Condensed consolidated statement of cash flows

First quarter

 

 

in € millions

2015

2016

Net cash and cash equivalents at beginning of period

1,649

1,317

 

 

 

Adjustments to reconcile earnings to cash generated from operating activities

 

 

Profit for the period from continuing operations

181

264

Amortization and depreciation

156

153

Changes in working capital

(576)

(492)

Changes in provisions

(410)

(300)

Other changes

27

39

Net cash from operating activities

(622)

(336)

Capital expenditures

(123)

(124)

Acquisitions and divestments net of cash acquired

(2)

(2)

Other changes

(6)

6

Net cash from investing activities

(131)

(120)

Changes from borrowings

(14)

265

Dividends

(21)

(7)

Other changes

(2)

Net cash from financing activities

(35)

256

Net cash used for continuing operations

(788)

(200)

Cash flows from discontinued operations

(1)

(3)

Net change in cash and cash equivalents of total operations

(789)

(203)

Effect of exchange rate changes on cash and cash equivalents

87

(17)

Net cash and cash equivalents at March 31

947

1,097

Cash flows and net debt

Operating activities in Q1 resulted in a cash outflow of €336 million (2015: €622 million). The lower cash outflow in Q1 versus last year was due to lower working capital in all Business Areas, lower pension top-ups, as well as changes in provisions mostly due to less restructuring payments, and lower interest payments.

In April 2016, a €500 million bond was launched at attractive terms, with a ten-year maturity, at a coupon of 1.125 percent. A £250 million bond was repaid from existing sources in April 2016.

At March 31, 2016 net debt was €1.7 billion (2015: €2.3 billion) versus €1.2 billion at year-end 2015.