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Consolidated Statement of Cash Flows

 Year ended December 31,
(EUR thousand)Notes20142015
Cash flows from operating activities
Net earnings from operations141,317157,277
Adjustments to reconcile net earnings to net cash from operating activities
Depreciation, amortization and impairments3,533,00854,290
Share-based compensation127,4768,213
Non cash financing costs(22,265)(17,105)
Share in income of investments in associates6(39,413)(16,108)
Income tax19,377(5,350)
Net earnings from discontinued operations(3,157)
Changes in assets and liabilities
Accounts receivable6,756(2,835)
Inventories(20,022)13,436
Other current assets(7,531)(4,860)
Accounts payable and accrued expenses20,979(2,976)
Income tax paid(11,789)(9,165)
Net cash from operating activities124,736174,817
Cash flows from investing activities
Capital expenditures3(30,647)(33,576)
Proceeds from sale of property, plant and equipment3359411
Capitalized development expenditure5(14,346)(30,178)
Purchase of intangible assets5(1,496)(7,215)
Dividend received from associates19,97442,865
Investments in associates6(900)
Net cash used in investing activities(26,156)(28,593)
Cash flows from financing activities
Debt issuance fees paid(1,416)
Purchase of treasury shares ASMI11(29,338)(79,076)
Proceeds from issuance of shares and exercise of stock options124,75811,323
Dividends to common shareholders of ASMI(31,828)(37,158)
Net cash used in financing activities(57,824)(104,911)
Foreign currency translation effect on cash and cash equivalents32,58419,825
Net increase in cash and cash equivalents73,34061,138
Cash and cash equivalents at beginning of year10312,437385,777
Cash and cash equivalents at end of year10385,777446,915

Changes of presentation

We reclassified certain items to conform to the current presentation.