Page 124 - KELAG Annual Report 2017
P. 124

Cash flow from operating activities                               154.1            173.7
            Cash flows from investing activities                               -93.4           -111.5
            Cash flows from financing activities                               -67.5            -27.1
            Change in cash and cash equivalents                                 -6.7            35.0
            Cash and cash equivalents presented in the consolidated statement of cash flows   160.8   167.5
            as of 31/12
            Cash and cash equivalents presented in the consolidated statement of cash flows   167.5   132.5
            as of 1/1


           Cash flow from operating activities of about EUR 154.1m decreased on the prior year by 11.2%. The majority of investments
           as well as the dividend distribution, however, were still covered by internal financing resources. The change in cash flow
           from financing activities is primarily attributable to borrowing under the framework agreement with the EIB of EUR 30m
           in the financial year 2016.










            Cash flow from operating activities                               154.1            173.7
            Free cash flow                                                     46.7             50.7
            Interest expenses                                                  -15.4            -14.0
            Interest income                                                     0.2              0.7
            Net gearing as of 31/12                                           57.5%            61.3%
            Net liabilities as of 31/12                                       492.0            500.8


           A  key  financial  indicator,  the net  gearing  ratio indicates the  degree  of indebtedness expressed  as  net  liabilities  as  a
           percentage of equity. This key indicator improved compared to 2016 to 57.5% mainly on account of higher equity. Net
           liabilities of EUR 492.0m are calculated as the sum of non-current and current financial liabilities of EUR 428.7m plus
           provisions for employee benefits of EUR 249.4m less cash and cash equivalents of EUR 160.8m as well as securities of
           EUR 25.2m. At approximately EUR 46.7m, free cash flow was slightly down on the prior-year level as a result of lower cash
           flow from operating activities.
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