Page 131 - Annual Report KELAG Group 2018
P. 131

Cash flow from operating activities                               148.0            154.1
                     Cash flow from investing activities                              -116.4            -93.4
                     Cash flows from financing activities                              -57.8            -67.5
                     Change in cash and cash equivalents                               -26.1             -6.7
                     Cash and cash equivalents presented in the consolidated statement of cash flows   134.7   160.8
                     as of 31/12
                     Cash and cash equivalents presented in the consolidated statement of cash flows   160.8   167.5
                     as of 1/1


                    Cash flow from operating activities of about EUR 148.0m decreased on the prior year by 4.0%. Most capital expenditures
                    as well as the dividend distribution, however, were nonetheless covered from internal resources.







                     Cash flow from operating activities                               148.0            154.1
                     Free cash flow                                                     18.8             46.7
                     Interest expenses                                                 -15.5            -15.4
                     Interest income                                                     0.6              0.2
                     Net gearing as of 31/12                                          60.6%             57.5%
                     Net liabilities as of 31/12                                       541.8            492.0


                    The  net  gearing  ratio,  a  key  financial  indicator,  indicates  the  degree  of  indebtedness  expressed  as  net  liabilities  in
                    proportion to equity. This key indicator changed to 60.6% mainly due to higher net liabilities compared to 2017. Net
                    liabilities of EUR 541.8m are calculated as the sum of non-current and current financial liabilities of EUR 428.0m plus
                    provisions for employee benefits of EUR 273.7m less cash and cash equivalents of EUR 134.7m as well as securities of
                    EUR 25.3m. At approximately EUR 18.8m, free cash flow was down on the prior-year level mainly as a result of lower cash
                    flow from operating activities coupled with higher investments.
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