Consolidated Cash Flow Statement  

in € millionsH1 2014H1 2013
Group earnings before interest and taxes559774
Taxes paid(206)(119)
Depreciation and write-ups of non-current assets398187
Results from disposals of investments(11)30
Change in provisions for pensions and similar obligations(58)(45)
Change in other provisions(72)4
Change in net working capital(229)(105)
Fair value remeasurement of investments(2)(108)
Other effects2640
Cash flow from operating activities405658
– thereof from discontinued operations
Investments in:
– intangible assets(142)(201)
– property, plant and equipment(143)(133)
– financial assets(77)(54)
– purchase prices for consolidated investments (net of acquired cash)(98)(540)
Proceeds from/payments for disposal of subsidiaries and other business units66(14)
Proceeds from disposal of other fixed assets3538
Cash flow from investing activities(359)(904)
– thereof from discontinued operations(4)
Redemption of bonds and promissory notes(967)(152)
Proceeds from/redemption of other financial debt(55)(571)
Interest paid(139)(136)
Interest received826
Dividends to Bertelsmann shareholders(180)(180)
Dividends to non-controlling interests and payments to partners in partnerships (IAS 32.18b)(265)(274)
Change in equity(2)1,269
Payments for release of interest swaps(8)
Cash flow from financing activities(1,600)(26)
– thereof from discontinued operations
Change in cash and cash equivalents(1,554)(272)
Currency effects and other changes in cash and cash equivalents10(1)
Cash and cash equivalents 1/12,7152,625
Cash and cash equivalents 6/301,1712,352
Less cash and cash equivalents included within assets held for sale(2)
Cash and cash equivalents 6/30 (according to the Group balance sheet)1,1712,350

Change in Net Financial Debt  

in € millionsH1 2014H1 2013
Net financial debt at 1/1(681)(1,264)
Cash flow from operating activities405658
Cash flow from investing activities(359)(904)
Interest, dividends and changes in equity, additional payments (IAS 32.18b)(578)705
Currency effects and other changes in net financial debt(11)(666)
Net financial debt at 6/30(1,224)(1,471)