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.