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. | |||