Consolidated Cash Flow Statement  download icon

in € millionsH1 2016H1 2015
Group earnings before interest and taxes805673
Taxes paid(134)(163)
Depreciation and write-ups of non-current assets314298
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 effects1137
Cash flow from operating activities751343
– 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 assets105102
Contribution to/withdrawals from defined benefit plans(400)
Cash flow from investing activities(502)(817)
– thereof discontinued operations
Proceeds from bonds and promissory notes6941,241
Proceeds from/redemption of other financial debt71(178)
Interest paid(106)(62)
Interest received58
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 activities276595
– thereof discontinued operations
Change in cash and cash equivalents525121
Exchange rate effects and other changes in cash and cash equivalents(24)55
Cash and cash equivalents 1/11,3101,331
Cash and cash equivalents 6/301,8111,507
Less cash and cash equivalents included within assets held for sale
Cash and cash equivalents 6/30 (according to the Group balance sheet)1,8111,507

Change in Net Financial Debt  

in € millionsH1 2016H1 2015
Net financial debt at 1/1(2,765)(1,689)
Cash flow from operating activities751343
Cash flow from investing activities(502)(817)
Interest, dividends and changes in equity, additional payments (IAS 32.18b)(489)(468)
Exchange rate effects and other changes in net financial debt51(52)
Net financial debt at 6/30(2,954)(2,683)