Cash flow disclosures

47 Cash flow disclosures

The cash flow statement is prepared in accordance with IAS 7 (Statement of Cash Flows) and discloses the cash flows in order to present the source and application of cash and cash equivalents. It distinguishes between cash flows from operating, investing and financing activities. Cash and cash equivalents are composed of cash, cheques and bank balances with a maturity of not more than three months, and correspond to the cash and cash equivalents reported on the balance sheet. The effects of currency translation and changes in the consolidated group are adjusted when calculating cash and cash equivalents.

47.1 Net cash from operating activities

Cash flows from operating activities are calculated by adjusting consolidated net profit/loss for tax expenses, net financial income/net finance costs and non-cash factors, as well as taxes paid, changes in provisions and in other non-current assets and liabilities (net cash from operating activities before changes in working capital). Adjustments for changes in working capital (excluding financial liabilities) result in net cash from or used in operating activities.

Net cash from operating activities before changes in working capital increased by €125 million year-on-year to €2,234 million. This is largely due to the markedly improved EBIT, which rose by €601 million to €2,436 million. The depreciation, amortisation and impairment losses contained in EBIT are non-cash effects and are therefore adjusted. They decreased from €1,296 million to €1,274 million. The gains on the disposal of non-current assets of €54 million are not attributable to operating activities. They have therefore been adjusted in the net loss from the disposal of non-current assets and are presented instead in the cash flows from investing activities. In the previous year, losses from the disposal of non-current assets of €279 million were incurred, primarily as a result of the sale of business units in the UK, France and Austria. The reduction in working capital led to a cash inflow of €137 million, in particular because receivables and other assets rose by less than in the previous year. In the comparative period, the rise in working capital resulted in cash outflows of €182 million. In the reporting period, net cash from operating activities increased by €444 million from €1,927 million to €2,371 million.

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