2018 Integrated Report – On track towards a better Railway

Consolidated statement of cash flows

Consolidated statement of cash flows

Jan 1 through Dec 31 (€ million)

Note

2018

2017

Profit before taxes on income

 

1,172

968

Depreciation on property, plant and equipment and intangible assets

 

2,688

2,847

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

 

8

0

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

 

–162

–121

Result on disposal of financial assets

 

–37

–19

Interest and dividend income

 

–25

–53

Interest expense 

 

669

757

Foreign currency result

 

–2

19

Result of investments accounted for using the equity method

 

–12

–14

Other non-cash expenses and income

 

871

1,291

Changes in inventories, receivables and other assets 

 

–950

–639

Changes in liabilities, provisions and deferred items 

 

–176

–1,966

Cash generated from operating activities

 

4,044

3,070

Interest received

 

22

39

Received/paid (–) dividends and capital distribution

 

–8

–10

Interest paid

 

–529

–592

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

 

–158

–178

Cash flow from operating activities

 

3,371

2,329

    

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

 

431

341

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

 

–11,242

–10,524

Proceeds from investment grants

 

7,209

6,724

Payments for repaid investment grants

 

–39

–63

Proceeds from sale of financial assets

 

0

5

Payments for investments in financial assets

 

–24

–28

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

 

0

2

Payments for acquisition of shares in consolidated companies less net cash and cash equivalents acquired

 

–3

–30

Proceeds from disposal investments accounted for using the equity method

 

0

4

Cash flow from investing activities

 

–3,668

–3,569

    

Proceeds from capital injection

 

1,000

Distribution of profits to shareholder

 

–450

–600

Distribution of profits to minority interests

 

–13

–12

Payments for finance lease transactions

 

–42

–53

Proceeds from issue of bonds

 

2,927

2,038

Payments for redemption of bonds

 

–1,900

–1,819

Payments for the redemption and repayment of interest-free loans

 

–204

–206

Proceeds from borrowings and commercial paper

 

185

100

Payments for the redemption of borrowings and commercial paper

 

–54

–209

Cash flow from financing activities

 

449

239

    

Net changes in cash and cash equivalents

 

152

–1,001

Cash and cash equivalents as of Jan 1

(22)

3,397

4,450

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

 

–5

–52

Cash and cash equivalents as of Dec 31

(22)

3,544

3,397