DHL 2015 Annual Report Download - page 192

Deutsche Post  Group —  Annual Report
e assets acquired and liabilities assumed in the course of
company acquisitions undertaken in nancial years  and 
are presented below, in accordance with  . d, Note .
 m
2014 2015
Non-current assets 3 0
Current assets (excluding cash and cash
equivalents) 11 0
Non-current provisions and liabilities 0 0
Current provisions and liabilities 9 0
e following table shows the calculation of free cash ow:
Calculation of free cash flow
 m
2014 2015
Net cash from operating activities 3,040 3,444
Sale of property, plant and equipment and
intangible assets 200 175
Acquisition of property, plant and equipment
andintangible assets –1,750 –2,104
Cash outflow arising from change in property,
plant and equipment and intangible assets –1,550 –1,929
Disposals of subsidiaries and other business units 4 15
Disposals of investments accounted for using
theequity method and other equity investments 0 223
Acquisition of subsidiaries and other business units –5 0
Acquisition of investments accounted for using
theequity method and other equity investments –1 0
Cash outflow / inflow arising from acquisi-
tions / divestitures –2 238
Interest received 45 47
Interest paid –188 –76
Net interest paid –143 –29
Free cash flow 1,345 1,724
Free cash ow is considered to be an indicator of how much cash is
available to the company for dividend payments or the repayment
of debt.
Free cash ow rose from , million in the previous year to
, million in . is is primarily attributable to the signi -
cant increase in net cash from operating activities and cash inows
from the disposal of equity investments. Free cash ow was reduced
due primarily to the increased amount of cash paid to acquire prop-
erty, plant and equipment, and intangible assets.
. Net cash used in financing activities
At , million, net cash used in nancing activities was down by
a substantial  million on the previous year.
e repayment of a bond in the previous year made a signi -
cant contribution of  million towards repayments of non-
current nancial liabilities in the amount of , million, com-
pared with  million in . e largest payment item, the
dividend payment to the shareholders of Deutsche Post , was up
 million on the previous year at , million.
By contrast, there was a signicant decline in interest paid; in
the rst quarter of , interest rate swaps for bonds were un-
wound, leading to a cash inow. e accounting treatment of these
inows is the same as for the hedged item. For this reason, only
small interest payments of  million are reported for the year
under review (previous year:  million).
. Cash and cash equivalents
Aer adjustment for currency eects and the changes in cash and
cash equivalents related to assets held for sale, the cash inows and
outows described above produced cash and cash equivalents of
, million, Note . is represents a year-on-year increase
of  million.
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