144 / 222
140
ANNUAL ACCOUNTS /
Consolidated accounts
Consolidated cash flow statement
(x €1,000)
Notes
2014
2013
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR
15,969
3,041
Operating activities
Net result of the period
-52,671
58,737
Adjustments for interest charges and income
45,896
61,002
Adjustments for gains and losses on disposals of property assets
22,441
-147
Adjustments for non-cash charges and income
38
138,453
35,273
Changes in working capital requirements
39
-5,037
-1,898
CASH FLOW RESULTING FROM OPERATING ACTIVITIES
149,082
152,967
Investment activities
Investments in intangible assets and other tangible assets
-107
-584
Acquisitions of investment properties
40
-73,022
-7,847
Extensions of investment properties
40
-38,392
-27,270
Investments in investment properties
40
-28,197
-19,916
Acquisitions of subsidiaries
4
-1,802
Disposals of investment properties
40
70,546
6,562
Disposals of assets held for sale
40
5,417
1,993
Disposals of consolidated subsidiaries
12
197,983
Payment of exit tax
151
-1,201
Finance lease receivables
82,724
1
-11,117
Other flows from investment activities
2,121
CASH FLOW RESULTING FROM INVESTMENT ACTIVITIES
217,422
-59,380
Financing activities
Disposals of own shares
-532
91,686
Dividends paid to shareholders
-73,386
-67,335
New minority interests
43
277
Coupons paid to minorities
43
-319
-273
Coupons paid to MCB-holders
43
-2,703
-2,727
Increase of financial debts
221,262
229,153
Decrease of financial debts
-407,470
-245,027
Financial income received
5,449
5,367
Financial charges paid
-51,347
-66,368
Other flows from financing activities
-56,310
2
-25,412
CASH FLOW RESULTING FROM FINANCING ACTIVITIES
-365,356
-80,659
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR
17,117
15,969
1
This amount mainly comprises the total cost of the restructuration of the interest rate hedging scheme. For more details, see the chapter “Management of Financial
Resources” of this Annual Financial Report.
2
This amount mainly comprises the amount received from the sale of the investment fees receivables of FPR Leuze.
Calculation of the debt ratio
(x €1,000)
2014
2013
Non-current financial debts
1,148,023
1,266,665
Other non-current financial liabilities (except for hedging instruments)
+
76
54
Current financial debts
+
473,500
455,509
Trade debts and other current debts
+
59,850
64,680
Total debt
=
1,681,448
1,786,908
Total assets
3,499,012
3,670,443
Hedging instruments
-
1,500
13,999
Total assets (except for hedging instruments)
/
3,497,513
3,656,444
DEBT RATIO
=
48.08%
48.87%