Boskalis 2017 Half Year Report

HALF YEAR REPORT 2017 – BOSKALIS 25

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

1ST HALF

1ST HALF

YEAR 2016

YEAR 2017

Note

(in millions of EUR)

CASH FLOWS FROM OPERATING ACTIVITIES Net group profit

148.5 135.2 283.7

75.1

Depreciation and amortization

123.4 198.5

Cash flow

Adjustments for: Finance income and expenses, income tax expenses, results from disposals / divestments Movement in other non-current assets, excluding Fugro, excluding deferred tax

- 2.7

24.4 - 3.0

2.2

- 1.0

Movement in provisions, excluding deferred tax

6.3

- 141.5

Movement in working capital (including inventories, excluding tax and interest)

- 188.2

7.6

Share in result of joint ventures and associated companies

- 21.9

Cash generated from operating activities

148.3

16.1

17.6

Dividends received

14.0

- 14.6 - 51.7

Interest paid and received

- 15.3 - 23.6

Income tax paid

99.6

Net cash from operating activities

- 8.8

CASH FLOWS FROM INVESTING ACTIVITIES Net investments in intangible assets and property, plant and equipment

- 98.8 - 70.7

- 120.9

[8]

Investment in business combination, net of cash acquired

-

-

Divestment of Fugro N.V.

114.1

[9]

- 0.7 86.2

Investment in associated companies and/or joint ventures Disposal of (a part of) group companies, net of cash disposed

-

- 5.4

- 84.0

Net cash used in investing activities

- 12.2

CASH FLOWS FROM FINANCING ACTIVITIES Repayment of interest-bearing borrowings, including make-whole payments Net proceeds from settlement of hedges on early repayment of borrowings

- 217.3

- 445.9

[11]

-

52.6

- 56.6

Dividends paid to shareholders and non-controlling interests

- 29.5

[12]

- 273.9

Net cash used in / from financing activities

- 422.8

- 258.3

- 443.8

NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS

Net cash and cash equivalents and bank overdrafts as at 1 January (including amounts in disposal groups)

766.7

969.7

- 258.3

Net increase (decrease) in cash and cash equivalents

- 443.8

- 1.7

Currency translation differences

- 6.4

Movement in net cash and cash equivalents

- 260.0

- 450.2

NET CASH AND CASH EQUIVALENTS AND BANK OVERDRAFTS AS AT 30 JUNE (INCLUDING AMOUNTS IN DISPOSAL GROUPS)

506.7

519.5

The notes on pages 27 to 31 are an integral part of these Interim Consolidated Financial Statements for the first half year 2017.