Cash flow

 

Millions of Euro2017201620152014201320122011201020092008
EBITDA   372.1 357.1 294.4 328.8 320.2 325.8 295.3 261.0 214.7
EBITDA adjusted  437.6                  
Write-downs of goodwill, trademarks and disposed assets    - - 16.2 23.7 - - - - - -
Other changes in non-cash items   (26.5) 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  (41.3) (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  369.9 365.5 314.9 290.2  256.6 246.9 262.5 260.2 224.9 172.4
Net change in OWC (at constant FX and perimeter)  (58.6) 29.9 (9.6) (6.9) (36.0) (22.5) (60.1) (29.6) 46.5 (0.9)
Cash flow from operating activities  311.3 395.4 305.3 (283.3)  220.6 224.3 202.5 230.6 271.4 171.5
Net interest paid  (51.8) (96.2) (56.3) (57.5) (55.9) (52.7) (41.6) (38.9) (32.3) (15.9)
Capex  (32.5) (56.1) (49.1) (47.9) (58.9) (45.2) (24.9) (59.7) (54.8) (32.6)
Free cash flow  227.0 243.2 200.0 177.9  105.9 126.4 136.0 132.0 184.3 123.0

(Acquisitions) and sales of companies or business divisions 

 123.6 (429.9) 22.9 (242.1)(1) (29.0) (317.3) (26.0) (149.6) (441.1) (86.6)
Other changes  (31.1) 26.4 (16.6) (6.3) (25.2) (13.6) (20.9) (2.2) (7.0) (5.9)
Dividends paid  (52.1) (52.1) (45.7) (46.1) (39.8) (40.5) (34.6) (34.6) (31.7) (31.8)
Cash flow from other activities  40.4 (455.6) (39.7) (294.6)  (94.0) (371.4) (81.5) (182.0) (479.8) (124.3)
Exchange rate differences and other movements  (28.4) 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  239.0 (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 and other changes  (28.1) (187.7) - 0.2 5.3 (2.3) (4.3) 13.5 9.6 (26.6)
Change in net financial position   210.8 (373.7) (152.7) (125.7)  16.9 (233.1) 40.4 (46.2) (304.6) (38.2)
Net financial position at 1-Jan  (1,192.4)(2) (825.8) (978.5) (852.8)  (869.7) (636.6) (677.0) (630.8 (326.2) (288.1)
Net financial position at 31-Dec  (981.5) (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).

(2) After reclassifications to the opening balance sheet as a result of the final purchase price allocation of the Grand Marnier acquisition values

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Last updated Mar 29 2018