Vetoquinol Universal Registration Document 2019

62   Vetoquinol  Universal Registration Document 2019  Financial report 6 CONSOLIDATED FINANCIAL STATEMENTS Consolidated statement of cash flows 6.3 Consolidated statement of cash flows €000 Notes Dec 31, 2019 Dec 31, 2018 Consolidated net income 28,247 36,226 Elimination of non-cash items - - Depreciation, amortization and provisions 19,288 12,482 Depreciation, amortization and provisions - IFRS 16 4,792 Elimination of (earnings)/loss of associates (30) 185 Income tax expense 12,464 12,171 Interest expense 124 (42) Interest expense - IFRS 16 165 Provisions for employee benefits 81 64 Impairment of available-for-sale financial assets - - Capital gains (losses) on sales, net of tax 387 311 Other non-cash items - - Income and expenses from share-based payments - 58 Cash flows from operating activities 65,518 61,455 Tax paid (14,216) (12,661) Change in working capital 722 (10,909) Net cash flow from operating activities 52,024 37,884 Purchase of intangible assets (4,892) (2,943) Purchase of PP&E (9,441) (11,276) Purchase of available-for-sale assets (5) - Acquisition of financial assets - - Proceeds from sale of assets 678 279 Loan repayments - other financial assets (88) (85) Net cash flow from (used by) business combinations 6.5.7 (50,801) (3,726) Net cash flow from (used by) investing activities (64,547) (17,751) Capital increase - - Net (purchase)/sale of treasury stock (521) (977) Issuance of debt and other financial liabilities 6 - Repayment of financial liabilities (8,816) (8,672) Cash flows from financing activities - IFRS 16 (4,966) Interest paid (249) (225) Interest received 110 247 Dividends paid to parent company shareholders 6.5.28.4 (5,679) (5,455) Dividends paid to non-controlling (minority) interests (1) - Investment subsidies and government loans - (113) Other cash flows from financing activities - - Net cash flow from (used by) financing activities (20,117) (15,195) Exchange gains (losses) (1,355) (360) Net change in cash (33,995) 4,579 Opening net cash and cash equivalents 117,576 112,997 Change in cash and cash equivalents (33,995) 4,579 Closing net cash and cash equivalents 6.5.27 83,581 117,576