Condensed consolidated statement of cash flows

Second quarter

 

January–June

2015

2016

in € millions

2015

2016

947

1,097

Cash and cash equivalents at beginning of period

1,649

1,317

 

 

 

 

 

Adjustments to reconcile earnings to cash generated from operating activities

359

339

Profit for the period from continuing operations

540

603

158

151

Amortization and depreciation

314

304

(40)

(74)

Changes in working capital

(616)

(566)

(85)

(38)

Changes in provisions

(495)

(338)

15

75

Other changes

42

114

407

453

Net cash from operating activities

(215)

117

(137)

(151)

Capital expenditures

(260)

(275)

114

25

Acquisitions and divestments net of cash acquired

112

23

(14)

16

Other changes

(20)

22

(37)

(110)

Net cash from investing activities

(168)

(230)

(175)

33

Changes from borrowings

(189)

298

(184)

(226)

Dividends

(205)

(233)

(2)

1

Other changes

(2)

(1)

(361)

(192)

Net cash from financing activities

(396)

64

9

151

Net cash used for continuing operations

(779)

(49)

(1)

(1)

Cash flows from discontinued operations

(2)

(4)

8

150

Net change in cash and cash equivalents of total operations

(781)

(53)

(33)

7

Effect of exchange rate changes on cash and cash equivalents

54

(10)

922

1,254

Net cash and cash equivalents at June 30

922

1,254

Cash flows and net debt

Operating activities in Q2 2016 resulted in a cash inflow of €453 million, up 11 percent (2015: €407 million).

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 with 8 percent coupon was repaid from existing sources in April 2016.

At June 30, 2016 net debt was €1,580 million down 26 percent on June 30, 2015 (€ 2,138 million).