CONSOLIDATED STATEMENT OF CASH FLOWS, IFRS

MEUR note 1 Jan-31 Dec 2016 1 Jan-31 Dec 2015
Cash flow from operating activities      
Profit for the period   174.7 127.0
Adjustments:      
Non-cash items included in the profit* 33 -122.5 -55.4
Profit and loss on sales of investment properties and fixed assets   -1.0 -8.6
Other adjustments   0.0 -2.5
Interest expenses and other financial expenses 10 48.4 38.3
Interest income 10 -0.6 -0.8
Dividend income   0.0 0.0
Income taxes 11 44.8 32.5
Cash flow before change in net working capital   143.7 128.8
       
Change in net working capital:      
Changes in accounts receivable and other receivables   -1.4 -1.1
Change in inventories   7.0 76.7
Change in accounts payable and other liabilities*   12.1 -20.2
Interest paid   -43.0 -40.9
Interest received   0.5 0.9
Taxes paid   -13.8 -21.0
Net cash flow from operating activities   105.2 124.8
       
Cash flow from investing activities      
Disposals of subsidiaries, net of disposed cash   0.0 0.3
Acquisitions of investment properties   -327.0 -250.4
Acquisitions of tangible and intangible assets   -0.9 -1.3
Repayments of loans receivable   0.9 2.2
Payments of granted loans   -1.9 -3.2
Disposals of investment property   52.1 59.1
Net cash flow from investing activities   -276.8 -193.3
       
Cash flow from financing activities      
Repayments (–) / withdrawals (+) of current loans   6.1 1.1
Withdrawals of non-current loans   381.6 483.7
Repayments of non-current loans   -332.9 -355.5
Payments received from the issue of shares   98.7 0.0
Repayment of capital and dividends paid 24 -25.4 -31.5
Net cash flow from financing activities   128.1 97.7
       
Change in cash and cash equivalents   -43.6 29.2
Cash and cash equivalents at the beginning of period   60.7 31.8
Effect of exchange rate fluctuations on cash held   0.4 -0.1
Cash M&A   0.9 -0.3
Cash and cash equivalents at the end of period   18.3 60.7
       
       

* SATO has reclassified the adjustment for change in current provisions (EUR 0.4 million in 2016 and EUR 1.5 million in 2015) from change in accounts payable and other liabilities to non-cash items included in the profit.