Nedap ‘2015 annual figures’ press release
Nedap posts increased revenue in 2015
Exceptional costs resulting from supply chain reorganisation significantly
impact profit
Groenlo, Netherlands, 11 February 2016
Nedap’s overall revenue in 2015 was up 2% to €180.9 million (€177.2 million in 2014). The Healthcare,
Identification Systems, Library Solutions, Retail, Security Management and Nsecure business units all
contributed towards the growth, while the Energy Systems, Light Controls and Livestock Management
units all posted lower revenue than in the previous year. Operating profit excluding exceptional items
amounted to €12.6 million (€12.4 million in 2014). Profit after taxation excluding exceptional items
also amounted to €12.6 million, which was up 29% on 2014. Exceptional costs resulting from the
reorganisation of the supply chain lead to a profit after taxation in 2015 of €4.7 million.
The supply chain reorganisation incurred exceptional costs of €9.2 million in 2015, primarily due to costs
arising from the Social Plan and non-cash impairment of assets. Despite only having a minor impact on
cash flow in the financial year, these items significantly affected profits and the balance sheet, putting
profit after taxation at €4.7 million, a major drop on 2014’s figure of €17.9 million. Incidental income of
€8.6 million contributed to the profits in 2014.
Earnings per share were down to €0.70 (€2.67 in 2014), while dividends for 2015 have been set at €1.28
per share (€1.25 per share in 2014). The solvency ratio was down from 42.9% to 40.0%.
Key figures in millions of euros or expressed as a percentage
2015
2014
2013
Revenue
180.9
177.2
173.7
Revenue growth in %
2%
2%
1%
Operating profit excluding exceptional items
12.6
12.4
11.8
7.0%
7.0%
6.8%
Profit after taxation
4.7
17.9
9.8
Profit after taxation excluding exceptional items
12.6
9.8
9.8
7.0%
5.5%
5.6%
Earnings per share (x €1)
€0.70
€2.67
€1.46
Earnings per share excluding exceptional items (x €1)
€1.88
€1.46
€1.46
Dividend per share (x €1)
€1.28
€1.25
€1.10
Pay-out percentage of earnings per share
68%
85%
75%
40.0%
42.9%
36.6%
Operating profit excluding exceptional items
as % of revenue
Profit after taxation excluding exceptional items
as % of revenue
excluding exceptional items
Solvency
Press Release
Developments in the various markets
The European distributed electricity storage market showed limited growth in 2015, while more and more
players launched energy storage solutions, leading to market fragmentation and increasingly competitive
prices. As a result, the Energy Systems business unit (systems for the independent and effective generation,
storage and consumption of electricity) posted reduced revenue in 2015.
Sustainable energy production involves energy sources with a highly variable output, such as sun and wind.
Balancing out the peaks and troughs with traditional sources such as coal and gas-fired power stations
is very expensive. Local energy storage therefore has many benefits and is also becoming increasingly
attractive in financial terms, given that the price of battery systems is dropping. Distributed energy storage
services are thus expected to perform very well in the long term. However, the outlook for the next few
years is less positive. The energy market is facing a complex system of legislation, regulations and subsidy
programmes, while there is much uncertainty on the market due to the unpredictability of measures taken
at various levels of government. This affects customers’ willingness to invest and the market’s development.
Several major players have also announced their intention to enter the market, creating additional
competition which, in addition to the expected increase in price erosion, will significantly impact on this
market’s profit potential.
Since this market will be of less commercial interest in the years to come, a decision was made at the end
of 2015 to further downscale the business unit’s activities. Nedap will continue to meet maintenance
and warranty obligations, but will not launch any new products for the time being. Several employees
will be transferred to other business units over the course of 2016. If market conditions show a structural
improvement, Nedap can consider expanding these activities again. In light of the market outlook and the
decision to downscale activities, the business unit expects revenue in 2016 to be lower.
The Healthcare business unit (automation of tasks for healthcare professionals) achieved a sound increase
in revenue once again in 2015. It is very satisfactory to see healthcare institutions switching to the
business unit’s software services even faster than before.
Cutbacks in the healthcare sector have led to a reduction in the amount of healthcare indicated and
supplied. This puts pressure on the income of healthcare institutions so they are constantly looking for
ways to cut costs. For instance, more and more institutions are reducing the number of administrative
systems they use and switching to a single system that provides end-to-end support for the entire
healthcare process and reduces the complexity of administrative processes. Nedap is increasingly the
partner of choice for such products.
The business unit expects to increase its share in the elderly care market in 2016 and has already managed
to win over the first customers on the adjacent mentally handicapped and mental healthcare markets with
the strength of Nedap’s approach. The functionality of Nedap’s solutions will be expanded over the next
few years in order to be able to support more work processes in this segment of the healthcare market.
Since all three healthcare sectors have significant opportunities for growth, the business unit expects to be
able to continue its increase in revenue.
Growth on the temporary employment market has resulted in more timesheets being processed using
Pep® (digitised timesheet processing and work schedules) and in increased revenue in 2015. This
solution’s increasing number of users includes several temporary employment organisations who are
opting to switch entirely to Pep, meaning that all of their timesheets are processed using this software
service.
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Since the Dutch labour market is becoming increasingly flexible, the need for Pep is growing, and this
includes organisations hiring temporary staff. These organisations then ask their supplying agencies to
also start using Pep. The increase in the number of organisations using Pep and the forecast growth in
the number of hours worked through temporary employment agencies in the Netherlands will help this
business unit to post even higher revenue.
The Identification Systems business unit (vehicle and driver identification products and wireless parking
systems) achieved a sound growth in revenue in 2015, with all four of the unit’s propositions — vehicle
identification, people identification, vehicle detection and city access control — contributing towards the
result. Growth was achieved in almost all regions all over the world, particularly in North America and the
Middle East.
The number of SENSIT projects sold increased once again in the 2015 financial year. By combining wireless
sensors with software services, the business unit is able to give government and commercial organisations
a clear, user-friendly picture of parking space usage.
The business unit will continue to reinforce and expand its four propositions in 2016, with attractive
product launches in the pipeline that will make its services even more relevant to customers. The balanced
product portfolio, expanding partner network and increasing intensity of marketing activities should enable
the unit to achieve further growth in revenue over the next few years.
The Library Solutions business unit (RFID systems for libraries) is concentrating its efforts entirely on the
development and supply of technical core components for ‘smart’ libraries. The global increase in the
number of partners has convinced more and more libraries to adopt Nedap’s systems, enabling the unit to
post higher revenue in 2015.
The market for RFID systems for libraries is still developing steadily, with demand increasing on major
markets like the United States, as well as in countries such as Spain and France. On the other hand, the
number of companies developing technology especially for the library market is dropping each year,
so system integrators are constantly looking for new technology providers. This presents commercial
opportunities for Nedap. The business unit operates in more countries than before, following expansion
of its partner network to South Africa, Vietnam, Hong Kong, Mexico and Canada. New partnerships have
also been struck in Germany, the United States and Italy to name but a few, which has improved market
coverage. The unit invested in reinforcing its product portfolio in 2015. Our partners are managing to
land more and more contracts thanks to constant efforts to guarantee ease of integration and reduced
complexity, and ensure our products remain solid.
Since RFID technology is increasingly being used in libraries all over the world, demand for technological
components is on the rise. More and more partners are switching to Nedap products every day, so the
business unit expects to increase its revenue further over the next few years.
The Light Controls business unit (power electronics and control systems for the lighting industry) has had a
disappointing financial year. Almost all of its product lines faced difficulties, with overall revenue dropping
as a result.
The curing market (UV drying and hardening of industrial inks, coatings and adhesives) was negatively
affected by a reluctance to invest in capital goods. Once the tide has turned and more investments are
being made in curing equipment, the demand for Nedap UV lamp drivers is expected to grow again.
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Press Release
In 2015, revenue posted for UV lamp drivers for disinfection (treatment of water with intensive UV light)
was up slightly on the previous year, while global investments in water treatment projects using UV light
remained more or less unchanged. It still is difficult to predict when ballast water treatment will be a legal
requirement and therefore boost demand for our lamp drivers.
Falling oil prices have resulted in a large drop in investments in the offshore sector and oil-processing
industry, causing a further reduction in sales of explosion-proof lighting. In light of oil price developments,
revenue for this type of system will likely stay low in 2016.
As expected, revenue for the QL portfolio (street lighting and other applications) dropped further in 2015.
The business unit’s Luxon light management system is designed for lighting projects in high-ceilinged
buildings, which generally use high-power fittings. Although this market previously mainly used High
Intensity Discharge or HID lamps, LED lighting is now increasingly popular. Since the Luxon system was
made compatible with LED technology, the number of projects combining the two has risen sharply.
In light of the poor market outlook for HID technology, a decision was made at the end of 2015 to
accelerate depreciation and amortisation of the investments made in development, production resources
and inventories, while development capacity in the field has also been reduced. The associated exceptional
costs are explained in more detail in the Financial highlights paragraph.
Nedap sets itself apart from its competitors on the lighting market with a solid wireless control system and
a light management system that packs plenty of functionality and is still user-friendly. The business unit
therefore expects growth on this market.
The unit’s overall revenue will grow in the years to come.
Unfortunately, the Livestock Management business unit (automation of livestock management processes
based on identification of individual animals) did not manage to maintain its increase in revenue over
the financial year. The excellent growth on the pig farming market was not enough to compensate for
decreasing revenue on the dairy market. As a result, the market group’s overall revenue was down on 2014.
Geopolitical developments and economic stagnation caused flagging demand for dairy products. Together
with an increase in milk production following the abolition of the European Union’s milk quota, this caused
a sharp drop in milk prices. Sales channel expansion, especially on the genetics segment, has enabled
Nedap to greatly increase its share in this market. This has enabled the business unit to largely compensate
for the reluctance to invest in this sector.
Investments in the product range have reinforced Nedap’s position on the pig farming market. Nedap
not only provides solutions for feeding pregnant sows, but also for farrow feeding, weighing and sorting
finishing pigs and monitoring the growth of individual animals. This means the business unit has more to
offer its customers and the average revenue per project will therefore increase.
Directly influenced by milk and meat prices, general investment levels in the cattle farming sector will
continue to impact on the business unit. Increasing automation in the cattle farming industry will continue
in the long term, so the business unit’s potential for growth will increase. Investments in the product groups
and commercial strength are expected to enable the business unit to further expand its market share.
Although short-term developments are impossible to predict, the business unit is hoping for a healthy
increase in revenue in the long term.
Despite challenging market conditions, the Retail business unit (security, management and information
systems for the retail sector) increased its market share and revenue once again in 2015, which has not
4
gone unnoticed by our competitors. Major players are giving it their all, particularly in competing for large
projects, and are not afraid to throw down the gauntlet when it comes to price. However, our continued
investments in product improvement have not only enabled us to maintain our competitive total cost of
ownership, but also to convince retailers that our systems will ultimately give them better results.
The business unit reinforced its presence in North America in early 2015, opening a new sales office in
Boston with its own commercial team. Since then, a great deal of work has been put into intensifying
relationships with leading retailers. The unit expects to be able to launch the first large-scale projects at
American retail chains in 2016, although it is hard to estimate the exact date.
RFID technology will give fashion and other retailers better information on inventories at their various sites.
This enables them to get the right items in the right place, ensuring customers can always find what they
want and preventing unsold inventories. Pilot projects have demonstrated that Nedap’s RFID propositions
significantly increase revenue and profits. However, experience has shown that the decision-making
process is very lengthy when it comes to using RFID technology in a retail chain. If the RFID market grows,
Nedap should be very capable of carving out a leading position for itself.
The increasing number of commercial contacts with leading retailers confirms that the business unit’s
propositions and commercial strength give it an outstanding starting position, so we expect revenue on the
Retail market to increase over the next few years.
In increasing its market share, the Security Management business unit (development and supply of
top-quality access control, locker management, video surveillance, intrusion alarms and alarm response
services using an open security platform) achieved an excellent growth in revenue in 2015.
The business unit once again landed contracts with several leading organisations in 2015, thanks to its
AEOS security platform.
The launch of the AEOS Blue line has had a positive impact on our partners’ competitive position, with
a significantly higher number of projects being landed, thanks to the competitive prices and major
simplification of project design and system installation. The number of new partners embracing AEOS as
standard has also increased, but this growth has only had a limited impact on the business unit’s revenue,
due to long sales cycles.
The European Security Management market will achieve limited growth over the next few years, but Nedap
will strengthen its competitive advantage by constantly investing in technology, organisation and people.
The business unit expects to expand its market share and increase its revenue in 2016.
Full Nedap subsidiary Nsecure (development, implementation and maintenance of sustainable, userfriendly security solutions) posted increased revenue in 2015, landing a key contract from a major utility
company during the financial year thanks to its sound deployment of people and technology. Innovative
access control support services also boosted the growth in revenue. These services involve taking care of
identity, permit and security certificate checks for major organisations as part of their safety and security
policies in a largely automated process.
In order to reinforce its market position, Nsecure has spent a lot of time professionalising internal and
external automation processes, so as to deliver an even higher level of service. 2015 saw the subsidiary
launch its ‘Control Your Access’ pay-off, which emphasised its focus on service-oriented and process-based
access control.
Nsecure expects its growth to continue over the next few years.
5
Press Release
Major changes are being made to the production organisation and sites, following the decision to
subcontract most production activities. Inventi will be closed in due course, while production and logistics
activities will be downscaled in Groenlo. These measures will result in considerable exceptional costs,
which are explained in more detail in the Financial highlights paragraph. However, we should be able to
recoup these exceptional costs within a few years thanks to the lower costs of sales of our products.
The main challenge for the next two years will be ensuring a smooth transfer of production processes to
selected production partners, while still achieving problem-free delivery of current orders.
Financial highlights
Overall revenue in 2015 amounted to €180.9 million, which was up 2% on 2014 (€177.2 million). Revenue
from services (subscriptions and maintenance contracts) rose by 20% to €28.3 million (€23.6 million in
2014) and accounted for 15.6% of the overall revenue (13.3% in 2014). Added value (revenue less cost of
materials, plus or less inventory movements), expressed as a percentage of revenue, dropped from 70.0%
in 2014 to 68.7%.
An additional €1.3 million was spent on Subcontracting and other costs compared with 2014, and this
increase is related to higher other employee costs.
The number of employees increased by 4 over the financial year, to 765 at year end. On average, there
were 6 more employees over the financial year than in 2014. Nedap received a one-off payment of €1.5
million in past overpaid premiums from its former pension provider, following the settlement of a pension
plan that expired at the end of 2014. This amount has been incorporated in the social security costs, the
percentage of which is therefore lower than in previous years.
Depreciation and amortisation over the financial year amounted to €9.6 million, which is €1.0 million less
than in 2014.
Exceptional costs in 2015 amounted to €9.1 million, while the exceptional costs due to the supply chain
reorganisation amounted to €9.2 million and are expected to be recouped in around two years. Following
a revaluation of the provisions made for the Energy Systems business unit at the end of 2014, further
downscaling of Energy Systems’ activities will result in exceptional income of €0.1 million.
Of the total €9.1 million in exceptional costs, €7.5 million relates to Restructuring costs, €7.2 million of
which is for employees. Impairment of assets amounted to €1.6 million in 2015 and is of a non-cash nature.
Capitalisation of fixed assets manufactured in-house in 2015 was down €0.6 million on 2014, amounting
to €0.4 million. This item mainly related to development projects. The overall costs of research and
development amounted to €20.5 million (€21.4 million in 2014), €0.3 million of which has been capitalised
(€1.1 million in 2014).
Net financing costs dropped sharply by €0.3 million to €0.3 million, mainly due to improved interest rate
conditions.
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The 2015 tax rate amounted to -16.2% (21.1% in 2014), due to the combined impact of fiscal incentive
schemes and offsettable losses. Nedap has negotiated advantageous conditions with the Dutch tax
authorities to apply the Innovation Box tax regime in 2016 to 2019 inclusive.
The aforementioned developments result in profit after taxation of €4.7 million (€17.9 million in 2014).
Profits in 2014 were greatly influenced by exceptional income. Taking into account the exceptional costs
of €9.1 million, profit after taxation in 2015 amounted to €12.6 million (€9.8 million in 2014), or 7.0% of
revenue (5.5% in 2014).
An investment of €6.5 million was made in tangible fixed assets during the financial year, while an amount
of €8.2 million was depreciated and amortised on this item (€8.4 million in 2014). Impairment of €0.7
million was also applied (€1.2 million in 2014).
Investment in intangible fixed assets amounted to €0.6 million in 2015, with depreciation and amortisation
of €1.4 million and impairment of €0.4 million (€4.0 million in 2014).
The inventory value increased by €1.3 million to €24.7 million, amounting to 13.7% of revenue at the end
of the financial year (13.2% in 2014).
At €31.1 million (€29.4 million in 2014), trade and other receivables were €1.7 million higher at the end
of 2015, thanks to the increased revenue posted in the final weeks of the year. The average credit term of
trade accounts receivable dropped from 7.4 weeks in 2014 to 7.3 in 2015.
The 2015 balance sheet total dropped by €1.2 million to €110.9 million.
Amounting to €4.7 million, profit after taxation in 2015 was greatly affected by exceptional items, which
is why Nedap has decided to base the dividend payable for 2015 on the profit after taxation excluding
exceptional items. An amount of €3.9 million will be withdrawn from the reserves as a result. The solvency
ratio (shareholders’ equity excluding payable dividends and minority interest divided by the balance sheet
total) has therefore dropped from 42.9% at the end of 2014 to 40.0% at the end of 2015. The solvency
ratio is expected to increase gradually to the target of 45% over the coming years, partly because supply
chain reorganisation will lead to a decrease in the balance sheet total.
Cash flow from operating activities in the financial year was more than sufficient to cover investments in
tangible and intangible fixed assets and the dividend for 2014. On balance, the bank debt rose by €1.3
million, which can be explained by the amount of €5.6 million received from the former pension provider in
late 2014 being paid to pension participants in 2015, as expected.
Only minor changes were made to Nedap’s financing facilities in 2015. The facilities have a flexible
repayment scheme and take seasonal patterns into account. At the end of 2015, they amounted to €44.9
million (€45.6 million in 2014), of which €22.3 million is used. Cash and cash equivalents were €3.6 million
as of 31 December 2015.
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Press Release
Nedap’s policy is to adequately mitigate risks that could arise in relation to financial instruments, and the
company makes limited use of financial derivatives. Financial risk management and the risks are explained
in the notes to the financial statements. For information on and notes to non-financial risks, please see the
Corporate Governance section in the annual report.
Outlook
Nedap is all about moving markets with technology that matters. In recent years, we have constantly
worked to gear our organisation towards the customer groups, products and activities for which we can
really make a difference. Focusing our talents on this goal will increase our impact on our markets.
The development and expansion of a leading market position is a lengthy process, and one that requires
plenty of perseverance and drive. It is often impossible to predict when we will achieve commercial
and financial success, but the robustness of our organisation will give us the patience we need to move
markets. What is more, all of our business units can draw on the ample expertise in technology, markets
and processes available throughout the organisation as a key tool in setting Nedap apart from other market
players and maintaining a strong competitive position.
Continuous investment in developing our propositions and commercial strength has enabled us to expand
our position on the various markets and enter new ones. The supply chain reorganisation is executed with
great care, so as to mitigate the associated risks, and this is asking a lot of our organisation and employees.
The solid balance sheet and financial headroom give us a firm financial foundation. We are confident about
the future and expect healthy long-term growth. On this basis, we expect a further increase in revenue in
2016, unforeseen circumstances notwithstanding.
The 2015 annual report will be published on 16 February (after the close of trading) and will only be
available in electronic format. The annual general meeting of shareholders will take placed at 11am on
Thursday 31 March at Nedap’s site in Groenlo (Parallelweg 2).
For more information, please contact:
Eric Urff
CFO
+31 544 47 11 11
www.nedap.com
Nedap develops and supplies smart technological solutions to relevant problems. Feeding a growing population,
providing clean drinking water all over the world and creating smart sustainable energy networks are just some of
the issues Nedap works on. The company’s focus is always maintained on relevant technology.
N.V. Nederlandsche Apparatenfabriek “Nedap” was founded in 1929. It has been listed on the stock exchange
since 1947 and has over 760 employees worldwide.
8
Consolidated balance sheet at 31 December (€ x 1,000)
Assets
Non-current assets
Property, plant and equipment
Intangible assets
Investment in associate
Loans
Deferred tax assets
2015
42,430
4,665
3,681
63
215
45,219
5,805
3,152
154
177
51,054
Current assets
Inventories
24,728
Corporate income tax receivable
390
Trade and other receivables
31,106
Cash and cash equivalents
3,638
54,507
23,437
973
29,444
3,768
59,862
57,622
110,916
112,129
Equity and liabilities
Equity
Share capital
Statutory reserves
Reserves
669
4,187
43,357
669
5,578
32,327
48,213
38,574
Undistributed profit attributable to shareholders
4,671
17,877
52,884
56,451
115
–19
145
4
96
149
52,980
Non-current liabilities
Borrowings
14,458
Derivative financial instruments
142
Employee benefits
598
Provisions
6,219
Deferred tax liabilities
979
56,600
16,209
239
–
–
1,874
Current liabilities
Borrowings
Derivative financial instruments Provisions
Bank overdrafts
Corporate income tax payable
Taxes and social security charges
Trade and other payables
22,396
18,322
1,751
31
2,150
6,125
74
2,854
22,555
181
–
2,191
4,830
407
3,213
26,385
35,540
37,207
Non-controlling interests
Undistributed profit attributable to non-controlling interests
9
2014
Total liabilities
57,936
55,529
110,916
112,129
Press Release
Consolidated income statement (€ x 1,000)
2015
2014
180,875
177,193
Revenue
Cost of materials
55,459
Movement in inventories of finished goods and work in progress
1,101
Subcontracting and other costs
50,010
Salaries
44,571
Social security charges
7,983
Depreciation, amortisation and impairment
9,595
Impairment of assets
1,571
Restructuring costs
7,531
Incidental settlement pensions –
Non-current assets manufactured in-house
–436
52,903
310
48,758
43,288
9,963
10,557
7,164
1,422
–18,712
–1,033
Total operating expenses
177,385
154,620
Operating profit
3,490
22,573
Financing income
Financing expenses
Value movements in derivative financial instruments
41
–417
66
Net financing expenses
–642
955
585
Profit before taxation
Taxation
4,135
22,516
–517
4,635
Profit after taxation
4,652
17,881
Profit attributable to shareholders of Nedap N.V.
Profit attributable to non-controlling interests
4,671
–19
17,877
4
Profit after taxation
4,652
17,881
Average number of shares in issue
6,692,920
6,692,920
Earnings per ordinary share (in €)
Diluted earnings per ordinary share (in €)
0,70
0,70
2,67
2,67
Share of profit of associate
(after taxation)
10
–310
45
–694
7
Consolidated statement of comprehensive income (€ x 1,000)
2015
Profit after taxation
2014
4,652
17,881
Other comprehensive income
Items that may not be reclassified to profit or loss
Revaluation of defined-benefit pension obligation –
–7,644
Items that may be reclassified to profit or loss
on subsequent recognition
Exchange gains and losses
60
–50
Other comprehensive income for the period after taxation
60
Total comprehensive income for the period
4,712
10,187
Attributable to shareholders of Nedap N.V.
Attributable to non-controlling interests
4,731
–19
10,183
4
Total comprehensive income
4,712
10,187
The annual figures are derived from the not yet adopted Financial Statements 2015. The Financial
Statements will be presented for adoption to the General Meeting of Shareholders on March 31, 2015.
The Financial Statement are not yet filed at the Trade Register Office.
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–7,694
Press Release
Consolidated cash flow statement (€ x 1,000)
2015
Cash flow from operating activities
Profit after taxation
4,652
17,881
10,694
–135
–955
–92
310
–517
–
7.029
15,794
–156
–585
–243
642
4,635
–18,712
8,888
16.334
10,263
–1,653
–1,731
–359
–3,777
-
187
4,807
508
456
–193
1,430
31
–7.333
7,039
–430
32
–166
–703
61
–3,845
–564
–4,487
Net cash from operating activities
13,089
30,696
–6,518
–617
465
426
–7,078
–1,173
373
394
–6,244
Cash flow from financing activities
Long-term borrowings drawn
–
Long-term borrowings repaid
–181
Loans granted
91
Dividend paid to non-controlling interests
–
Dividend paid to shareholders of Nedap N.V.
–8,366
Repurchase of shares (balance)
34
–7,484
–8,422
–7,422
Movements in cash and cash equivalents and banks
–1,577
15,790
Cash and cash equivalents and banks at 1 January
Exchange gains and losses on cash and cash equivalents and banks
–1,062
152
–17,045
193
Cash and cash equivalents and banks at 31 December
–2,487
–1,062
Adjustments for:
Depreciation, amortisation and impairment
Book profit on sale of property, plant and equipment
Share of profit of associate
Exchange gains and losses on participating interests
Net financing expenses
Corporate income taxes
Incidental settlement pensions
Non-cash items
Movements
Movements
Movements
Movements
Movements
Movements
in
in
in
in
in
in
trade and other receivables
inventories
taxes and social security charges
trade and other payables
employee benefits
provisions
Interest paid
Interest received
Income tax paid
Cash flow from investing activities
Acquisitions of property, plant and equipment
Acquisitions of intangible assets
Proceeds from sale of property, plant and equipment
Dividend received from associate
12
2014
–
–218
97
–
–7,362
61