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Cash Flow Statement

Cash flow statement 1 January to 31 December
€m
  Note 2007
restated1) 		2008
Net profit/loss before taxes   1,188 –1,066
Net finance costs   945 499
Profit/loss from operating activities (EBIT)   2,133 –567
Depreciation/amortisation of non-current assets   2,196 2,662
Net income from disposal of non-current assets   –226 –76
Non-cash income and expense   47 217
Change in provisions   –877 838
Change in other assets and liabilities   –146 –20
Income taxes paid   –278 –325
Net cash from operating activities before changes in working capital   2,849 2,729
Changes in working capital      
   Inventories
   10 –50
   Receivables and other assets
   –657 583
   Receivables/liabilities from financial services
   0 0
   Liabilities and other items
   606 100
Net cash from operating activities due to continuing operations   2,808 3,362
Net cash from/used in operating activities due to discontinued operations   2,343 –1,423
Total net cash from operating activities 50.1 5,151 1,939
Proceeds from disposal of non-current assets      
   Subsidiaries and other business units
   62 0
   Property, plant and equipment and intangible assets
   625 1,421
   Other non-current financial assets
   131 162
    818 1,583
Cash paid to acquire non-current assets      
   Subsidiaries and other business units
   –261 –1,417
   Property, plant and equipment and intangible assets
   –1,930 –1,660
   Other non-current financial assets
   –152 –92
    –2,343 –3,169
Interest received   112 570
Dividend Postbank   103 103
Current financial instruments   0 –1
Net cash used in investing activities due to continuing operations   –1,310 –914
Net cash from investing activities due to discontinued operations   257 473
Total net cash used in investing activities 50.2 –1,053 –441
Proceeds from issuance of non-current financial liabilities   552 176
Repayments of non-current financial liabilities   –452 –497
Change in current financial liabilities   –857 –337
Other financing activities   153 –148
Dividend paid to Deutsche Post AG shareholders   –903 –1,087
Dividend paid to other shareholders   –56 –80
Issuance of shares under stock option plan   73 21
Interest paid
   –411 –434
Net cash used in financing activities due to continuing operations
   –1,901 –2,386
Net cash from financing activities due to discontinued operations
   114 918
Total net cash used in financing activities
 50.3 –1,787 –1,468
Net change in cash and cash equivalents
   2,311 30
Effect of changes in exchange rates on cash and cash equivalents
   –46 –53
Changes in cash and cash equivalents associated with assets held for sale
   0 0
Changes in cash and cash equivalents due to changes in consolidated group
   27 2
Cash and cash equivalents at beginning of reporting period
   2,391 4,683
Total cash and cash equivalents at end of reporting period
  50.4 4,683 4,662
Less cash and cash equivalents due to discontinued operations at end of reporting period
   3,352 3,416
Plus cash and cash equivalents of continuing operations at Deutsche Postbank AG at end of reporting period
   8 104
Cash and cash equivalents due to continuing operations at end of reporting period
   1,339 1,350
1) See Note 50.