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Free Cash Flow

The Group defines free cash flow as net cash generated from operating activities (excluding income tax paid, certain exceptional items and their related impact on working capital adjustments), plus net cash used in or generated from investing activities (excluding interest received, net cash paid for acquisitions and net proceeds from the sale of subsidiaries).

  2016
€000
2015
€000
Net cash flows from operating activities 54,074 48,499
Income tax paid 6,831 6,123
Net cash pre investing and financing activities 60,905 54,622
Net cash generated from investing activities (12,345) (7,776)
Interest received (220) (380)
Cash flow pre financing activities 48,340 46,466
Proceeds from asset previously classified as held for sale - 120
Cash impact of non-IPO exceptional items - 276
Free cash flow 48,340 46,862
Free cash flow as a percentage of adjusted EBITDA 93.8% 87.2%
Adjusted free cash flow 48,340 46,862
Adjusted free cash flow as a percentage of adjusted EBITDA 93.8% 87.2%