CONSOLIDATED CASH FLOW STATEMENTS
66
CONSOLIDATED
CASH FLOW STATEMENTS
Produced in the twleve-month periods ending 31 december 2015 (Thousands of euros)
Note
31/12/2015
31/12/2014
1. OPERATING ACTIVITIES
Consolidated profit (loss) before tax:
10,320
(26,338)
Adjustments:
Depreciation of tangible and amortisation of intangible assets (+)
7 and 8
106,159
98,516
Impairment losses (net) (+/-)
6, 7 and 8
(30,859)
(12,810)
Allocations for provisions (net) (+/-)
17
(19,014)
(14,721)
Gains/Losses on the sale of tangible and intangible assets (+/-)
843
1,005
Gains/Losses on investments valued using the equity method (+/-)
10
663
1,341
Financial income (-)
24.2
(5,154)
(7,368)
Financial expenses and variation in fair value of financial instruments (+)
24.2 and 24.6
69,020
66,813
Net exchange differences (Income/(Expense))
(2,135)
(38)
Profit (loss) on disposal of financial investments
(4,828)
(17,278)
Other non-monetary items (+/-)
1,141
4,108
Adjusted profit (loss)
126,156
93,230
Net variation in assets / liabilities:
(Increase)/Decrease in inventories
(801)
361
(Increase)/Decrease in trade debtors and other accounts receivable
(17,937)
(41,500)
(Increase)/Decrease in other current assets
6,353
(8,897)
Increase/(Decrease) in trade payables
10,352
3,674
Increase/(Decrease) in other current liabilities
(17,809)
(3,847)
Increase/(Decrease) in provisions for contingencies and expenses
(470)
(7,158)
Increase/(Decrease) in other non-current assets and liabilities
(5,839)
-
Income tax paid
(9,707)
(3,750)
Total net cash flow from operating activities (I)
90,298
32,113
2. INVESTMENT ACTIVITIES
Finance income
4,806
7,289
Investments (-):
-
Group companies, joint ventures and associates
(273)
-
Tangible and intangible assets and investments in property
(176,083)
(109,892)
Non-current assets classified as held for sale
-
(4,256)
Non-current financial investments
(77,725)
(370)
(254,081)
(114,518)
Disinvestment (+):
Group companies, joint ventures and associates
19,643
58,278
Tangible and intangible assets and investments in property
12,804
6,449
Non-current financial investments
-
4,247
32,447
68,974
Total net cash flow from investment activities (II)
(216,828)
(38,255)
3. FINANCING ACTIVITIES
Dividends paid out (-)
-
-
Interest paid on debts (-)
(56,750)
(59,952)
Variations in (+/-):
- Treasury shares
1,244
(692)
Debt instruments:
- Loans from credit institutions (+)
177,111
10,000
- Loans from credit institutions (-)
(125,617)
(37,227)
- Finance leases
(275)
-
- Other financial liabilities (+/-)
(2,509)
(15,911)
Total net cash flow from financing activities (III)
(6,796)
(103,782)
4. GROSS INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (I+II+III)
(133,326)
(109,924)
5. Effect of exchange rate variations on cash and cash equivalents (IV)
3,064
(254)
6. Effect of variations in the scope of consolidation (V)
7,858
176,412
7. NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (I+II+III-IV+VI)
(122,404)
66,234
8. Cash and cash equivalents at the start of the financial year
200,103
133,869
9. Cash and cash equivalents at the end of the financial year (7+8)
77,699
200,103
