Condensed consolidated statement of cash flows

First quarter

 

 

in € millions

2017

2018

Net cash and cash equivalents at beginning of period

1,441

1,278

 

 

 

Profit for the period

145

132

Amortization and depreciation

73

60

Changes in working capital

(333)

(360)

Changes in provisions

(247)

(185)

Other changes

(17)

(103)

Net cash from operating activities

(379)

(456)

Capital expenditures

(45)

(34)

Acquisitions and divestments net of cash acquired

6

23

Other changes

1

Net cash from investing activities

(38)

(11)

Changes from borrowings

153

393

Dividend paid

(1)

(173)

Share repurchase

(142)

Other changes

Net cash from financing activities

10

220

Net cash used for continuing operations

(407)

(247)

Cash flows from discontinued operations

10

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

(397)

(247)

Effect of exchange rate changes on cash and cash equivalents

6

(4)

Net cash and cash equivalents at March 31

1,050

1,027

Cash flows and net debt

Operating activities in Q1 2018 resulted in an outflow of €456 million (2017: €379 million). Profit for the period in Q1 2018 included several non-cash gains due to a tax settlement and re-recognition of deferred tax assets, which are reversed in Other changes.

In Q1 2018, changes from borrowings of €393 million are mainly related to drawings from our commercial paper program.

Dividend paid of €173 million mainly relates to withholding taxes paid in Q1 2018, that are related to the December 2017 €1 billion special cash dividend.

At March 31, 2018, net debt was €2,596 million versus €1,951 million at year-end 2017. The increase is mainly due to seasonality of the operating working capital.