158 / 236
CONSOLIDATED STATEMENT OF CASH FLOWS
(x 1,000 EUR)
Notes
2015
2014
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR
17,117
15,969
Operating activities
Net result for the period
103,967
-52,671
Adjustments for interest charges and income
37,304
45,896
Adjustments for gains and losses on disposal of property assets
-22,424
22,441
Adjustments for non-cash charges and income
38
40,560
138,453
Changes in working capital requirements
39
10,579
-5,037
CASH FLOWRESULTING FROM OPERATING ACTIVITIES
169,985
149,082
Investment activities
Investments in intangible assets and other tangible assets
-297
-107
Acquisitions of investment properties
40
-21,361
-73,022
Extensions of investment properties
40
-32,524
-38,392
Investments in investment properties
40
-23,527
-28,197
Acquisitions of subsidiaries
4
-13,863
-1,802
Disposals of investment properties
40
18,276
70,546
Disposals of assets held for sale
40
268
5,417
Disposals of consolidated subsidiaries
12
139,799
197,983
Payment of exit tax
-626
151
Finance lease receivables
3,627
82,724
Other cash flows from investment activities
18,127
2,121
CASH FLOW RESULTING FROM INVESTMENT ACTIVITIES
87,899
217,422
Financing activities
Acquisitions/disposals of own shares
399
-532
Dividends paid to shareholders
-99,882
-73,386
Capital increase
281,056
Coupons paid to minority shareholders
43
-744
-319
Coupons paid to mandatory convertible bond (MCB)-holders
43
-2,904
-2,703
Increase of financial debts
360,316
221,262
Decrease of financial debts
-722,068
-407,470
Financial income received
5,658
5,449
Financial charges paid
-42,650
-51,347
Other cash flows from financing activities
-32,142
1
-56,310
1
CASH FLOW RESULTING FROM FINANCING ACTIVITIES
-252,961
-365,356
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR
22,040
17,117
1
This amount mainly comprises the total cost of the restructuring of the interest rate hedging scheme. For more details, see the “Management of Financial Resources” chapter of
this Annual Financial Report.
Calculation of debt ratio
(x 1,000 EUR)
2015
2014
Non-current financial debts
809,313
1,148,023
Other non-current financial liabilities (except for hedging instruments)
+
97
76
Current financial debts
+
445,676
473,500
Trade debts and other current debts
+
62,865
59,850
Total debt
=
1,317,951
1,681,448
Total assets
3,412,480
3,499,012
Hedging instruments
-
34
1,500
Total assets (except hedging instruments)
/
3,412,446 3,497,513
DEBT RATIO
=
38.62%
48.08%
154
ANNUAL ACCOUNTS /
Consolidated accounts