Consolidated Cash Flow Statement

in thousands of EUR

Notes

2016

2015

Cash flows from operating activities

Cash generated from operations

34

533,577

462,009

Tax paid

- 103,016

- 80,094

Net cash from operating activities

430,561

381,915

Cash flows from investing activities

Acquisition of subsidiaries, net of cash acquired

6

- 12,729

- 138,079

Purchase of property, plant and equipment

13

- 139,978

- 131,750

Proceeds from sales of property, plant and equipment

4,765

6,871

Purchase of intangible assets

15

- 35,935

- 30,057

Proceeds from sales of intangible assets

1,801

249

Investments in Associates and Joint Ventures

18

- 336

-

Proceeds from sales of investments in buildings

490

-

Other non-current receivables

- 905

5,699

Dividends received

18

8,215

4,261

Interest received

5,417

5,428

Net cash used in investing activities

- 169,195

- 277,378

Cash flows from financing activities

Purchase of treasury shares

22

- 2,411

- 51,074

Proceeds from borrowings

505,344

424,703

Repayments of borrowings

- 578,690

- 542,877

Interest swap payments

- 2,993

- 2,762

Acquisition of non-controlling interest

-

- 1,440

Dividends paid to non-controlling interests

25

- 10,932

- 10,873

Dividends paid to shareholders

24

- 35,327

- 35,327

Interest paid

- 15,398

- 17,040

Net cash generated used in financing activities

- 140,407

- 236,690

Increase / (decrease) in cash and cash equivalents

120,959

- 132,153

Movement in cash and cash equivalents

Cash and cash equivalents at beginning of the year

- 81,806

54,405

Increase / (decrease) in cash and cash equivalents

120,959

- 132,153

Exchange gains/ (losses) on cash and cash equivalents

- 1,448

- 4,058

Cash and cash equivalents at end of year

21

37,705

- 81,806

The accompanying notes are an integral part of these consolidated financial statements.