Statement of cash flows

Free cash flow (in EUR million)

The statement of cash flows is presented in accordance with IAS 7. The cash and cash equivalents reported here correspond to the "Cash and cash equivalents" item in the balance sheet. As cash flow is presented after currency adjustments, these figures cannot be derived from the statement of financial position.

Cash inflow from operating activities below prior-year level

Cash inflow from operating activities, at EUR 395 million, was down on the prior-year level (2013: EUR 416 million), negatively affected by an increased cash outflow due to the change in inventories and trade receivables. The increased cash inflow resulting from the change in trade liabilities compensated in part, leading to a total outflow of cash from trade net working capital of EUR 50 million (2013: EUR 45 million). Subsequent payments of income taxes from prior years resulted in a higher outflow of cash in comparison to the previous year.

The net cash outflow from interest expenses and income decreased to EUR 3 million as of the reporting date (2013: EUR 8 million). The lower amount of debt and the lower market interest rates had a positive effect.

Lower cash outflow from investing activities

At EUR 127 million, the cash outflow from investing activities was down on the prior-year level (2013: EUR 186 million). In the prior-year period, investments into the new flat-packed goods distribution center and the acquisition of other business units increased the cash outflow.

Free cash flow, measured as the cash inflow from operating activities and the cash outflow from investing activities, increased by EUR 38 million to EUR 268 million in the fiscal year just ended (2013: EUR 230 million).

Cash outflow from financing activities shaped by dividend payment

Cash outflow from financing activities in 2014 totaled EUR 262 million (2013: EUR 363 million) and was most heavily influenced by the dividend payment of EUR 230 million (2013: EUR 215 million). The acquisition of the remaining 40% share in the “joint ventures” in China and Macau led to a cash outflow of EUR 19 million. In the prior year, refinancing activities led to a high cash outflow.

Cash and cash equivalents as of December 31 (in EUR million)

Cash and cash equivalents came to EUR 129 million as of the reporting date (December 31, 2013: EUR 119 million).