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Statement of cash flows

Free cash flow (in EUR million)

Free cash flow (in EUR million) (bar chart)

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 adjusted for currency effects, these figures cannot be derived from the statement of financial position.

Free cash flow decreases

Free cash flow, measured as the cash inflow from operating activities and the cash outflow from investing activities, decreased by EUR 61 million in the past fiscal year to EUR 208 million (2014: EUR 268 million).

Cash inflow from operating activities above prior-year level

At EUR 424 million, cash inflow from operating activities was 7% up on the prior-year period (2014: EUR 395 million). In addition to the substantially lower cash outflow from changes in inventories compared with the previous year, cash inflows arose from changes in trade receivables and trade payables. This led to a total inflow of cash from trade net working capital of EUR 17 million (2014: cash outflow of EUR 50 million). An increased cash outflow due to income taxes paid in the same period partly offset the effect.

As a result of a continuing low level of debt and of lower market interest rates, the net cash outflow from interest expenses and income was, as in the prior year, around EUR 3 million as of the reporting date (2014: EUR 3 million).

Cash outflow from investing activities significantly higher

The cash outflow from investing activities came to EUR 216 million, substantially higher than in the prior-year period (2014: EUR 127 million). This was mainly driven by increased capital expenditure on property, plant and equipment in connection with the expansion of the Group’s own retail business. A cash outflow of EUR 23 million was attributable to property, plant and equipment and intangible assets as well as current assets acquired in the purchase of other business entities in Asia/Pacific and the Americas.

Cash outflow from financing activities determined by dividend payment

The cash outflow from financing activities in fiscal year 2015 totaled EUR 255 million (2014: EUR 262 million) and was most heavily influenced by the dividend payment of EUR 250 million (2014: EUR 230 million). In the prior year, the acquisition of the remaining 40% share in the joint venture entities in China and Macao led to a higher cash outflow.

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

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

Cash and cash equivalents came to EUR 81 million as of the reporting date (December 31, 2014: EUR 129 million).

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