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Cash Flow Statement

The cash flow statement provides an explanation of the changes in cash and cash equivalents. It is prepared on the basis of a comparison of the balance sheets as at 1 January and 31 December. Changes that do not involve cash flows, such as changes in exchange rates, amortization, depreciation, impairment losses and transfers to other balance sheet items, are eliminated.

Cash flow statement

In € million 2015 2014
Cash, cash equivalents at 1 January  669 770
cash flow provided by operating activities 696 808
of which provided by continuing operations
800 660
cash from / used in investing activities (275) (515)
Cash used in financing activities (440) (419)
Effect of exchang differences 15 25
-------------------------------------------------------------- ---------- ----------
cash and cash equivalents end of period 665 669

*)Of which - €77 million due to the settlement of interset rate pre-hedge of the €500 million bond in Q1 2014.