Statement of cash flows

Operating activities

Operating profit

69,495

60,278

Adjustments to reconcile operating profit to net cash flows

Depreciation and amortization

14, 15

33,926

31,442

Operating cash flows before changes in working capital

103,421

91,720

Net working capital changes:

Change in trade and other receivables and contract assets

5, 8

-11,079

-54,271

Change in inventories

7

-390

-1,845

Change in other current and non-current assets

17,430

-9,302

Changes in trade and other payables and contract liabilities

-16,902

35,618

Result of non-consolidated participating interests

-16

-832

Taxes

-759

-3,848

Change in provision and other liabilities

9

-2,340

1,856

Net cash generated from operating activities

89,366

59,096

Investing activities

Purchases of intangible assets, property, plant and equipment

14, 15

-38,159

-29,989

Payments for acquisition of subsidiary, net of cash acquired

13

-22,083

-22,250

Cash flow from investing activities

-60,241

-52,239

Financing activities

Proceeds from borrowings

17

-

25,900

Repayment of borrowings

17

-42,738

-11,687

Cashflows in relation to derivative financial liability

3,821

-337

Interest paid

-2,997

-1,506

Cash flow from financing activities

-41,914

12,370

Cash-based changes in cash and cash equivalents

12

-

-

Net (decrease) increase in cash and cash equivalents

12

-12,790

19,227

Cash and cash equivalents at the beginning of the period

73,042

53,815