Chapters
Annual Report 2018

Cash flows

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

Cash flow components

in millions of EUR

2018

2017

Net cash from operating activities

448

341

Net cash used in investing activities

- 239

- 308

Net cash used in financing activities

- 139

- 53

Inflow/(outflow) in cash and cash equivalents

70

- 20

Cash and cash equivalents at beginning of year

12

38

Inflow/(outflow) in cash and cash equivalents

70

- 20

Exchange gains/(losses) on cash and cash equivalents

- 10

- 5

Cash and cash equivalents at end of period

72

12

Net cash from operating activities increased by €107 million to €448 million in 2018 in comparison with €341 million in 2017. The increase was driven by higher EBITDA and improvements in working capital due to lower levels of inventories and receivables than in previous year. Net cash used in investing activities significantly decreased from €308 million in 2017 to €239 million in 2018. This decrease was the result of a significantly lower level of acquisitions despite the higher capital expenditure from investing in store network optimization reflecting the improvement of existing stores through renovations, refurbishments and rebranding. Net cash used in financing activities is an outflow of €139 million in 2018, compared to an outflow of €53 million in 2017.

Net debt decreased in 2018 driven by the lower level of acquisitions in 2018 combined with a higher operating cash flow compared to the previous year. Dividends paid in 2018 were €7 million higher than in 2017.