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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 2016 2015
Cash, Cash Equivalents and Current Investments (at beginning of period) 674 675
Current Investments (at beginning of period) 9 6
Cash & Cash Equivalents (at beginning of period) 665 669
Operating Activities    
EBITDA 1,146 1,046
Change in Working  Capital -89 -12
Income Tax -77 -75
Other 38 -263
Cash provided by Operating Activities 1,018 696
of which provided by Continuing Operations 1,018 800
Investing Activities    
Capital Expenditures -476 -532
Payments regarding drawing rights -19 -11
Acquisitions 4 -86
Disposal of Subsidiaries, Businesses & Associates 80 297
Disposal of Other Non-current Assets 7 10
Change in Fixed-term Deposits -936 -2
Interest Received 40 66
Dividend and capital repayments from associates & joint ventures 117 92
Other -11 -109
Cash used in Investing Activities -1,194 -275
Dividend -190 -174
Interest Paid1 -151 -303
Purchase of shares -273 -122
Proceeds from re-issued treasury shares 137 39
Change in Commercial Paper -150 -250
Proceeds from/repayments of corporate bonds 747 494
Other Cash from/used in Financing Activities -7 -124
Cash from/used in Financing Activities 113 -440
Exchange Differences 2 15
Cash and Cash Equivalents (end of period) 604 665
Current Investment (end of period)2 944 9
Cash and Cash Equivalents & Current Investments (end of period) 1,548 674

1) Impacted by -€27 million (-€129 million in 2015) due to settlement of interest rate pre-hedge of the bonds.
2) Following the issuing of the €750 million bond launched in Q3 2016 together with aditional cash balances, the current investments increased to €944 million in 2016.