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Consolidated Cash Flow Statement

Consolidated Cash Flow Statement  

in € millions20142013 (adjusted)
Group earnings before interest and taxes1,1571,656
Taxes paid(387)(305)
Depreciation and write-ups of non-current assets851595
Results from disposals of investments148(50)
Change in provisions for pensions and similar obligations(69)(70)
Change in other provisions(12)21
Change in net working capital(116)57
Fair value remeasurement of investments(24)(110)
Other effects(25)(15)
Cash flow from operating activities1,5231,779
– thereof discontinued operations
Investments in:  
– intangible assets(248)(404)
– property, plant and equipment(334)(289)
– financial assets(176)(118)
– purchase prices for consolidated investments (net of acquired cash)(820)(501)
Cash receipts for disposal of subsidiaries and other business units3012
Cash receipts from disposal of other fixed assets60367
Contribution to/withdrawals from defined benefit plans(35)(71)
Cash flow from investing activities(1,523)(1,004)
– thereof discontinued operations(5)
Proceeds from bonds and promissory notes595
Redemption of bonds and promissory notes(967)(584)
Proceeds from/redemption of other financial debt(81)(610)
Interest paid(221)(280)
Interest received2034
Dividends to Bertelsmann shareholders(180)(180)
Dividends to non-controlling interests and payments to partners in partnerships (IAS 32.18b)(585)(445)
Change in equity1,410
Payments for release of interest swaps(15)(8)
Cash flow from financing activities(1,434)(663)
– thereof discontinued operations
Change in cash and cash equivalents(1,434)112
Currency effects and other changes in cash and cash equivalents50(22)
Cash and cash equivalents 1/12,7152,625
Cash and cash equivalents 12/311,3312,715
Less cash and cash equivalents included within assets held for sale(2)(10)
Cash and cash equivalents 12/31 (according to the Group balance sheet)1,3292,705

Change in Net Financial Debt  

in € millions20142013 (adjusted)
Net financial debt at 1/1(681)(1,264)
Cash flow from operating activities1,5231,779
Cash flow from investing activities(1,523)(1,004)
Interest, dividends and changes in equity, additional payments (IAS 32.18b)(966)539
Currency effects and other changes in net financial debt(42)(731)
Net financial debt at 12/31(1,689)(681)