The following assets and liabilities were acquired on the acquisition of companies (see also Note 2 ):

Free cash flow is a combination of net cash provided by operating activities and net cash used in investing activities. Free cash flow is considered to be an indicator of how much cash is available to the company for dividend payments or the repayment of debt. Since net cash from operating activities fell and net cash used in investing activities rose, free cash flow deteriorated dropping from €2,448 million in the previous year to € –225 million in the reporting year.

49.3 Net cash used in/from financing activities

Cash inflows from financing activities amounted to €1,681 million in the reporting year. Contributing to this development were the Deutsche Bank AG subscribing to the mandatory exchangeable bond as part of the Postbank sale and the payment of the collateral for the put option for the remaining Postbank shares, reflected in the non-current financial liabilities in the amount of €3,981 million. At €587 million, the repayment of non-current financial liabilities resulted in a slight increase in cash outflows as against 2008, whereas cash used for changes in current financial liabilities in the amount of €548 million clearly exceeded the previous year’s amount by €211 million. The dividend payment to shareholders (€725 million) accounts for the largest share of cash paid for financing activities. The decline in current financial liabilities accounts for lower interest payments, which dropped by €143 million to €291 million. €2,386 million of cash was used in financing activities in the previous year.

49.4 Cash and cash equivalents

The cash inflows and outflows described above produced cash and cash equivalents due to continuing operations of €3,064 million, see Note 37. This is a significant year-on-year increase by €1,714 million. Currency translation differences of €20 million contributed to this increase.

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