NEOPOST_REGISTRATION_DOCUMENT_2017

5

Financial statements

Consolidated financial statements

Consolidated statements of cash flow

(In million euros)

Notes

31 January 2018

31 January 2017

Net income attributable to shareholders of the parent company

133.8

118.2

Net income attributable to non-controlling interests

(1.1)

(4.2)

Expenses (income) with no cash effect

(8-1)

94.8

94.1

Share of results of associated companies (net of dividends received)

(1.4)

(1.0)

Income taxes expense (including deferred taxes)

(12-3)

0.8

37.7

Net cost of debt

32.2

29.7

Cash flow before net cost of debt and income taxes

259.1

274.5

Working capital variation

(8-2)

20.6

(8.6)

Increase (decrease) in lease receivables

22.8

15.2

Cash flow from operating activities

302.5

281.1

Interest paid

(30.3)

(29.6)

Income taxes paid

(24.3)

(22.2)

Net cash flow from operating activities (A)

247.9

229.3

Investments in tangible fixed assets

(4-3)

(63.9)

(47.0)

Investments in intangible fixed assets

(4-2)

(34.9)

(35.2)

Financial investments

(8-3)

(23.4)

(24.0)

Sub-total investments

(122.2)

(106.2)

Disposals of fixed assets

3.1

1.4

Repayment of loans and other long-term advances

(1.8)

1.2

Net cash flow from investing activities (B)

(120.9)

(103.6)

Parent company capital increase

(13-1)

-

-

Share buyback – liquidity contract

(13-1)

(0.7)

(0.3)

Dividends paid to shareholders

(58.6)

(58.5)

New medium and long-term borrowings

(11-2)

219.9

19.6

ODIRNANE*

(13-2)

(8.9)

(8.9)

Repayment of long-term borrowings

(11-2)

(165.7)

(62.3)

Net cash flow from financing activities (C)

(14.0)

(110.4)

Cumulative translation adjustments on cash and cash equivalents (D)

(15.5)

11.3

Change in net cash (A) + (B) + (C) + (D)

97.5

26.6

Net cash – opening

90.3

63.7

Net cash – closing

187.8

90.3

Cash and cash equivalents

193.0

96.1

Bank overdrafts

(5.2)

(5.8)

NET CASH – CLOSING

187.8

90.3

following notes form an integral part of the consolidated financial statements. The ODIRNANE: senior unsecured net share settled undated bond convertible into new shares and/or exchangeable for existing shares. *

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REGISTRATION DOCUMENT 2017 / NEOPOST