2020/2021 | 2019/2020* | ||
|---|---|---|---|
EUR 1,000 | EUR 1,000 | ||
Profit for the year | - | - | |
Adjustments for: | |||
Income tax expense | 1,275 | 818 | |
Impairment trade receivables and contract assets | – | 90 | |
Depreciation and amortisation | 35,992 | 41,233 | |
Net impairment loss | – | 19,855 | |
Finance income | -30 | -1,523 | |
Finance expenses | 8,113 | 8,678 | |
Cash flows before movements in working capital and provisions | 45,350 | 69,151 | |
Change in contract assets | -4,264 | 4,348 | |
Change in receivables | -685 | 17,227 | |
Change in other assets | -16 | 2 | |
Change in contract liabilities | 11,190 | 3,235 | |
Change in trade and other payables | -210 | -8,240 | |
Change in provisions | 299 | -7,129 | |
Change in employee benefits | 21,314 | -5,769 | |
Cash flows from operating activities | 72,978 | 72,825 | |
Interest and bank charges paid | -3,838 | -3,171 | |
Interest received | 30 | 1,523 | |
Income tax paid | -906 | -938 | |
Net cash from operating activities | 68,264 | 70,239 | |
Acquisition of property, plant and equipment | -3,474 | -4,080 | |
Investment in software | -1,134 | -10,122 | |
Loans to equity accounted investees | – | -473 | |
Net cash used in investing activities | -4,608 | -14,675 | |
Addition to share premium by partners | 2,230 | 2,010 | |
Net (repayment)/proceeds of loans and borrowings from partners | 53,422 | 8,559 | |
Net (repayment)/proceeds of loans and borrowings from former partners | -5,700 | 4,149 | |
Interest paid to Coöperatie KPMG U.A. re partners and former partners | -4,324 | -4,646 | |
Repayment of share premium to Coöperatie KPMG U.A. | -1,510 | -1,870 | |
Payment of lease liabilities | -29,005 | -36,413 | |
Net (repayment)/proceeds of employee bonds | 644 | -51 | |
Net cash (used in)/from financing activities | 15,757 | -28,262 | |
Net change in cash and cash equivalents | 79,413 | 27,302 | |
Cash and cash equivalents at 1 October | 85,181 | 57,879 | |
Cash and cash equivalents at 30 September | 164,594 | 85,181 |
The accompanying notes are an integral part of these consolidated financial statements.
* The presentation of the 2019/2020 figures has been adjusted for comparison purposes, due to changes in presentation in the balance sheet, where unbilled services are included in contract assets (previously in receivables) and advance billings/payments are included in contract liabilities (previously in trade and other payables).