Cash flow

Consolidated Statement of Cash Flows 31/12/2019 31/12/2018
Profit before tax 24.409 28.252
Adjustements for:
Depreciation, amortization and impairment
47.426
36.605
Provisions for employee benefits and other charges 630 1.102
Finance expenses 8.709 7.259
Other non-monetary items 276 (1.048)
Net cash generated from operating activities before changes in working capital
81.450
72.170
Increase in inventory (19.554) (1.378)
Decrease/(Increase) in trade receivables 7.996 (832)
(Decrease)/Increase in trade payables 8.644 2.245
Decrease/(Increase) in other assets/liabilities (1.363) (2.775)
Payments of employee benefits (410) (776)
Interest paid (6.325) (5.688)
Income tax paid (8.513) (8.340)
Net cash generated from operating activities 61.925 54.626
Acquisition of subsidiary, net of cash acquired (43.132) -
Acquisition under common control, net of cash acquired - -
Purchase of property, plant and equipment (31.041) (29.806)
Purchase of intangible assets (5.348) (2.784)
Proceeds from sale of property, plant and equipment 864 1.005
Proceeds from sale of intangible assets 17 18
Investments in joint venture and associates (1.500) (1.200)
Increase in financial receivables 3.499 (1.528)
Interest received 147 165
Net cash used in investing activities (76.494) (34.130)
Proceeds from long-term borrowings 66.175 15.360
Repayment of long-term borrowings (45.628) (24.235)
Increase/(decrease) in short-term borrowings 11.110 (3.156)
Share capital increase (10.086) -
Dividends paid  (6.657) (5.999)
Net cash generated from financing activities 14.914 (18.030)
Exchange gains/(losses) on cash and cash equivalents 1.010 1.431
Net increase in cash and cash equivalents 1.355 3.897
Cash and cash equivalents at the beginning of the year 93.491 89.594
Cash and cash equivalents at the end of the year 94.846 93.491




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