Condensed consolidated statements of cash flows
Fourth quarter |
|
January-December |
||||
2017 * |
2018 |
in € millions |
2017 * |
2018 |
||
|
||||||
1,032 |
952 |
Net cash and cash equivalents at beginning of period |
1,441 |
1,278 |
||
|
|
|
|
|
||
45 |
45 |
Profit for the period |
511 |
455 |
||
62 |
59 |
Amortization and depreciation |
276 |
239 |
||
239 |
250 |
Changes in working capital |
(105) |
(177) |
||
(9) |
45 |
Changes in provisions |
(338) |
(203) |
||
(44) |
(48) |
Interest paid |
(81) |
(89) |
||
(62) |
(53) |
Income tax paid |
(266) |
(164) |
||
71 |
21 |
Other changes |
281 |
101 |
||
302 |
319 |
Net cash from operating activities |
278 |
162 |
||
(85) |
(54) |
Capital expenditures |
(250) |
(160) |
||
(11) |
(80) |
Acquisitions and divestments net of cash acquired |
(39) |
(74) |
||
– |
(5,541) |
Investment in short-term investments |
– |
(5,541) |
||
– |
76 |
Other changes |
5 |
107 |
||
(96) |
(5,599) |
Net cash from investing activities |
(284) |
(5,668) |
||
559 |
(1,340) |
Changes from borrowings |
585 |
(922) |
||
(960) |
(135) |
Dividend paid |
(1,184) |
(636) |
||
– |
– |
Share repurchase |
(160) |
– |
||
– |
(407) |
Buy-out of non-controlling interests |
– |
(437) |
||
– |
3 |
Other changes |
– |
5 |
||
(401) |
(1,879) |
Net cash from financing activities |
(759) |
(1,990) |
||
(195) |
(7,159) |
Net cash used for continuing operations |
(765) |
(7,496) |
||
442 |
8,924 |
Cash flows from discontinued operations |
660 |
8,958 |
||
247 |
1,765 |
Net change in cash and cash equivalents of continued and discontinued operations |
(105) |
1,462 |
||
(1) |
15 |
Effect of exchange rate changes on cash and cash equivalents |
(58) |
(8) |
||
1,278 |
2,732 |
Net Cash and cash equivalents at December 31 |
1,278 |
2,732 |
||
Cash flows and net debt
Operating activities in Q4 2018 resulted in an inflow of €319 million (2017: €302 million). This was mainly driven by higher working capital inflow compared with 2017.
Investing activities in Q4 2018 resulted in an outflow of €5,559 million, mainly driven by investment of the cash proceeds for the sale of the Specialty Chemicals business in short-term investments.
At December 31, 2018, net debt was € 5,861 million negative versus €1,951 million positive at year-end 2017. The decrease was mainly driven by the receipt of the cash proceeds for the sale of the Specialty Chemicals business.