Consolidated Cash Flow Statement
Consolidated Cash Flow Statement
| in € millions | 2017 | 2016 | ||
|---|---|---|---|---|
| Group earnings before interest and taxes | 1,889 | 1,800 | ||
| Taxes paid | (434) | (234) | ||
| Depreciation and write-ups of non-current assets | 766 | 672 | ||
| Results from disposals of investments | (176) | (42) | ||
| Gains/losses from disposals of non-current assets | (119) | (50) | ||
| Change in provisions for pensions and similar obligations | (84) | (55) | ||
| Change in other provisions | 7 | (20) | ||
| Change in net working capital | (225) | (175) | ||
| Fair value remeasurement of investments | (15) | (12) | ||
| Other effects | 33 | 70 | ||
| Cash flow from operating activities | 1,642 | 1,954 | ||
| – thereof discontinued operations | – | – | ||
| Investments in: | ||||
| – intangible assets | (319) | (388) | ||
| – property, plant and equipment | (360) | (326) | ||
| – financial assets | (211) | (248) | ||
| – purchase prices for consolidated investments (net of acquired cash) | (213) | (278) | ||
| Disposals of subsidiaries and other business units | 4 | (28) | ||
| Disposals of other fixed assets | 339 | 220 | ||
| Contribution to/withdrawals from defined benefit plans | (37) | (33) | ||
| Cash flow from investing activities | (797) | (1,081) | ||
| – thereof discontinued operations | – | – | ||
| Issues of bonds and promissory notes | 697 | 694 | ||
| Redemption of bonds and promissory notes | – | (786) | ||
| Proceeds from/redemption of other financial debt | 282 | 59 | ||
| Interest paid | (166) | (190) | ||
| Interest received | 12 | 16 | ||
| Dividends to Bertelsmann shareholders | (180) | (180) | ||
| Dividends to non-controlling interests and payments to partners in partnerships (IAS 32.18(b)) | (743) | (388) | ||
| Change in equity | (657) | (18) | ||
| Cash flow from financing activities | (755) | (793) | ||
| – thereof discontinued operations | – | – | ||
| Change in cash and cash equivalents | 90 | 80 | ||
| Exchange rate effects and other changes in cash and cash equivalents | (24) | (14) | ||
| Cash and cash equivalents 1/1 | 1,376 | 1,310 | ||
| Cash and cash equivalents 12/31 | 1,442 | 1,376 | ||
| Less cash and cash equivalents included within assets held for sale | (2) | (3) | ||
| Cash and cash equivalents 12/31 (according to the consolidated balance sheet) | 1,440 | 1,373 | ||
| Details on the cash flow statement are presented in note 26 “Cash Flow Statement”. | ||||
Change in Net Financial Debt
| in € millions | 2017 | 2016 | ||
|---|---|---|---|---|
| Net financial debt at 1/1 | (2,625) | (2,765) | ||
| Cash flow from operating activities | 1,642 | 1,954 | ||
| Cash flow from investing activities | (797) | (1,081) | ||
| Interest, dividends and changes in equity, additional payments (IAS 32.18(b)) | (1,734) | (760) | ||
| Exchange rate effects and other changes in net financial debt | 35 | 27 | ||
| Net financial debt at 12/31 | (3,479) | (2,625) | ||
| Net financial debt is the balance of the balance sheet positions “Cash and cash equivalents” and “Financial debt”. | ||||
