Consolidated Cash Flow Statement
Consolidated Cash Flow Statement 
| in € millions | H1 2014 | H1 2013 (adjusted) | ||
|---|---|---|---|---|
| Group earnings before interest and taxes | 559 | 774 | ||
| Taxes paid | (206) | (119) | ||
| Depreciation and write-ups of non-current assets | 398 | 187 | ||
| 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 effects | 26 | 40 | ||
| Cash flow from operating activities | 405 | 658 | ||
| – 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 units | 66 | (14) | ||
| Proceeds from disposal of other fixed assets | 35 | 38 | ||
| 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 received | 8 | 26 | ||
| 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 equivalents | 10 | (1) | ||
| Cash and cash equivalents 1/1 | 2,715 | 2,625 | ||
| Cash and cash equivalents 6/30 | 1,171 | 2,352 | ||
| Less cash and cash equivalents included within assets held for sale | – | (2) | ||
| Cash and cash equivalents 6/30 (according to the Group balance sheet) | 1,171 | 2,350 | ||
| The adjustment of figures for H1 2013 relates to the first-time application of IFRS 11 Joint Arrangements. | ||||
Change in Net Financial Debt
| in € millions | H1 2014 | H1 2013 (adjusted) | ||
|---|---|---|---|---|
| Net financial debt at 1/1 | (681) | (1,264) | ||
| Cash flow from operating activities | 405 | 658 | ||
| 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) | ||
| The adjustment of figures for H1 2013 and the balance as of January 1, 2014, relates to the first-time application of IFRS 11 Joint Arrangements. Net financial debt is the balance of the balance sheet positions “cash and cash equivalents” and “financial debt.” | ||||
