Condensed consolidated statement of cash flows
First quarter |
|
|
in € millions |
2016 |
2017 |
Net cash and cash equivalents at beginning of period |
1,317 |
1,441 |
|
|
|
Adjustments to reconcile earnings to cash generated from operating activities |
|
|
Profit for the period from continuing operations |
264 |
261 |
Amortization and depreciation |
153 |
158 |
Changes in working capital |
(492) |
(463) |
Changes in provisions |
(300) |
(266) |
Other changes |
39 |
23 |
Net cash from operating activities |
(336) |
(287) |
Capital expenditures |
(124) |
(120) |
Acquisitions and divestments net of cash acquired |
(2) |
7 |
Other changes |
6 |
(3) |
Net cash from investing activities |
(120) |
(116) |
Changes from borrowings |
265 |
151 |
Dividend paid |
(7) |
(2) |
Share repurchase |
– |
(142) |
Other changes |
(2) |
– |
Net cash from financing activities |
256 |
7 |
Net cash used for continuing operations |
(200) |
(396) |
Cash flows from discontinued operations |
(3) |
(1) |
Net change in cash and cash equivalents of total operations |
(203) |
(397) |
Effect of exchange rate changes on cash and cash equivalents |
(17) |
6 |
Net cash and cash equivalents at March 31 |
1,097 |
1,050 |
Cash flows and net debt
Operating activities in Q1 resulted in a cash outflow of €287 million (2016: €336 million). The lower cash outflow in Q1 versus last year was mainly due to improved working capital management in all Business Areas and lower pension top-up payments.
At March 31, 2017 net debt was €1.8 billion (2016: €1.7 billion) versus €1.3 billion at year-end 2016. The increase is mainly due to pension top-ups which are paid in Q1 and the share repurchase program.