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Consolidated Cash Flow Statement  

in € millionsH1 2015H1 2014
(adjusted)
Group earnings before interest and taxes673562
Taxes paid(163)(206)
Depreciation and write-ups of non-current assets298398
Results from disposals of investments(20)(11)
Change in provisions for pensions and similar obligations(42)(58)
Change in other provisions(108)(72)
Change in net working capital(327)(229)
Fair value remeasurement of investments(5)(2)
Other effects3723
Cash flow from operating activities343405
– thereof discontinued operations
Investments in:
– intangible assets(126)(142)
– property, plant and equipment(150)(143)
– financial assets(165)(77)
– purchase prices for consolidated investments (net of acquired cash)(73)(98)
Payments for disposal of subsidiaries and other business units (net of acquired cash)(5)66
Cash receipts from disposal of other fixed assets10235
Contribution to/withdrawals from defined benefit plans(400)
Cash flow from investing activities(817)(359)
– thereof discontinued operations(4)
Proceeds from bonds and promissory notes1,241
Redemption of bonds and promissory notes(967)
Proceeds from/redemption of other financial debt(178)(55)
Interest paid(62)(139)
Interest received88
Dividends to Bertelsmann shareholders(180)(180)
Dividends to non-controlling interests and payments to partners in partnerships (IAS 32.18b)(239)(265)
Change in equity5(2)
Cash flow from financing activities595(1,600)
– thereof discontinued operations
Change in cash and cash equivalents121(1,554)
Currency effects and other changes in cash and cash equivalents5510
Cash and cash equivalents 1/11,3312,715
Cash and cash equivalents 6/301,5071,171
Less cash and cash equivalents included within assets held for sale
Cash and cash equivalents 6/30 (according to the Group balance sheet)1,5071,171

Change in Net Financial Debt  

in € millionsH1 2015H1 2014
Net financial debt at 1/1(1,689)(681)
Cash flow from operating activities343405
Cash flow from investing activities(817)(359)
Interest, dividends and changes in equity, additional payments (IAS 32.18b)(468)(578)
Currency effects and other changes in net financial debt(52)(11)
Net financial debt at 6/30(2,683)(1,224)