Consolidated Cash Flow Statement

in thousands of EUR

Notes

2015

2014

Cash flows from operating activities

Cash generated from operations

34

462,009

477,315

Tax paid

- 80,094

- 96,978

Net cash from operating activities

381,915

380,337

Cash flows from investing activities

Acquisition of subsidiaries, net of cash acquired

6

- 138,079

- 233,169

Investment in associates and assets held for trading

-

- 1,269

Purchase of property, plant and equipment

13

- 131,750

- 131,868

Proceeds from sales of property, plant and equipment

6,871

3,993

Purchase of intangible assets

15

- 30,057

- 26,442

Proceeds from sales of intangible assets

249

2,727

Other non-current receivables

5,699

3,660

Dividends received

18

4,261

3,305

Interest received

5,428

5,319

Net cash used in investing activities

- 277,378

- 373,744

Cash flows from financing activities

Purchase of treasury shares

22

- 51,074

-

Proceeds from borrowings

424,703

999,051

Repayment of shareholder loan

-

- 325,000

Repayments of other borrowings

- 542,877

- 602,328

Interest swap payments

- 2,762

- 4,437

Acquisition of non-controlling interest

- 1,440

-

Dividends paid to non-controlling interests

25

- 10,873

- 9,914

Dividends paid to shareholders

24

- 35,327

-

Interest paid

- 17,040

- 28,231

Net cash generated from/ (used in) financing activities

- 236,690

29,141

Increase / (decrease) in cash and cash equivalents

- 132,153

35,734

Movement in cash and cash equivalents

Cash and cash equivalents at beginning of the year

54,405

22,161

Increase / (decrease) in cash and cash equivalents

- 132,153

35,734

Exchange gains/ (losses) on cash and cash equivalents

- 4,058

- 3,490

Cash and cash equivalents at end of year

21

- 81,806

54,405

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