Statement of Cash Flows

€m2014 2015
Net income from continuing operations866.31,018.9
Income taxes64.5294.5
Interest income/ expenses462.3396.3
Dividends received157.1183.3
Interest received192.691.7
Interest paid-633.5-583.6
Income taxes paid-315.0-353.1
Depreciation, amortisation, and impairment752.5801.2
Elimination of other non-cash items77.0-72.3
Cash flow1,623.81,777.0
Changes in operating assets-124.4-144.8
Changes in operating liabilities97.4122.7
Changes in working capital-27.0-22.1
Decrease in provisions through cash payments-222.7-244.2
Cash flow from operating activities - continuing operations1,374.11,510.7
Cash flow from operating activities - discontinued operations105.7-61.5
Cash flow from operating activities1,479.81,449.3
Intangible assets-17.7-23.2
Property, plant and equipment-923.5-884.5
Subsidiaries and other business units-148.6-64.7
Other financial assets, associates, and joint ventures-34.8-29.3
Investments (cash outflow)-1,124.6-1,001.8
Subsidiaries and other business units23.377.2
Other fixed assets120.5151.6
Divestments (cash inflow)143.7228.7
Cash from changes in consolidation scope21.720.5
Cash flow from investing activities - continuing operations-959.2-752.5
Cash flow from investing activities - discontinued operations-13.81,245.1
Cash flow from investing activities-973.0492.6
Capital increase / decrease - non-controlling shareholders1.0-3.1
Dividend payments - HeidelbergCement AG-112.5-140.9
Dividend payments - non-controlling shareholders-165.9-227.7
Decrease in ownership interests in subsidiaries0.90.9
Increase in ownership interests in subsidiaries-18.0-15.5
Proceeds from bond issuance and loans575.349.7
Repayment of bonds and loans-1,152.7-1,385.0
Changes in short-term interest-bearing liabilities155.1-100.2
Cash flow from financing activities - continuing operations-716.8-1,821.8
Cash flow from financing activities - discontinued operations-1.5-4.8
Cash flow from financing activities-718.3-1,826.6
Net change in cash and cash equivalents - continuing operations-301.9-1,063.6
Net change in cash and cash equivalents - discontinued operations90.51,178.8
Net change in cash and cash equivalents-211.4115.2
Effect of exchange rate changes88.47.1
Cash and cash equivalents at 1 January1,351.11,228.1
Cash and cash equivalents at 31 December1,228.11,350.5
Reclassification of cash and cash equivalents according to IFRS 50.0
Cash and cash equivalents presented in the balance sheet at 31 December1,228.11,350.5