Chapters
Annual Report 2018

30. Cash Generated from Operations

in thousands of EUR

Notes

2018

2017

Result before tax

318,968

350,022

Adjusted for:

Depreciation and impairments

11

124,195

117,055

Amortization and impairments

12, 13

101,611

92,606

Share-based payments expense

7

3,770

11,273

Result from sale of property, plant and equipment

- 360

223

Result from sale of intangibles

253

- 990

Net financial result

8

18,356

14,705

Share of result of Associates and Joint Ventures

14

702

- 1,932

Fair value gain on remeasurement of Associate

-

- 37,949

Reassessment of the contingent consideration

- 1,660

-

Changes in working capital:

- Inventories

14,284

- 51,534

- Trade and other receivables

18,244

- 40,892

- Trade and other payables and contract liabilities

- 16,738

5,426

Changes in provisions

3,686

2,518

Cash generated from operations

585,311

460,531

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