34. Cash Generated from Operations

in thousands of EUR

Notes

2016

2015

Result before tax

347,728

334,015

Adjusted for:

Depreciation

13

110,069

107,158

Amortization and impairments

14,15

53,323

45,822

Share-based payments expense

8

15,303

17,670

Result from sale of property, plant and equipment

2,541

- 1,727

Result from sale of intangibles

292

171

Net financial result

10

10,414

19,148

Share of result of Associates and Joint Ventures

9

- 3,851

- 4,620

Result from sale and valuation of investments in buildings

575

-

Changes in working capital:

- Inventories

- 31,232

- 25,369

- Trade and other receivables

- 25,751

- 15,585

- Trade and other payables

52,731

4,069

Changes in provisions

1,435

- 18,743

Cash generated from operations

533,577

462,009

Changes in working capital and provisions exclude exchange differences and the effect of acquisitions.