Consolidated Cash Flow Statement

in thousands of EUR

Notes

2014

2013

Cash flows from operating activities

Cash generated from operations

31

477,315

391,653

Tax paid

- 96,978

- 58,456

Net cash from operating activities

380,337

333,197

Cash flows from investing activities

Acquisition of subsidiaries, net of cash acquired

5

- 233,169

- 13,901

Investment in associates and property

- 1,269

- 931

Purchase of property, plant and equipment

13

- 131,868

- 96,533

Proceeds from sales of property, plant and equipment

3,993

4,346

Purchase of intangible assets

15

- 26,442

- 16,635

Proceeds from sales of intangible assets

2,727

2,305

Other non-current receivables

3,660

-

Dividends received

18

3,305

2,700

Interest received

5,319

5,262

Net cash used in investing activities

- 373,744

- 113,387

Cash flows from financing activities

Proceeds from shareholder contribution

-

1,886

Proceeds from borrowings

999,051

147,539

Repayment of shareholder loan

- 325,000

- 75,000

Repayments of other borrowings

- 602,328

- 282,139

Interest swap payments

- 4,437

- 4,770

Acquisition of non-controlling interest

-

- 668

Dividends paid

- 9,914

- 8,083

Interest paid

- 28,231

- 37,557

Net cash generated from/ (used in) financing activities

29,141

- 258,792

Increase / (decrease) in cash and cash equivalents

35,734

- 38,982

Movement in cash and cash equivalents

Cash and cash equivalents at beginning of the year

22,161

55,090

Increase / (decrease) in cash and cash equivalents

35,734

- 38,982

Exchange gains/ (losses) on cash and cash equivalents

- 3,490

6,053

Cash and cash equivalents at end of year

21

54,405

22,161

The accompanying notes are an integral part of these consolidated financial statements.