7.4 Consolidated cash flow statement
(in thousands of euros)
| notes | 2015 | 2014 | |
| revised1 | |||
| Cash flows from operating activities | |||
| Operating profit | 58,534 | 44,138 | |
| Depreciation | 3 | 10,058 | 8,915 |
| Share-based payments | 2 | 355 | 266 |
| Operating cash flows before changes in working capital and provisions | 68,947 | 53,319 | |
| Movement in inventories | -83,485 | -396 | |
| Movement in receivables | -7,073 | -29,777 | |
| Movement in trade payables and other liabilities | 23,577 | 38,396 | |
| Movement in provisions and deferred revenue | -1,284 | -5,379 | |
| -68,265 | 2,844 | ||
| Cash flow from operating activities | 682 | 56,163 | |
| Interest paid | -9,976 | -9,183 | |
| Income taxes paid | -9,750 | -8,754 | |
| Net cash flows from operating activities | -19,044 | 38,226 | |
| Cash flows from investing activities | |||
| Interest received | 707 | 270 | |
| Investment in property, plant and equipment | 9 | -10,529 | -10,464 |
| Divestments of property, plant and equipment | 9 | 385 | 483 |
| Investments in intangible assets | 11 | -1,082 | -382 |
| Cash flow movements in financial fixed assets | 292 | 740 | |
| Sale of business activities | 0 | 23,397 | |
| Business combinations | 23 | -1,819 | -13,970 |
| Net cash flows from investing activities | -12,046 | 74 | |
| Free cash flow 2 | -31,090 | 38,300 | |
| Cash flows from financing activities | |||
| New loans | 0 | 54 | |
| Repayments of long-term loans | -12,631 | -33,256 | |
| Borrowing/ repayments bank overdrafts | 52,362 | -1,024 | |
| Cash dividend | 24 | -8,654 | -7,238 |
| Stock and option plans | -116 | -53 | |
| Net cash flows from financing activities | 30,961 | -41,517 | |
| Net cash flow | -129 | -3,217 | |
| Effects of exchange rate changes on cash and cash equivalents | 836 | 839 | |
| Cash and cash equivalents as at 1 January | 13,529 | 15,907 | |
| Cash and cash equivalents as at 31 December | 14,236 | 13,529 | |
| Comparative information 2014 has been adjusted due to the retrospective application of an accounting change in respect of the UK pension asset; a reference is made to page 120. | |||
| 2) Free cash flow is defined as the balance of the net cash flow from operating and investing activities and is not defined as a financial performance indicator in IFRS. | |||
The figures following the various items refer to the notes on pages 129 to 159.