34. Cash Generated from Operations

in thousands of EUR

Notes

2015

2014

Result before tax

334,015

254,243

Adjusted for:

Depreciation and impairments

13

107,158

96,805

Amortization and impairments

14,15

45,822

40,173

Result from sale of property, plant and equipment

- 1,727

776

Result from sale of intangibles

171

- 1,264

Net financial result

10

19,148

34,366

Result from associates

9

- 4,620

- 2,696

Changes in working capital :

- Inventories

- 25,369

- 16,123

- Trade and other receivables

- 15,585

- 10,989

- Trade and other payables

4,069

35,447

Changes in provisions

- 1,073

46,577

Cash generated from operations

462,009

477,315

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

In 2014 the cash generated from operations benefited from an one-off change in provisions for long-term incentive plan in connection with the IPO.