in € millions | 2016 | 2015 |
Group earnings before interest and taxes | 1,800 | 1,684 |
Taxes paid | (234) | (286) |
Depreciation and write-ups of non-current assets | 672 | 656 |
Results from disposals of investments | (42) | (27) |
Change in provisions for pensions and similar obligations | (55) | (45) |
Change in other provisions | (20) | (104) |
Change in net working capital | (175) | (201) |
Fair value remeasurement of investments | (12) | (82) |
Other effects | 20 | 5 |
Cash flow from operating activities | 1,954 | 1,600 |
– thereof discontinued operations | – | – |
Investments in: | | |
– intangible assets | (388) | (349) |
– property, plant and equipment | (326) | (297) |
– financial assets | (248) | (447) |
– purchase prices for consolidated investments (net of acquired cash) | (278) | (166) |
Cash receipts for disposal of subsidiaries and other business units | (28) | 2 |
Cash receipts from disposal of other fixed assets | 220 | 161 |
Contribution to/withdrawals from defined benefit plans | (33) | (689) |
Cash flow from investing activities | (1,081) | (1,785) |
– thereof discontinued operations | – | – |
Proceeds from bonds and promissory notes | 694 | 1,490 |
Redemption of bonds and promissory notes | (786) | (430) |
Proceeds from/redemption of other financial debt | 59 | (155) |
Interest paid | (190) | (156) |
Interest received | 16 | 11 |
Dividends to Bertelsmann shareholders | (180) | (180) |
Dividends to non-controlling interests and payments to partners in partnerships (IAS 32.18b) | (388) | (450) |
Change in equity | (18) | (8) |
Cash flow from financing activities | (793) | 122 |
– thereof discontinued operations | – | – |
Change in cash and cash equivalents | 80 | (63) |
Exchange rate effects and other changes in cash and cash equivalents | (14) | 42 |
Cash and cash equivalents 1/1 | 1,310 | 1,331 |
Cash and cash equivalents 12/31 | 1,376 | 1,310 |
Less cash and cash equivalents included within assets held for sale | (3) | – |
Cash and cash equivalents 12/31 (according to the consolidated balance sheet) | 1,373 | 1,310 |