in thousands of EUR | Notes | 2019 | 2018 |
|---|---|---|---|
Result before tax | 274,548 | 318,968 | |
Adjusted for: | |||
Depreciation and impairments | 488,833 | 124,195 | |
Amortization and impairments | 143,272 | 101,611 | |
Share-based payments expense | 5,027 | 3,770 | |
Result from sale of property, plant and equipment | 1,076 | - 360 | |
Result from sale of intangibles | - 1,049 | 253 | |
Net financial result | 49,421 | 18,356 | |
Share of result of Associates and Joint Ventures | 671 | 702 | |
Result on reassessment/modification of leases | 114 | - | |
Result on initial recognition of finance subleases | - 274 | ||
Reassessment of the contingent consideration | - | - 1,660 | |
Changes in working capital: | |||
- Inventories | - 11,710 | 14,284 | |
- Trade and other receivables | 5,507 | 18,244 | |
- Trade and other payables and contract liabilities | 44,089 | - 16,738 | |
Changes in provisions | 1,338 | 3,686 | |
Cash generated from operations | 1,000,863 | 585,311 |
Changes in working capital and provisions exclude exchange differences and the effect of acquisitions.
In 2019, increase in cash generated from operations is due to different presentation of cash flows from operating, financing and investing activities as result of IFRS 16 implementation.