34. Cash Generated from Operations
in thousands of EUR | Notes | 2016 | 2015 |
|---|---|---|---|
Result before tax | 347,728 | 334,015 | |
Adjusted for: | |||
Depreciation | 110,069 | 107,158 | |
Amortization and impairments | 53,323 | 45,822 | |
Share-based payments expense | 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 | 10,414 | 19,148 | |
Share of result of Associates and Joint Ventures | - 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.