494 |
| Closing net cash and cash equivalents | 108,845 | 142,814 |
*Includes dividend paid to minority shareholders in subsidiaries
Reconciliation of net cash and cash equivalents
| (€k) | ||
|---|---|---|
| Opening – net cash and cash equivalents - balance as of 1st January 2015 and as of 1st January 2014 | 142,814 | 129,579 |
| Cash and cash equivalents | 183,241 | 171,516 |
| Current account overdrafts | (40,426) | (41,937) |
| Closing – net cash and cash equivalents - balance as of 30 June 2015 and as of 30 June 2014 | 108,845 | 142,814 |
| Cash and cash equivalents | 161,834 | 183,241 |
| Current account overdrafts | (52,989) | (40,426) |