68 2016 ANNUAL REPORT 2016 ANNUAL REPORT 69
GOVERNANCE AND RESULTSGOVERNANCE AND RESULTS
CONSOLIDATED STATEMENT OF BALANCE SHEET
CONSOLIDATED STATEMENT OF CASH FLOWS
In thousands of euro December 31, 2016 December 31, 2015 Intangible assets 434,163 433,707
Property, plant and equipment 928,558 882,520
Other financial assets 30,823 31,022 Investments in associates 118,417 126,344
Non-current derivative financial instruments 18,253 17,126 Deferred tax assets 33,368 26,076 TOTAL NON-CURRENT ASSETS 1,563,582 1,516,795
Inventories and work in progress 462,461 429,071 Trade and other receivables 797,047 790,321
Tax receivable 36,469 24,619
Current derivative financial instruments 6,948 3,657 Other current financial assets 12,466 18,394 Cash and cash equivalents 430,824 371,088 TOTAL CURRENT ASSETS 1,746,215 1,637,150
Assets held for sale or relating to discontinued operations 938 948 TOTAL ASSETS 3,310,735 3,154,893
ASSETS
In thousands of euro December 31, 2016 December 31, 2015 Paid-in capital 86,956 94,165
Reserves -12,835 -23,901
Retained earnings 1,186,253 1,100,881
GROUP SHARE OF EQUITY 1,260,374 1,171,145 Non-controlling interests 101,312 99,731
TOTAL EQUITY 1,361,686 1,270,876 Provisions 110,609 106,540
Non-current financial borrowings 196,573 193,439 Other non-current liabilities 36,204 28,401
Non-current derivative financial instruments 6,559 6,847 Deferred tax liabilities 52,579 56,698 TOTAL NON-CURRENT LIABILITIES 402,524 391,925
Trade and other payables 932,687 892,460 Tax payable 14,652 12,130
Current derivative financial instruments 3,793 1,193 Bank borrowings 595,347 585,846 TOTAL CURRENT LIABILITIES 1,546,479 1,491,629
Liabilities held for sale or relating to discontinued operations 46 463 TOTAL LIABILITIES 1,949,049 1,884,017 TOTAL EQUITY AND LIABILITIES 3,310,735 3,154,893
EQUITY AND LIABILITIES
In thousands of euro 12 months
2016 2015
Net income from discontinued operations or in process of sale 41
Net income from continuing operations 111,947 62,020
Income tax expense 47,693 39,203
Depreciation and amortization 125,267 119,372
Gains and losses on disposal of assets 1,959 15,532
Group share of results of associates -6,715 -8,936
Net financial expense 11,517 20,166
Other non-cash income and expense 10,842 5,150
Gross operating margin 302,510 252,507
Interest paid -20,018 -28,304
Interest received 8,869 8,072
Income tax paid -64,480 -39,596
Change in working capital -10,788 42,078
Net cash flow from operating activities for continuing operations 216,093 234,757
Net cash flow from operating activities for discontinued operations or in process of sale
- 19
NET CASH FLOW FROM OPERATING ACTIVITIES 216,093 234,738
Acquisition of subsidiaries, operating units and and non-controlling interests
- 55,890
Disposal of businesses net of the cash transferred 13,564 44,364
Purchase of tangible and intangible non-current assets -180,323 -157,671
Proceeds from disposal of assets 13,576 2,775
Acquisition/disposal of financial assets and changes in other current financial assets
3,391 6,057
Dividends received (including dividends received from associates ) 1,272 13,777
Net cash flow from investment associated with continuing operations -148,517 -146,588
Net cash flow from investment associated with discontinued operations or in process of sale
-3
NET CASH USED IN INVESTING ACTIVITIES -148,520 -146,588
Net cash flow from financing activities Purchase of treasury shares -7,211 -775
Share capital increase paid by non-controlling interests 1,678
Movements on the share capital of associates 380
Proceeds of borrowings 130,824 8,307
Repayment of borrowings -39,829 -179,554
Dividends paid -16,539 -16,538
Net cash flow from financing activities for continuing operations 67,245 -186,502
Net cash flow from financing activities for discontinued operations or in process of sale
NET CASH FLOW FOR FINANCING ACTIVITIES 67,245 - 186,502
Impact of foreign exchange differences 8,535 17,393
Net change in cash and cash equivalents 143,353 - 80,959
Reclassification of cash and cash equivalents for discontinued oper- ations or in process of sale
216 -
OPENING CASH AND CASH EQUIVALENT 247,222 328,182
CLOSING CASH AND CASH EQUIVALENT 390,792 247,222