Chapters
Annual Report 2019

30. Cash Generated from Operations

in thousands of EUR

Notes

2019

2018

Result before tax

274,548

318,968

Adjusted for:

Depreciation and impairments

11, 12

488,833

124,195

Amortization and impairments

13, 14

143,272

101,611

Share-based payments expense

7

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

8

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.