Consolidated statement of cash flows

for the year ended 31 December

Excel

(€ in thousands)

Notes

2014

2013

Operating result

21,114

25,546

Financial (losses)

–1,956

–7,757

Depreciation and amortisation

8

114,711

117,419

Equity-settled stock compensation expense

7

4,126

4,440

Change in provisions

–3,702

–5,285

Change in working capital:

Change in inventories

–3,549

3,753

Change in receivables and prepayments

–11,592

33,059

Change in current liabilities (excluding provisions)1

15,568

16,861

CASH GENERATED FROM OPERATIONS

134,720

188,036

Interest received

30

1,467

1,139

Interest paid

30

–3,817

–2,863

Corporate income taxes (paid) / received

–13,741

73,196

CASH FLOWS FROM OPERATING ACTIVITIES

118,629

259,508

Investments in intangible assets

12

–72,700

–68,414

Investments in property, plant and equipment

13

–16,564

–16,184

Acquisitions of subsidiaries and other businesses

15

–17,280

–6,942

Dividend received

16

58

1,036

CASH FLOWS FROM INVESTING ACTIVITIES

–106,486

–90,504

Repayment of borrowings

27

–175,000

–75,000

Amount utilised from credit facility

27

50,000

0

Dividends paid

–177

–377

Proceeds on issue of ordinary shares

7

6,794

1,508

CASH FLOWS FROM FINANCING ACTIVITIES

–118,383

–73,869

NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS

–106,240

95,135

Cash and cash equivalents at the beginning of period

257,785

164,459

Effect of exchange rate changes on cash balances held in foreign currencies

1,404

–1,809

CASH AND CASH EQUIVALENTS AT THE END OF PERIOD

152,949

257,785

  1. Includes movements in the non-current portion of deferred revenue presented under Non-current liabilities.

The Notes to the Consolidated Financial Statements are an integral part of these consolidated financial statements.