Chapters
Annual Report 2019

Consolidated Cash Flow Statement

in thousands of EUR

Notes

2019

2018

Cash flows from operating activities

Cash generated from operations

30

1,000,863

585,311

Tax paid

- 123,482

- 136,982

Net cash from operating activities

877,381

448,329

Cash flows from investing activities

Acquisition of subsidiaries, net of cash acquired

4

- 154,497

- 13,736

Settlement of contingent consideration

29

- 19,540

- 26,129

Purchase of property, plant and equipment

11

- 140,309

- 161,904

Proceeds from sales of property, plant and equipment

7,967

8,618

Purchase of intangible assets

14

- 57,419

- 48,290

Proceeds from sales of intangible assets

1,688

1,203

Investments in associates and joint ventures

- 639

- 629

Proceeds from sales of investments in buildings

-

151

Change in other non-current receivables and lease prepayments

1,072

- 578

Dividends received

48

-

Net cash used in investing activities

- 361,629

- 241,294

Cash flows from financing activities

Purchase of treasury shares

19

- 3,814

-

Proceeds from borrowings

23

203,196

205,939

Repayments of borrowings

23

- 141,171

- 233,301

Repayments of lease liabilities

12

- 400,492

-

Receipts from finance subleases

12

16,717

-

Interest swap payments

23

- 3,126

- 2,752

Acquisition of non-controlling interest

21, 22

- 419

- 1,835

Dividends paid to shareholders

21

- 83,743

- 81,147

Dividends paid to non-controlling interests

22

- 16,681

- 16,021

Interest received

3,179

1,816

Interest paid

- 19,367

- 10,004

Net cash used in financing activities

- 445,721

- 137,305

Net increase in cash and cash equivalents

70,031

69,730

Cash and cash equivalents at beginning of the year

71,619

12,236

Effect of exchange rate changes on cash and cash equivalents

- 7,409

- 10,347

Cash and cash equivalents at end of year

18

134,241

71,619

GrandVision has applied IFRS 16 at 1 January 2019, using the modified retrospective approach. Under this approach, comparative information is not restated and the cumulative effect of applying IFRS 16 is recognized in retained earnings. The accompanying notes are an integral part of these consolidated financial statements.