Financial statements

Statement of cash flows

(Euros) 31/12/2017 31/12/2016
A) CASH FLOWS FROM OPERATING ACTIVITIES 11.273.654 54.907.064
1 - Profit/(loss) for the year before taxes 55.991.192 40.456.005
2 - Adjustments to profit or loss (-)1.769.642 24.203.715
a) Amortisation and depreciation (+) 25.942.003 23.280.049
b) Impairment charges (+/-) 310.965 274.497
c) Change in provisions (+/-) (-)629.726 463.295
e) Gains/(losses) on retirement or disposal of intangible assets and property, plant and equipment (+/-) 914.676 1.645.846
g) Financial income (-). (-)27.724.330 (-)1.208.171
i) Exchange differences (+/-). 113.565 237.727
j) Change in fair value of financial instruments (+/-). (-)659.527 (-)423.844
k) Other incomes and expenses (-/+). (-)37.628 (-)65.683
3 - Changes in working capital (-)40.824.641 (-)8.816.980
a) Inventories (+/-). (-)362.174 463.052
b) Trade and other receivables (+/-) (-)20.044.346 1.894.444
c) Other current assets (+/-) 174,094 (-)245.226
d) Trade and other payables (+/-) (-)20.751.875 (-)10.999.324
e) Other current liabilities (+/-) 159.660 2.768.183
f) Other non-current assets and liabilities (+/-) 0 (-)2.698.110
4 - Other cash flows from operating activities (-)2.123.255 (-)935.676
c) Interest received (+). 878.216 1.608.316
d) Receipts/(payments) for corporate income tax (+/-) (-)2.984.123 (-)2.609.675
e) Other payments/(receipts) (+/-) (-)17.348 65.683
5 - Cash flows from operating activities (+/- 1+/- 2+/- 3+/- 4) 11.273.654 54.907.064
B) CASH FLOWS FROM INVESTING ACTIVITIES 24.077.566 (-)35.725.758
6 - Payments for investments (-) (-)144.675.388 (-)217.465.291
a) Subsidiaries and associates. (-)35.971.447 (-)50.509.670
b) Intangible assets. (-)2.149.151 (-)3.192.798
c) Property, plant and equipment (-)17.884.385 (-)20.402.194
e) Other financial assets (-)88.670.405 (-)143.360.628
g) Other assets. 0 0
7 - Receipts from divestments (+) 168.752.953 181.739.533
a) Subsidiaries and associates. 23.163.590 58.976.988
c) Property, plant and equipment 25.685 23.029
e) Other financial assets 145.563.678 122.739.516
8 - Cash flows from investing activities (7-6) 24.077.566 (-)35.725.758
C) CASH FLOWS FROM FINANCING ACTIVITIES (-)25.856.774 (-)32.300.000
11 - Payments of dividends and returns on other equity instruments (-)25.856.774 (-)32.300.000
a) Dividends (-) (-)25.856.774 (-)32.300.000
12 - Cash flows from financing activities ( +/- 9 +/- 10 - 11) (-)25.856.774 (-)32.300.000
D) EFFECT OF EXCHANGE RATE CHANGES (and decimals) (-)113.565 (-)237.727
E) NET INCREASE/(DECREASE) IN CASH AND EQUIVALENTS (+/-A +/-B +/-C +/-D) 9.380.881 (-)13.356.420
Cash and cash equivalents at start of financial year 6.366.874 19.723.295
Cash and cash equivalents at end of financial year 15.747.755 6.366.874