in € millions | H1 2016 | H1 2015 |
Group earnings before interest and taxes | 805 | 673 |
Taxes paid | (134) | (163) |
Depreciation and write-ups of non-current assets | 314 | 298 |
Results from disposals of investments | (56) | (20) |
Change in provisions for pensions and similar obligations | (40) | (42) |
Change in other provisions | (41) | (108) |
Change in net working capital | (108) | (327) |
Fair value remeasurement of investments | – | (5) |
Other effects | 11 | 37 |
Cash flow from operating activities | 751 | 343 |
– thereof discontinued operations | – | – |
Investments in: | | |
– intangible assets | (212) | (126) |
– property, plant and equipment | (129) | (150) |
– financial assets | (134) | (165) |
– purchase prices for consolidated investments (net of acquired cash) | (128) | (73) |
Cash receipts for disposal of subsidiaries and other business units | (4) | (5) |
Cash receipts from disposal of other fixed assets | 105 | 102 |
Contribution to/withdrawals from defined benefit plans | – | (400) |
Cash flow from investing activities | (502) | (817) |
– thereof discontinued operations | – | – |
Proceeds from bonds and promissory notes | 694 | 1,241 |
Proceeds from/redemption of other financial debt | 71 | (178) |
Interest paid | (106) | (62) |
Interest received | 5 | 8 |
Dividends to Bertelsmann shareholders | (180) | (180) |
Dividends to non-controlling interests and payments to partners in partnerships (IAS 32.18b) | (205) | (239) |
Change in equity | (3) | 5 |
Cash flow from financing activities | 276 | 595 |
– thereof discontinued operations | – | – |
Change in cash and cash equivalents | 525 | 121 |
Exchange rate effects and other changes in cash and cash equivalents | (24) | 55 |
Cash and cash equivalents 1/1 | 1,310 | 1,331 |
Cash and cash equivalents 6/30 | 1,811 | 1,507 |
Less cash and cash equivalents included within assets held for sale | – | – |
Cash and cash equivalents 6/30 (according to the Group balance sheet) | 1,811 | 1,507 |