Consolidated Cash Flow Statement

Consolidated Cash Flow Statement  download icon

in € millions20152014 (adjusted)
Group earnings before interest and taxes1,6841,156
Taxes paid(286)(387)
Depreciation and write-ups of non-current assets656852
Results from disposals of investments(27)148
Change in provisions for pensions and similar obligations(45)(69)
Change in other provisions(104)(12)
Change in net working capital(201)(128)
Fair value remeasurement of investments(82)(24)
Other effects5(13)
Cash flow from operating activities1,6001,523
– thereof discontinued operations
Investments in:
– intangible assets(349)(248)
– property, plant and equipment(297)(334)
– financial assets(447)(176)
– purchase prices for consolidated investments (net of acquired cash)(166)(820)
Cash receipts for disposal of subsidiaries and other business units230
Cash receipts from disposal of other fixed assets16160
Contribution to/withdrawals from defined benefit plans(689)(35)
Cash flow from investing activities(1,785)(1,523)
– thereof discontinued operations(5)
Proceeds from bonds and promissory notes1,490595
Redemption of bonds and promissory notes(430)(967)
Proceeds from/redemption of other financial debt(155)(81)
Interest paid(156)(221)
Interest received1120
Dividends to Bertelsmann shareholders(180)(180)
Dividends to non-controlling interests and payments to partners in partnerships (IAS 32.18b)(450)(585)
Change in equity(8)
Payments for release of interest swaps(15)
Cash flow from financing activities122(1,434)
– thereof discontinued operations
Change in cash and cash equivalents(63)(1,434)
Exchange rate effects and other changes in cash and cash equivalents4250
Cash and cash equivalents 1/11,3312,715
Cash and cash equivalents 12/311,3101,331
Less cash and cash equivalents included within assets held for sale(2)
Cash and cash equivalents 12/31 (according to the Group balance sheet)1,3101,329

Change in Net Financial Debt  

in € millions20152014
Net financial debt at 1/1(1,689)(681)
Cash flow from operating activities1,6001,523
Cash flow from investing activities(1,785)(1,523)
Interest, dividends and changes in equity, additional payments (IAS 32.18b)(783)(966)
Exchange rate effects and other changes in net financial debt(108)(42)
Net financial debt at 12/31(2,765)(1,689)