49 JOTUN A/S STATEMENT OF CASH FLOWS (NOK THOUSAND) NOTE 2016 2015 Cash flow from operating activities Profit before tax 1 076 270 1 056 261 Adjustments to reconcile profit before tax to net cash flow: Gains(–)/losses on sale of fixed assets 7 – –24 403 Depreciation, amortisation and impairment 6, 7 132 010 114 042 Impairment of shares 8 376 000 127 500 Gains(–)/losses on liquidation of shares – –291 Change in accruals and other provisions 74 424 186 650 Working capital adjustments: Change in trade and other receivables 72 181 –27 605 Change in trade payables 44 882 43 698 Change in inventories –34 108 –57 624 Tax payments 5 –159 514 –159 404 Net cash flow from operating activities 1 582 146 1 258 824 Cash flows from investing activities Proceeds from sale of property, plant and equipment 7 – 27 029 Proceeds from sale of shares – 630 Purchase of property, plant and equipment 7 –195 816 –78 729 Purchase of intangible assets 6 –97 806 –46 860 Investments in subsidiaries, joint ventures and associated companies –310 075 –434 020 Net cash flow used in investing activities –603 697 –531 950 Cash flows from financing activities Repayment(–)/proceeds in group account system 70 204 –53 614 Cash payments for new lending 14 850 –527 219 Proceeds from borrowings –121 119 –41 917 Dividend paid –513 000 –513 000 Net cash flow from financing activities –549 066 –1 135 750 Net increase/decrease (–) in cash and cash equivalents 429 383 –408 875 Cash and cash equivalents as of 1 January 231 087 639 962 Cash and cash equivalents as of 31 December 660 470 231 087 The company had unused credit facilities of NOK 900 million as of 31 December 2016 (2015: NOK 900 million). There are no restrictions on the use of these cash and cash equivalents.
Jotun Annual Report 2016
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