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Boskalis jaarverslagen 2012

Consolidated statement of cash flows

(in thousands of EUR)   Note   2014   2013 
             
Cash flows from operating activities            
Net group profit       492,228   365,281
Depreciation, amortization and impairment losses       293,514   293,787
Cash flow       785,742   659,068
             
Adjustments for:            
Finance income and costs       35,954   45,388
Income tax expense       124,163   52,756
Results from disposals       -11,296   -82,881
Movement provisions and employee benefits       -3   -42,468
Movement in inventories       -454   9,892
Movement trade and other receivables       35,744   128,311
Movement trade and other payables       -69,963   33,711
Movement due from and due to customers       109,599   -96,007
Share in result of associated companies, including revaluation result       -56,411   -63,672
Cash generated from operating activities       953,075   644,098
             
Dividends received       26,964   18,752
Interest received       7,034   4,541
Interest paid       -42,954   -39,158
Income taxes paid       -92,042   -34,130
Net cash from operating activities       852,077   594,103
             
Cash flows from investing activities            
Purchases of property, plant and equipment, excluding capitalized borrowing costs   [15]   -266,028   -244,784
Proceeds from disposals of property, plant and equipment       25,531   67,994
Investment in group companies, net of cash acquired   [5.1]   -43,841   -398,677
Investment in share in Fugro N.V.   [17.2]   -242,364   -
Disposal of joint venture   [5.3]   -   145,661
Disposal of (a part of) group companies, net of cash disposed       -26,292   40,538
Acquisition of (a part of) joint venture       -   -20,009
Repayment of outstanding loan by joint venture       4,583   7,870
Net investments in associated companies prior to business combination   [16]   -   -65,248
Net cash used in investing activities       -548,411   -466,655
             
Cash flows from financing activities            
Proceeds from loans       318,125   1,336,736
Repayment of loans       -515,749   -1,671,035
Transaction costs paid related to raising financing       -3,610   -14,395
Proceeds from issue of share capital   [22]   -   320,000
Purchase of own shares       -27,724    
Acquisition of non-controlling interests       -   -4,482
Dividends paid to the Company's shareholders       -37,108   -43,237
Dividends paid to non-controlling interests       -1,607   -2,427
Net cash used in / from financing activities       -267,673   -78,840
             
Net increase in cash and cash equivalents       35,993   48,608
             
Net cash and cash equivalents as at 1 January   [21]   354,304   313,312
             
Net increase in cash and cash equivalents       35,993   48,608
Currency translation differences       5,139   -7,616
Movement in net cash and cash equivalents       41,132   40,992
             
Net cash and cash equivalents as at 31 December   [21]   395,436   354,304
As of 1 January 2014 Boskalis applies IFRS 11 which impacts the way joint ventures and associated companies are recognized. The full year 2013 comparative figures have been adjusted accordingly.

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