DHL 2015 Annual Report Download - page 69

Deutsche Post  Group —  Annual Report
Higher operating cash flow
At , million in nancial year , net cash from operating activities was up
 million on the previous year, although  was down  million. e depreci-
ation, amortisation and impairment losses contained in  are non-cash eects and
are therefore eliminated. is item increased from , million to , million, due
in particular to the impairment losses relating to . Net income from the disposal of
non-current assets, which is contained in , is also eliminated. It rose by  million
to  million in the reporting year, driven mainly by the gains on the sale of our equity
investments in Sinotrans and King’s Cross. e change in provisions declined from
– million to – million year-on-year, due to the reversal of restructuring provi-
sions in the Express division in the previous year, amongst other factors. At , mil-
lion, net cash from operating activities before changes in working capital was down
 million on the previous year. anks to better working capital management, the
change in working capital led to a cash inow of  million compared with a cash
outow of  million in the previous year. e receivables and other current assets item
was a particularly signicant factor contributing to this development.
At , million, net cash used in investing activities was considerably higher than
in the previous year (, million). In particular, cash paid to acquire property, plant
and equipment and intangible assets rose signicantly in the year under review, from
, million to , million. is was partially oset by a rise in proceeds from the
disposal of non-current assets from  million to  million. Amongst other things,
this gure includes gains on the sale of equity investments. Mainly the purchase and
sale of money market funds in the previous year led to a total cash inow of  mil-
lion, increasing current nancial assets. is compares with a cash inow of  mil-
lion in  from the sale of money market funds.
Calculation of free cash flow .
 m
2014 2015 Q 4 2014 Q 4 2015
Net cash from operating activities 3,040 3,444 1,659 2,307
Sale of property, plant and equipment and intangible
assets 200 175 84 97
Acquisition of property, plant and equipment and
intangible assets –1,750 –2,104 – 560 – 660
Cash outflow arising from change in property,
plantand equipment and intangible assets –1,550 –1,929 – 476 – 563
Disposals of subsidiaries and other business units 4 15 1 16
Disposals of investments accounted for using
theequitymethod and other investments 0 223 0 0
Acquisition of subsidiaries and other business units –5 0–6 0
Acquisition of investments accounted for using
theequity method and other investments –1 0–1 0
Cash outflow / inflow arising from acquisitions /
divestitures –2 238 –6 16
Interest received 45 47 8 14
Interest paid –188 –76 –71 – 69
Net interest paid –143 –29 – 63 – 55
Free cash flow 1,345 1,724 1,114 1,705
Operating cash flow by division, 
.
m
Post - eCommerce - Parcel
1,337
Express
1,761
Global Forwarding, Freight
487
Supply Chain
611
59
Group Management Report — REPORT ON ECONOMIC POSITION — Financial position