NOTE B9 Free Cash Flow
- Index
- 1 NOTE B1 Net sales
- 2 NOTE B2 Underlying raw material & energy costs
- 3 NOTE B3 Underlying EBITDA
- 4 NOTE B4 Underlying depreciation & amortization
- 5 NOTE B5 Underlying net financial charges
- 6 NOTE B6 Underlying income taxes
- 7 NOTE B7 Underlying profit from discontinued operations
- 8 NOTE B8 CAPEX
- 9 NOTE B9 Free Cash Flow
- 10 NOTE B10 Net working capital
- 11 NOTE B11 Underlying net debt
- 12 NOTE B12 CFROI
- 13 NOTE B13 Research & Innovation
In € million |
|
FY 2017 |
FY 2016 |
|||
Cash flow from operating activities |
a |
1,604 |
1,788 |
|||
of which cash flow related to acquisition of subsidiaries |
b |
(23) |
7 |
|||
Cash flow from investing activities |
c |
70 |
(807) |
|||
of which capital expenditures required by share sale agreement |
d |
(12) |
– |
|||
Acquisition (-) of subsidiaries |
e |
(44) |
(23) |
|||
Acquisition (-) of investments – Other |
f |
(11) |
4 |
|||
Loans to associates and non-consolidated companies |
g |
(7) |
(25) |
|||
Sale (+) of subsidiaries and investments |
h |
891 |
144 |
|||
Income taxes paid on sale of investments |
i |
(14) |
– |
|||
Recognition of factored receivables |
j |
21 |
– |
|||
Free cash flow |
k = a-b+c-d-e-f-g-h-i-j |
871 |
876 |
|||
Free cash flow from discontinued operations |
l |
89 |
218 |
|||
Free cash flow from continuing operations |
m = k-l |
782 |
658 |
Free cash flow from continuing operations was €782 million, a 19% increase versus 2016. This reflects higher EBITDA and the focus on capital discipline. Including discontinued operations, total free cash flow was €871 million.