Condensed consolidated statement of cash flows

Condensed consolidated statement of cash flows (continuing and discontinued operations)

Fourth quarter

 

January-December

2016

2017

in € millions

2016

2017

1,632

1,032

Net cash and cash equivalents at beginning of period

1,317

1,441

 

 

 

 

 

Adjustments to reconcile earnings to cash generated from operating activities

150

92

Profit for the period

1,052

904

150

138

Amortization and depreciation

606

607

365

320

Changes in working capital

1

(110)

(29)

(27)

Changes in provisions

(504)

(477)

(58)

6

Other changes

136

45

578

529

Net cash from operating activities

1,291

969

(231)

(208)

Capital expenditures

(634)

(613)

(394)

(11)

Acquisitions and divestments net of cash acquired

(363)

(28)

(10)

6

Other changes

18

3

(635)

(213)

Net cash from investing activities

(979)

(638)

(80)

891

Changes from borrowings

140

911

(81)

(960)

Dividend paid

(336)

(1,187)

Share repurchase

(160)

Other changes

(7)

(161)

(69)

Net cash from financing activities

(203)

(436)

(218)

247

Net change in cash and cash equivalents of continued and discontinued operations

109

(105)

27

(1)

Effect of exchange rate changes on cash and cash equivalents

15

(58)

1,441

1,278

Net Cash and cash equivalents at December 31

1,441

1,278

Cash flows and net debt

Operating activities in 2017 related to continuing and discontinued operations resulted in cash inflows of €969 million (2016: €1,291million). Profit for the period was impacted by identified items related to the new strategy to create a focused, high performing Paints and Coatings business and related to the separation of the Specialty Chemicals business.

In Q4, a €500 million floating rate note was launched at attractive terms, with a two-year maturity, at a coupon of three-months Euribor plus 0.2% mark-up, floored at zero percent.

At December 31, 2017, net debt was €1,951 million versus €1,252 million at year-end 2016. The increase is mainly due to the €1 billion special cash dividend and the share repurchase program.