Consolidated Statement of Cash Flows | |||
---|---|---|---|
€ millions | See Note | 2017 | 2016 |
Net income | 3,048.3 | 2,882.0 | |
Income tax expense | 10 | 1,227.5 | 1,096.8 |
Financial result | 9 | 285.7 | 117.0 |
EBIT | 4,561.5 | 4,095.8 | |
Interest paid | -131.5 | -136.1 | |
Interest received | 26.1 | 24.2 | |
Income tax paid | 10, 26 | -1,122.1 | -1,047.3 |
Dividends received | 40.7 | 45.1 | |
Depreciation, amortization, impairment and reversal of impairment losses | 6, 11, 12, 13 | 2,117.4 | 1,961.6 |
Income from equity-accounted investees and other investments, incl. impairment and reversal of impairment losses | 8, 14 | -77.3 | -70.2 |
Gains/losses from the disposal of assets, companies and business operations | -34.6 | -15.3 | |
Changes in | |||
inventories | 19 | -484.3 | -326.5 |
trade accounts receivable | 20 | -737.1 | -631.7 |
trade accounts payable | 30 | 737.6 | 748.1 |
employee benefits and other provisions | 24 | 94.4 | 384.8 |
other assets and liabilities | 229.7 | -94.4 | |
Cash flow arising from operating activities | 5,220.5 | 4,938.1 | |
Cash flow from the disposal of property, plant and equipment, and intangible assets | 11, 12 | 59.3 | 53.0 |
Capital expenditure on property, plant and equipment, and software | 11, 12 | -2,849.7 | -2,592.5 |
Capital expenditure on intangible assets from development projects and miscellaneous | 11 | -101.4 | -115.7 |
Cash flow from the disposal of companies and business operations | 5 | 20.4 | 4.6 |
Acquisition of companies and business operations | 5 | -596.3 | -516.2 |
Cash flow arising from investing activities | -3,467.7 | -3,166.8 | |
Cash flow before financing activities (free cash flow) | 1,752.8 | 1,771.3 | |
Net cash change in short-term indebtedness1 | 27 | -879.0 | -1,006.8 |
Cash change in long-term indebtedness1 | 27 | -117.8 | 659.7 |
Other cash changes1 | 14.1 | 7.1 | |
Successive purchases | -0.7 | -109.7 | |
Dividends paid | -850.0 | -750.0 | |
Dividends paid to and cash changes from equity transactions with non-controlling interests | -46.5 | -55.6 | |
Cash and cash equivalents arising from the first-time consolidation of subsidiaries | 0.7 | 0.6 | |
Cash flow arising from financing activities | -1,879.2 | -1,254.7 | |
Change in cash and cash equivalents | -126.4 | 516.6 | |
Cash and cash equivalents as at January 1 | 2,107.0 | 1,621.5 | |
Effect of exchange-rate changes on cash and cash equivalents | -99.1 | -31.1 | |
Cash and cash equivalents as at December 31 | 21 | 1,881.5 | 2,107.0 |
1 The statement was adjusted in line with the requirements of the changes to IAS 7, Statement of Cash Flows (Disclosure Initiative). The figures from the comparative period have been adjusted accordingly.