Cash flow

Millions of Euro201620152014201320122011201020092008
EBITDA 372.1 357.1 294.4 328.8 320.2 325.8 295.3 261.0 214.7
Write-downs of goodwill, trademarks and disposed assets   - 16.2 23.7 - - - - - -
Other changes in non-cash items  22.6 (14.8) 24.9 7.5 11.4 5.0 9.4 (1.2) (10.8)
Changes in non-financial assets and liabilities  17.3 10.4 20.3 (4.0) 3.4 (0.3) 5.5 8.2 6.6
Income taxes paid (46.6) (54.0) (53.0) (75.8) (88.2) (68.0) (50.0) (43.0) (38.2)
Cash flow from operating activities before changes in OWC 365.5 314.9 290.2  256.6 246.9 262.5 260.2 224.9 172.4
Net change in OWC (at constant FX and perimeter) 29.9 (9.6) (6.9) (36.0) (22.5) (60.1) (29.6) 46.5 (0.9)
Cash flow from operating activities 395.4 305.3 (283.3)  220.6 224.3 202.5 230.6 271.4 171.5
Net interest paid (96.2) (56.3) (57.5) (55.9) (52.7) (41.6) (38.9) (32.3) (15.9)
Capex (56.1) (49.1) (47.9) (58.9) (45.2) (24.9) (59.7) (54.8) (32.6)
Free cash flow 243.2 200.0 177.9  105.9 126.4 136.0 132.0 184.3 123.0

(Acquisitions) and sales of companies or business divisions 

(429.9) 22.9 (242.1)(1) (29.0) (317.3) (26.0) (149.6) (441.1) (86.6)
Other changes (7.2) (16.6) (6.3) (25.2) (13.6) (20.9) (2.2) (7.0) (5.9)
Dividends paid (52.1) (45.7) (46.1) (39.8) (40.5) (34.6) (34.6) (31.7) (31.8)
Cash flow from other activities (455.6) (39.7) (294.6)  (94.0) (371.4) (81.5) (182.0) (479.8) (124.3)
Exchange rate differences and other movements 26.5 (7.6) (9.2) (0.2) 14.2 (9.7) (9.7) (18.7) (10.3)
Change in net financial position due to operating activities (186.0) 152.7 (125.9)  11.7 (230.9) 44.7 (59.7 (314.2) (11.6)
Change in payable for the exercise of put options and payment of earn out 0.4 - 0.2 5.3 (2.3) (4.3) 13.5 9.6 (26.6)
Change in net financial position  (373.7) (152.7) (125.7)  16.9 (233.1) 40.4 (46.2) (304.6) (38.2)
Net financial position at 1-Jan (825.8) (978.5) (852.8)  (869.7) (636.6) (677.0) (630.8 (326.2) (288.1)
Net financial position at 31-Dec (1,199.5) (825.8) (978.5)  (852.8) (869.7) (636.6) (677.0 (630.8) (326.2)

(1) Includes acquisitions of Forty Creek Distillery Ltd. (€ 132.4 million after post-closing adjustments) e Fratelli Averna S.p.A. (€ 103.7 million).

Share/Save
Last updated Apr 26 2017