Page 35 - KELAG Annual Report 2019
P. 35

Cash flow from operating activities                               177.5            147.6
            Cash flow from investing activities                               -145.2           -116.0
            Cash flows from financing activities                               -58.2            -57.8
            Change in cash and cash equivalents                                -25.9            -26.1
            Cash and cash equivalents presented in the consolidated statement of cash flows   108.8   134.7
            as of 31/12
            Cash and cash equivalents presented in the consolidated statement of cash flows   134.7   160.8
            as of 1/1



           Cash flow from operating activities of around  EUR 177.5m increased on  the prior year by 20.2%. Most of the capital
           expenditure as well as the dividend distribution were thus still covered by internal financing resources.




            Cash flow from operating activities                               177.5            147.6
            Free cash flow                                                     18.6             18.8
            Interest expenses                                                  -17.0            -15.5
            Interest income                                                     0.8              0.6
            Net gearing as of 31/12                                           70.8%            60.6%
            Net liabilities as of 31/12                                       650.2            541.8


           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 70.8% mainly due to higher net liabilities compared to 2018. Net
           liabilities of  EUR 650.2m are calculated as the sum of non-current and current financial liabilities of  EUR 459.1m plus
           provisions for employee benefits of EUR 325.0m less cash and cash equivalents of EUR 108.8m as well as securities of
           EUR 25.2m. At approximately EUR 18.6m, free cash flow remained at the prior-year level, mainly as a result of improved
           cash flow from operating activities coupled with higher investments.
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