Statement of Cash Flows

€m2015
2016
Net income from continuing operations1,018.9
899.5
Income taxes294.5
305.0
Interest income/expenses396.3
385.3
Dividends received183.3
191.0
Interest received91.7
138.5
Interest paid-583.6
-529.6
Income taxes paid-353.1
-325.9
Depreciation, amortisation, and impairment801.2
1,031.3
Elimination of other non-cash items-72.3
93.1
Cash flow
1,777.0
2,188.3
Changes in operating assets-144.8
-64.9
Changes in operating liabilities122.7
161.5
Changes in working capital
-22.1
96.6
Decrease in provisions through cash payments-244.2
-382.6
Cash flow from operating activities – continuing operations
1,510.7
1,902.3
Cash flow from operating activities – discontinued operations-61.5
-28.3
Cash flow from operating activities
1,449.3
1,874.0
Intangible assets-23.2
-27.7
Property, plant and equipment-884.5
-1,012.2
Subsidiaries and other business units-64.7
-2,983.3
Other financial assets, associates, and joint ventures-29.3
-15.6
Investments (cash outflow)
-1,001.8
-4,038.8
Subsidiaries and other business units77.2
4.5
Other fixed assets151.6
179.9
Divestments (cash inflow)
228.7
184.4
Cash from changes in consolidation scope20.5
632.1
Cash flow from investing activities – continuing operations
-752.5
-3,222.3
Cash flow from investing activities – discontinued operations1,245.1
901.4
Cash flow from investing activities
492.6
-2,320.9
Capital decrease – non-controlling interests-3.1
-1.9
Dividend payments – HeidelbergCement AG-140.9
-244.3
Dividend payments – non-controlling interests-227.7
-90.4
Decrease in ownership interests in subsidiaries0.9
17.8
Increase in ownership interests in subsidiaries-15.5
-5.9
Proceeds from bond issuance and loans49.7
3,531.3
Repayment of bonds and loans-1,385.0
-1,545.2
Changes in short-term interest-bearing liabilities-100.2
-605.4
Cash flow from financing activities – continuing operations
-1,821.8
1,056.1
Cash flow from financing activities – discontinued operations-4.8
0.1
Cash flow from financing activities
-1,826.6
1,056.1
Net change in cash and cash equivalents – continuing operations-1,063.6
-264.0
Net change in cash and cash equivalents – discontinued operations1,178.8
873.1
Net change in cash and cash equivalents
115.2
609.1
Effect of exchange rate changes7.1
12.7
Cash and cash equivalents at 1 January1,228.1
1,350.5
Cash and cash equivalents at 31 December
1,350.5
1,972.4