DHL 1997 Annual Report Download - page 13

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Net cash used for investing activities fell by DM 181 million to DM 311
million during 1997. This was mainly due to an above-average increase
in proceeds from the sale of fixed assets totaling DM 1,715 million for the
year, DM 213 million more than in fiscal 1996. Capital expenditures
could, in turn, be completely funded by net cash provided by operating
activities. The decrease by DM 753 million to DM 1,093 million in net
cash provided by operating activities during fiscal 1997 was primarily
due to an increase in receivables from the Deutsche Post Pensions-
Service e.V., which the Federal Government must settle.
The DM 657 million in net cash used for financing activities pertains
mainly to the repayment of debts.
Due to the favorable cash inflow we were able to further strengthen our
financial position as planned. Cash and cash equivalents increased by
DM 125 million to DM 2,107 million. Our net funding position has con-
tinually improved since January 1,1995, when Postreform II (second reform
of German posts and telecommunications) went into effect.
This solid financial strength will enable us to finance further corporate
growth using primarily our own resources.
10
Statement of cash flow s (selected items)
in DM millions 1996 1997 +/–
Cash flow according to DVFA/SG formula 1,921 2,244 323
Net cash provided by operating activities 1,846 1,093 –753
Net cash used for investing activities –493 –311 181
Net cash used for financing activities –1,318 –657 661
Cash and cash equivalents 1,982 2,107 125
Net cash flow according to DVFA/ SG formula
1996 1997
1,921
2,244
2,500
2,000
1,500
1,000
500
in DM millions