4.4
4. Consolidated statement of cash flows

In thousands of euro

  Notes 2021 2020
Cash flows from operating activities
Profit for the period   69,974 64,829
Adjustments for:      
Depreciation, amortisation and (reversal of) impairments 7.5 20,950 24,928
Net finance cost 9.3 23,690 12,825
Share of profit from equity-accounted investees, net of tax 10.4 -2,747 -1,008
Equity-settled share-based payment transactions   619 351
Gain or loss on sale of property, plant and equipment 10.1 -18 -10
Gain or loss on divestment of intangible assets   20 -
Result on the sale of subsidiaries, non-consoldidated companies and other investments   -2,355 -
Tax expense 15.1 21,493 -1,914
    131,627 100,001
Change in:      
Inventories   -299,746 102,951
Trade and other receivables   -35,658 39,694
Trade and other payables   96,063 -20,828
Provisions, employee benefits and deferred revenue   5,862 5,825
Cash flows from operations   -101,853 227,643
Interest received   8,389 8,309
Interest paid   -16,802 -18,688
Taxes paid   -10,412 -10,796
Net cash from operating activities   -120,678 206,468


The figures following the various items refer to the notes
The explanatory notes form an integral part of the financial statements.

  Notes 2021 2020
Cash flows from investing activities
       
Dividends received from equity-accounted investees 10.4 886 -
Proceeds from sale of property, plant and equipment   1,492 76
Acquisition of property, plant and equipment 10.1 -11,187 -10,339
Acquisition of intangible assets 10.3 -1,111 -1,072
Acquisition of other financial fixed assets   -307 -413
Disposal of other financial fixed assets   3,678 876
Development expenditure 10.3 -170 -226
Free cash flow 1)   -127,396 195,369
Proceeds from sales of subsidiaries   3,338 -
Acquisition of subsidiairies, net of cash acquired   - -
Net cash from (used in) investing activities   -3,380 -11,098
Cash flows from financing activities
       
Proceeds from borrowings 9.1.1 105,149 197,736
Transaction costs related to borrowings 9.1.1 -7 -1,767
Repayment of borrowings 9.1.1 -122,405 -190,227
Payment of lease liabilities 9.1.3 -10,065 -10,149
Dividends paid   - -
Contingent liabilities paid   - -2,932
Net cash from (used in) financing activities   -27,327 -7,339
       
Net increase (decrease) in cash and bank overdrafts   -151,385 188,030
Cash and bank overdrafts at 1 January   154,330 -33,121
Effect of exchange rate fluctuations on cash and bank overdrafts held   -2,742 -579
Cash and bank overdrafts at 31 December   203 154,330

    2021 2020
Cash reconciliation
Cash and cash equivalents   48,469 173,376
Bank overdrafts   -48,266 -19,046
Cash and bank overdrafts in the cash flow statement   203 154,330


1) Free cash flow is defined as the balance of net cash from operating activities and 
net cash used in investment activities excluding acquisitions and disposals of subsidiaries.

The figures following the various items refer to the notes.
The explanatory notes form an integral part of the financial statements.