Cash Flow Statement

€m

Year

2014

2015

Earnings before taxes

5.5

29.7

Appreciation/depreciation on intangible assets, property, plant and equipment

29.1

25.2

Changes in provisions

-38.8

-43.1

Changes in inventories and other assets

105.5

17.4

Changes in payables and other liabilities

-66.5

-49.5

Other activities

8.4

5.0

Cash flows from operating activities

43.2

-15.3

Proceeds from disposal of intangible assets, property, plant and equipment

3.6

15.3

Payments for investment in intangible assets, property, plant and equipment

-18.4

-22.5

Proceeds from disposal of investments

0.5

0.5

Payments for investments

-1.8

-1.7

Investment subsidies received and
dividends received

1.6

-

Cash flows from investing activities

-14.5

-8.4

Free cash flow

28.7

-23.7

Proceeds from loans

-

0.6

Repayment of loans

-6.3

-

Changes in equity attr. to non-conrolling interests

-0.2

0.1

Cash flows from financing activities

-6.5

0.7

Change in funds

22.2

-23.0

Effect of changes in exchange rates

-

-1.7

Funds at beginning of period 

185.4

207.6

Funds at end of period 

207.6

186.3