Annual Report 2017

34. Cash Generated from Operations

in thousands of EUR

Notes

2017

2016

Result before tax

350,022

347,728

Adjusted for:

Depreciation and impairments

13

117,055

110,069

Amortization and impairments

14,15

92,606

53,323

Share-based payments expense

8

11,273

15,303

Result from sale of property, plant and equipment

223

2,541

Result from sale of intangibles

- 990

292

Net financial result

10

14,705

10,414

Share of result of Associates and Joint Ventures

9

- 1,932

- 3,851

Result from sale and valuation of investments in buildings

-

575

Fair value gain on remeasurement of Associate

- 37,949

-

Changes in working capital:

- Inventories

- 51,534

- 31,232

- Trade and other receivables

- 40,892

- 25,751

- Trade and other payables

5,426

52,731

Changes in provisions

2,518

1,435

Cash generated from operations

460,531

533,577

Changes in working capital and provisions exclude exchange differences and the effect of acquisitions.