Statement of cash flows

(k)  20152014
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)