Cash flow

Consolidated Statement of Cash Flows 31/12/2018 31/12/2017
Profit before tax 28.252 22.964
Adjustements for:
Depreciation, amortization and impairment

36.605

38.694
Provisions for employee benefits and other charges 1.102 561
Finance expenses 7.259 7.996
Other non-monetary items (1.048) 3.667
Net cash generated from operating activities before changes in working capital
72.170

73.882
Increase in inventory (1.378) (1.811)
Decrease/(Increase) in trade receivables (832) (8.699)
(Decrease)/Increase in trade payables 2.245 23.011
Decrease/(Increase) in other assets/liabilities (2.775) (1.351)
Payments of employee benefits (776) (623)
Interest paid (5.688) (6.477)
Income tax paid (8.340) (6.029)
Net cash generated from operating activities 54.626 71.903
Acquisition of subsidiary, net of cash acquired - (2.583)
Acquisition under common control, net of cash acquired - -
Purchase of property, plant and equipment (29.806) (35.394)
Purchase of intangible assets (2.784) (1.222)
Proceeds from sale of property, plant and equipment 1.005 1.699
Proceeds from sale of intangible assets 18 6
Investments in joint venture and associates (1.200) (777)
Increase in financial receivables (1.528) 1.575
Interest received 165 143
Net cash used in investing activities (34.130) (36.553)
Proceeds from long-term borrowings 15.360 67.433
Repayment of long-term borrowings (24.235) (52.257)
Increase/(decrease) in short-term borrowings (3.156) 1.811
Share capital increase - -
Dividends paid  (5.999) (5.305)
Net cash generated from financing activities (18.030) 11.682
Exchange gains/(losses) on cash and cash equivalents 1.431 2.605
Net increase in cash and cash equivalents 3.897 44.427
Cash and cash equivalents at the beginning of the year 89.594 45.167
Cash and cash equivalents at the end of the year 93.491 89.594




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