31. Cash Generated from Operations

in thousands of EUR

Notes

2014

2013

Result before tax

254,243

229,119

Adjusted for:

Depreciation

13

96,805

92,392

Amortization & impairment

14,15

40,173

37,910

Result from sale of property, plant and equipment

776

- 2,356

Result from sale of intangibles

- 1,264

- 841

Financial result

10

34,366

41,033

Result from associates

9

- 2,696

- 1,411

Changes in working capital :

- Inventories

- 16,123

- 19,688

- Trade and other receivables

- 10,989

26,748

- Trade and other payables

35,447

- 33,465

Changes in provisions

46,577

22,212

Cash generated from operations

477,315

391,653

Changes in working capital exclude exchange differences and the effect of acquisitions.