Cash flows

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

Cash flow components

in millions of EUR

2015

2014

Net cash from operating activities

382

380

Net cash used in investing activities

- 277

- 374

Net cash used in financing activities

- 237

29

Inflow/(outflow) in cash and cash equivalents

- 132

36

Cash and cash equivalents at beginning of year

54

22

Inflow/(outflow) in cash and cash equivalents

- 132

36

Exchange gains/(losses) on cash and cash equivalents

- 4

- 3

Cash and cash equivalents at end of period

- 82

54

Net cash from operating activities increased by €2 million to an inflow of €382 million in 2015 in comparison with an inflow of €380 million in 2014. The movement is primarily a result of the increase in adjusted EBITDA in 2015 offset by positive one-offs in 2014 relating to a change in provisions for long-term incentive plans in connection with the IPO, as well improvements in working capital positions, which did not re-occur in 2015.

Net cash used in investing activities decreased from €374 million in 2014 to €277 million in 2015. The movement is resulting from the lower number of acquisitions, while capital expenditure remained constant.

Net cash used in financing activities is an outflow of €237 million in 2015 driven by repayments of borrowings and the purchase of treasury shares. In 2014, net cash used in financing acitivities was an inflow of €29 million as additional borrowings were needed to finance the acquisitions during the year.