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€ million |
2008 |
2007 | ||||
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Cash and cash equivalents at beginning of period |
9,914 |
9,367 | ||||
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Profit before tax |
6,608 |
6,543 | ||||
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Income taxes paid |
–2,075 |
–1,172 | ||||
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Depreciation and amortization expense* |
5,191 |
5,435 | ||||
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Amortization of capitalized development costs |
1,392 |
1,843 | ||||
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Impairment losses on equity investments* |
32 |
180 | ||||
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Depreciation of leasing and rental assets and investment property* |
1,823 |
1,780 | ||||
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Gain on disposal of noncurrent assets |
347 |
32 | ||||
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Share of profit or loss of equity-accounted investments |
–219 |
–71 | ||||
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Other noncash income/expense |
765 |
–11 | ||||
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Change in inventories |
–3,056 |
–1,856 | ||||
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Change in receivables (excluding financial services) |
–1,333 |
–942 | ||||
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Change in liabilities (excluding financial liabilities) |
815 |
2,244 | ||||
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Change in provisions |
509 |
1,657 | ||||
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Cash flows from operating activities |
10,799 |
15,662 | ||||
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Acquisition of property, plant and equipment, and intangible assets |
–6,883 |
–4,638 | ||||
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Additions to capitalized development costs |
–2,216 |
–1,446 | ||||
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Acquisition of equity investments |
–2,597 |
–1,238 | ||||
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Disposal of equity investments |
1 |
14 | ||||
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Change in leasing and rental assets and investment property |
–3,055 |
–2,763 | ||||
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Change in financial services receivables |
–5,053 |
–3,588 | ||||
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Proceeds from disposal of noncurrent assets |
93 |
185 | ||||
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Change in investments in securities |
2,041 |
–1,742 | ||||
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Change in loans |
–1,611 |
–596 | ||||
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Investing activities |
–19,280 |
–15,812 | ||||
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Capital contributions |
218 |
211 | ||||
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Dividends paid |
–722 |
–497 | ||||
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Capital transactions with minority interests |
–362 |
– | ||||
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Other changes |
–3 |
–12 | ||||
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Proceeds from issue of bonds |
7,671 |
9,516 | ||||
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Repayment of bonds |
–8,470 |
–8,484 | ||||
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Change in other financial liabilities |
9,806 |
93 | ||||
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Finance lease payments |
–15 |
–40 | ||||
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Cash flows from financing activities |
8,123 |
787 | ||||
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Effect of exchange rate changes on cash and cash equivalents |
–113 |
–90 | ||||
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Net change in cash and cash equivalents |
–471 |
547 | ||||
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Cash and cash equivalents at end of period |
9,443 |
9,914 | ||||
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Cash and cash equivalents |
9,443 |
9,914 | ||||
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Securities and loans |
7,875 |
9,178 | ||||
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Gross liquidity |
17,318 |
19,092 | ||||
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Total third-party borrowings |
–69,555 |
–57,992 | ||||
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Net liquidity |
–52,237 |
–38,900 | ||||
DISCLOSURES ON THE CASH FLOW STATEMENT
To enhance comparability, as from fiscal year 2008 we are reporting liquidity movements resulting from changes in loans (previously reported in cash flows from financing activities) and cash and cash equivalents of companies that were not included in consolidation in previous years due to immateriality in cash flows from investing activities. In addition, capital transactions with minority interests performed in the course of the acquisition of additional shares in subsidiaries that are already consolidated are recognized in a separate line item within cash flows from financing activities. The prior-year figures were adjusted.
Explanatory notes on the cash flow statement are presented in note 31.
