Chapters
Annual Report 2020

28. Cash Generated from Operations

in thousands of EUR

Notes

2020

2019

Result before tax

9,232

274,548

Adjusted for:

Depreciation and impairments

11, 12

510,002

488,833

Amortization and impairments

13, 14

177,655

143,272

Share-based payments expense

25

5,677

5,027

Rent reductions

- 33,122

-

Result from sale of (in)tangibles

2,830

27

Net financial result

8

50,360

49,421

Other non- cash adjustments

- 567

511

Changes in working capital:

- Inventories

28,146

- 11,710

- Trade and other receivables

- 6,589

5,507

- Trade and other payables and contract liabilities

46,598

44,089

Changes in provisions

4,321

1,338

Cash generated from operations

794,543

1,000,863

Changes in working capital and provisions exclude exchange differences and the effect of acquisitions.