2018 Integrated Interim Report – Departure into a new era!

Consolidated statement of cash flows

Consolidated statement of cash flows

(€ million)

H1

2017

2018

2017

Profit before taxes on income

560

733

968

Depreciation on property, plant and equipment and intangible assets

1,360

1,405

2,847

Write-ups/write-downs on non-current financial assets

8

0

0

Result on disposal of property, plant and equipment and intangible assets

60

38

121

Result on disposal of financial assets

0

0

19

Interest and dividend income 

17

41

53

Interest expense 

347

384

757

Foreign currency result

7

9

19

Result of investments accounted for using the equity method

8

14

14

Other non-cash expenses and income

386

512

1,291

Changes in inventories, receivables and other assets 1)

864

975

639

Changes in liabilities, provisions and deferred items 1)

74

853

1,966

Cash generated from operating activities

1,631

1,122

3,070

Interest received

14

28

39

Received/paid (–) dividends and capital distribution

0

0

10

Interest paid

282

324

592

Paid (–)/reimbursed (+) taxes on income

69

64

178

Cash flow from operating activities

1,294

762

2,329

Proceeds from the disposal of property, plant and equipment and intangible assets

153

120

341

Payments for capital expenditures in property, plant and equipment and intangible assets

4,269

4,149

10,524

Proceeds from investment grants

2,292

2,618

6,724

Payments for repaid investment grants

34

56

63

Proceeds from sale of financial assets

0

0

5

Payments for investments in financial assets

1

25

28

Proceeds from sale of shares in consolidated companies less net cash and cash equivalents sold

0

2

2

Payments for acquisition of shares in consolidated companies less net cash and cash equivalents acquired as well as payments for parts of companies

4

7

30

Proceeds from disposal of investments accounted for using the equity method

0

1

4

Cash flow from investing activities

1,863

1,496

3,569

Proceeds from capital contributions

1,000

Distribution of profits to shareholder

450

600

600

Distribution of profits to minority interests

11

10

12

Payments for finance lease transactions

24

34

53

Proceeds from issue of bonds

1,964

576

2,038

Payments for redemption of bonds

1,900

500

1,819

Payments for the redemption and repayment of interest-free loans

206

206

Proceeds from borrowings and commercial paper

1,280

16

100

Payments for the redemption of borrowings and commercial paper

9

15

209

Cash flow from financing activities

850

773

239

Net changes in cash and cash equivalents 

281

1,507

1,001

Cash and cash equivalents as of Jan 1

3,397

4,450

4,450

Changes in cash and cash equivalents due to changes in exchange rates

5

37

52

Cash and cash equivalents as of Jun 30/Dec 31

3,673

2,906

3,397

1) Figure for first half of 2017 adjusted due to the effects of the retrospective application of the change
in method in accounting for pension obligations in the DB Arriva segment.