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€ million |
2009 |
2008² | ||||||
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Cash and cash equivalents at beginning of period |
9,443 |
9,914 | ||||||
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Profit before tax |
1,261 |
6,608 | ||||||
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Income taxes paid |
–529 |
–2,075 | ||||||
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Depreciation and amortization of property, plant and equipment, intangible assets and investment property¹ |
5,028 |
5,198 | ||||||
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Amortization of capitalized development costs¹ |
1,586 |
1,392 | ||||||
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Impairment losses on equity investments¹ |
16 |
32 | ||||||
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Depreciation of leasing and rental assets¹ |
2,247 |
1,816 | ||||||
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Gain/loss on disposal of noncurrent assets |
–547 |
37 | ||||||
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Share of profit or loss of equity-accounted investments |
–298 |
–219 | ||||||
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Other noncash expense/income |
727 |
765 | ||||||
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Change in inventories |
4,155 |
–3,056 | ||||||
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Change in receivables (excluding financial services) |
465 |
–1,333 | ||||||
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Change in liabilities (excluding financial liabilities) |
260 |
815 | ||||||
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Change in provisions |
1,660 |
509 | ||||||
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Change in leasing and rental assets |
–2,571 |
–2,734 | ||||||
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Change in financial services receivables |
–719 |
–5,053 | ||||||
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Cash flows from operating activities |
12,741 |
2,702 | ||||||
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Investments in property, plant and equipment, intangible assets and investment property |
–5,963 |
–6,896 | ||||||
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Additions to capitalized development costs |
–1,948 |
–2,216 | ||||||
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Acquisition of equity investments |
–3,989 |
–2,597 | ||||||
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Disposal of equity investments |
1,320 |
1 | ||||||
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Proceeds from disposal of property, plant and equipment, intangible assets and investment property |
153 |
95 | ||||||
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Change in investments in securities |
989 |
2,041 | ||||||
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Change in loans and time deposit investments |
–236 |
–1,611 | ||||||
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Cash flows from investing activities |
–9,675 |
–11,183 | ||||||
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Capital contributions |
4 |
218 | ||||||
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Dividends paid |
–874 |
–722 | ||||||
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Capital transactions with minority interests |
–392 |
–362 | ||||||
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Other changes |
23 |
–3 | ||||||
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Proceeds from issue of bonds |
15,593 |
7,671 | ||||||
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Repayment of bonds |
–10,202 |
–8,470 | ||||||
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Change in other financial liabilities |
1,405 |
9,806 | ||||||
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Finance lease payments |
–23 |
–15 | ||||||
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Cash flows from financing activities |
5,536 |
8,123 | ||||||
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Effect of exchange rate changes on cash and cash equivalents |
190 |
–113 | ||||||
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Net change in cash and cash equivalents |
8,792 |
–471 | ||||||
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Cash and cash equivalents at end of period |
18,235 |
9,443 | ||||||
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Cash and cash equivalents at end of period |
18,235 |
9,443 | ||||||
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Securities and loans |
7,312 |
7,875 | ||||||
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Gross liquidity |
25,547 |
17,318 | ||||||
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Total third-party borrowings |
–77,599 |
–69,555 | ||||||
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Net liquidity |
–52,052 |
–52,237 | ||||||
DISCLOSURES ON THE ACCOMPANYING CASH FLOW STATEMENT
In accordance with the amended IAS 7, cash flows from the acquisition or manufacture of assets that are exclusively held for rental to others and subsequently held for sale, as well as cash flows from their rental and sale, must be classified as cash flows from operating activities. As from fiscal year 2009, we are therefore reporting liquidity movements resulting from changes in leasing and rental assets in cash flows from operating activities (previously reported in cash flows from investing activities). Accordingly, changes in financial services receivables are also classified as cash flows from operating activities. This leads to a uniform presentation of finance and leasing transactions in the consolidated cash flow statement. The mandatory reclassification of cash flows from leasing and rental assets and the additional reclassification of financial services receivables reduced cash flows from operating activities by €2,869 million and €719 million respectively (2008: reduction by €3,044 million and €5,053 million respectively). There were corresponding offsetting changes in cash flows from investing activities in the same amounts in both periods.
In addition, transactions involving investment property are grouped with those relating to property, plant and equipment and intangible assets. Prior-year figures have been adjusted accordingly.
Explanatory notes on the cash flow statement are presented in note 31.
