Page 8 - Annual Report KELAG Group 2018
P. 8

EARNINGS BEFORE INCOME TAXES                    118,357        103,408
            Non-cash adjustment to reconcile earnings
            before income taxes to net cash flow
              Amortisation, depreciation and impairment
              and reversal of impairment losses on   // 5    89,898          93,163
              intangible assets and property, plant and
              equipment
              Impairment and reversal of impairment
              losses on financial assets including share of       -22,136   -16,467
              profit/loss from investments accounted for
              using the equity method
              Gain/loss on the disposal of property, plant       608          -821
              and equipment, and securities
              Interest expenses                  // 7        15,529          15,370
              Interest income                    // 7          -605           -228
              Investment income                                -381           -593
              Other                                           -1,769           -22
            Taxes paid                                       -16,010        -18,909
            Interest received                                  394            228
            Dividends received                               15,592          10,779
            Changes in non-current provisions   // 23         5,496         -10,560
            Changes in construction cost subsidies *   // 24   -367           -792
            CASH FLOW FROM OPERATING
            ACTIVITIES BEFORE CHANGES IN                    204,607        174,557
            WORKING CAPITAL
            Changes in inventories              // 17          674            -517
            Changes in trade receivables and other   // 18   -26,456         -7,887
            receivables and assets
            Changes in trade payables and other
                                                // 28        -38,555        -10,741
            liabilities *
            Changes in current provisions       // 27         7,735          -1,276
            CASH FLOW FROM OPERATING                        148,005        154,136
            ACTIVITIES **
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