55
JOTUN A/S
STATEMENT OF CASH FLOWS
(NOK THOUSAND) NOTE 2017 2016
Cash flow from operating activities
Profit before tax 1 276 898 1 076 270
Adjustments to reconcile profit before tax to net cash flow:
Gains(–)/losses on sale of fixed assets 7 –6 272 –
Depreciation, amortisation and impairment 6, 7 138 538 132 010
Impairment of shares 4, 8 303 374 376 000
Change in accruals and other provisions 135 234 74 424
Working capital changes:
Change in trade and other receivables –72 585 72 181
Change in trade payables 13 169 44 882
Change in inventories –23 482 –34 108
Tax payments 5 –179 098 –159 514
Net cash flow from operating activities 1 585 776 1 582 146
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 7 8 000 –
Purchase of property, plant and equipment 7 –296 853 –195 816
Purchase of intangible assets 6 –124 531 –97 806
Investments in subsidiaries, joint ventures and associated companies 16, 17 –377 567 –310 075
Net cash flow used in investing activities –790 951 –603 697
Cash flows from financing activities
Repayment(–)/proceeds in group account system 12 –321 077 70 204
Cash payments for new lending 10, 12 –77 512 14 850
Repayment(–)/proceeds from borrowings 13 –148 565 –121 119
Dividend paid 14 –513 000 –513 000
Net cash flow from financing activities –1 060 154 –549 066
Net increase/decrease (–) in cash and cash equivalents –265 329 429 383
Cash and cash equivalents as of 1 January 660 470 231 087
Cash and cash equivalents as of 31 December 395 141 660 470
The company had unused credit facilities of NOK 900 million as of 31 December 2017 (2016: NOK 900 million).
There are no restrictions on use of these cash and cash equivalents.