Page 8 - KELAG Annual Report 2017
P. 8

EARNINGS BEFORE INCOME TAXES                         103,408         109,439
            Non-cash adjustment to reconcile earnings before
            income taxes to net cash flow
              Amortisation, depreciation and impairment and
              reversal of impairment losses on intangible assets   // 5   93,163   98,927
              and property, plant and equipment
              Impairment and reversal of impairment losses on
              financial assets including share of profit/loss from       -16,467   -18,521
              investments accounted for using the equity
              method
              Gain/loss on the disposal of property, plant and       -821           700
              equipment, and securities
              Interest expenses                      // 7          15,370         14,034
              Interest income                        // 7           -228            -679
              Investment income                                     -593            -630
              Other                                                  -22           -1,493
            Taxes paid                                            -18,909         -13,924
            Interest received                                        228            679
            Dividends received                                     10,779         21,094
            Changes in non-current provisions        // 23        -10,560         -14,012
            Changes in construction cost subsidies   // 24          -792           -2,008

            CASH FLOW FROM OPERATING ACTIVITIES
            BEFORE CHANGES IN WORKING CAPITAL                    174,557         193,606
            Changes in inventories                   // 17          -517            -622
            Changes in trade receivables and other receivables
            and assets                               // 18         -7,887         -24,681
            Changes in trade payables and other liabilities   // 28   -10,741     12,154
            Changes in current provisions            // 27         -1,276          -6,798

            CASH FLOW FROM OPERATING ACTIVITIES *                154,136         173,660

           * Only changes that are recognised in the income statement are taken into account when calculating cash flow from operating activities by adjusting it
           for changes in provisions, receivables, etc.
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