Condensed consolidated statement of cash flows

Fourth quarter

 

January-December

2015

2016

in € millions

2015

2016

1,041

1,632

Cash and cash equivalents at beginning of period

1,649

1,317

 

 

 

 

 

Adjustments to reconcile earnings to cash generated from operating activities

220

151

Profit for the period from continuing operations

1,060

1,054

158

150

Amortization and depreciation

626

606

496

365

Changes in working capital

46

1

(88)

(29)

Changes in provisions

(658)

(504)

(18)

(57)

Other changes

62

140

768

580

Net cash from operating activities

1,136

1,297

(228)

(231)

Capital expenditures

(651)

(634)

29

(394)

Acquisitions and divestments net of cash acquired

151

(363)

2

(10)

Other changes

(8)

18

(197)

(635)

Net cash from investing activities

(508)

(979)

(233)

(80)

Changes from borrowings

(689)

140

(66)

(81)

Dividend paid

(281)

(336)

Other changes

(2)

(7)

(299)

(161)

Net cash from financing activities

(972)

(203)

272

(216)

Net cash from continuing operations

(344)

115

(4)

(2)

Cash flows from discontinued operations

(6)

(6)

268

(218)

Net change in cash and cash equivalents of total operations

(350)

109

8

27

Effect of exchange rate changes on cash and cash equivalents

18

15

1,317

1,441

Net Cash and cash equivalents at December 31

1,317

1,441

Cash flows and net debt

Operating activities in 2016 resulted in cash inflows of €1,297 million, up 14% (2015: €1,136 million), mainly due to lower pension top up payments and lower cash out flow with respect to restructuring projects and interest payments.

In Q2, a €500 million bond was launched at attractive terms, with a ten-year maturity, at a coupon of 1.125%, and a £250 million bond with 8% coupon was repaid from existing resources.

Net debt at year-end 2016 was slightly higher at €1,252 million compared with year-end 2015 (€1,226 million) and up compared with Q3 2016 (€1,119 million), as a result of the consideration paid for BASF’s Industrial Coatings business.