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Statement of cash flows

The impairment losses recognised during the third and fourth quarters 2013/14 in South Eastern Europe, in the environmental services business in Moscow, on the participation interest in Verbund Innkraftwerke GmbH, and on generation capacity in Austria led to a decline in profit before tax, which represents the starting point for the statement of cash flows. Most of these measures represent noncash items, meaning the respective adjustments were made under gross cash flow or cash flow from operating activities, depending on the balance sheet classification. These measures led to a decline of EUR 199.7m, or 37.2%, in gross cash flow to EUR 337.4m; cash flow from operating activities fell by EUR 24.0m, or 4.2%, to EUR 546.0m. Working capital included an increase in trade payables, provisions and other current liabilities as of 30 September 2014.

Cash flow from investing activities totalled EUR –243.3m and was EUR 115.8m, or 32.2%, lower than the previous year. The year-onyear decline resulted, above all, from the sale of cash funds and the shift of investments from non-current to current in the pension reinsurance depository.

Condensed consolidated statement of cash flows2013/14
in %
Profit before income tax-373.3170.7-544.0-
Non-cash items710.8366.5344.348.4
Gross cash flow337.4537.1-199.7-37.2
Changes in current and non-current balance sheet items228.261.1167.1-
Income tax paid-19.6-28.38.730.7
Net cash flow from operating activities546.0570.0-24.0-4.2
Changes in intangible assets and property, plant and equipment incl. deferred
income from network subsidies
Changes in financial assets and other non-current assets14.1-29.243.2-
Changes in current securities43.1-40.383.4-
Net cash flow from investing activities-243.3-359.1115.832.2
Net cash flow from financing activities-335.0-113.8-221.2-
Net change in cash and cash equivalents-32.397.2-129.5-
Cash and cash equivalents at the beginning of the period229.5132.397.273.4
Cash and cash equivalents at the end of the period197.2229.5-32.3-14.1

Cash flow from financing activities equalled EUR –335.0m in 2013/14 (previous year: EUR –113.8m) and was influenced primarily by the scheduled redemption of bonds.

The afore-mentioned developments resulted in total cash flow of EUR –32.3m for the 2013/14 financial year (previous year: EUR 97.2m). Cash and cash equivalents therefore declined to EUR 197.2m as of 30 September 2014.



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