Cash flows

The following table presents the primary components of GrandVision’s cash flows.

Cash flow components

in millions of EUR

2016

2015

Net cash from operating activities

431

382

Net cash used in investing activities

- 169

- 277

Net cash used in financing activities

- 140

- 237

Inflow/(outflow) in cash and cash equivalents

121

- 132

Cash and cash equivalents at beginning of year

- 82

54

Inflow/(outflow) in cash and cash equivalents

121

- 132

Exchange gains/(losses) on cash and cash equivalents

- 1

- 4

Cash and cash equivalents at end of period

38

- 82

Net cash from operating activities increased by €49 million to €431 million in 2016 in comparison with €382 million in 2015. The improvement is primarily a result of the increase in EBITDA in 2016 as well as improvements in working capital movements compared to the previous year. While inventories and receivables showed similar movements as in 2015, the movement in payables was more positive than in 2015.

Net cash used in investing activities decreased from €277 million in 2015 to €169 million in 2016. The decrease primarily resulted from the lower number of acquisitions in 2016, while capital expenditure increased by €14 million in line with revenue.

Net cash used in financing activities is an outflow of €140 million in 2016, compared to an outflow of €237 million in 2015. This reduction is mainly driven by a higher operating cash flow and less investing activities leading to repayments of borrowings. In 2015, net cash used in financing activities also included an outflow of €50 million related to the first time purchase of treasury shares, which did not re-occur at that scale in 2016.