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Financial Statements

Consolidated statement of cash flow

Operating activities
Note
2018
20171)
Change
EBIT
1,354
1,528
-11.4 %
Interest paid
-94
-121
-22.3 %
Interest received
15
10
50.0 %
Income taxes paid
-355
-345
2.9 %
Depreciation, amortization, and impairment losses
821
767
7.0 %
(Gains) losses on disposal of assets
-3
2
-
Changes in:
Inventories
-166
-206
-19.4 %
Trade receivables
5.2
135
-86
-
Trade payables
63
261
-75.9 %
Provisions for pensions and similar obligations
28
31
-
Other assets, liabilities, and provisions
4.14
-136
-63
>100.0 %
Cash flows from operating activities
1,606
1,778
-9.7 %
Investing activities
Note
2018
20171)
Change
Proceeds from disposals of property, plant and equipment
13
9
44.4 %
Capital expenditures on intangible assets
-14
-32
-56.3 %
Capital expenditures on property, plant and equipment
-1,218
-1,241
-1.9 %
Acquisition of subsidiaries and interests in joint ventures
5.1
-163
-47
> 100 %
Proceeds from disposal of subsidiaries and interests in joint ventures
1
20
-95.0 %
Other investing activities
-3
1
-
Cash used in investing activities
-1,384
-1,290
7.3 %
Financing activities
Note
2018
20171)
Change
Dividends paid to shareholders and non-controlling interests
-363
-330
10.0 %
Receipts from loans
404
440
-8.2 %
Repayments of loans
5.1
-152
-940
-83.8 %
Cash used in financing activities
-111
-830
-86.6 %
Net increase (decrease) in cash and cash equivalents
111
-342
-
Effects of foreign exchange rate changes on cash and cash equivalents
-8
-31
-74.2 %
Cash and cash equivalents as at beginning of period
698
1,071
-34.8 %
Cash and cash equivalents as at December 31
4.8
801
698
14.8 %

in € millions

1) The Schaeffler Group has initially applied the new standards IFRS 9 and IFRS 15 effective January 1, 2018, using the modified retrospective approach to transition to the new requirements. Under this approach, prior year amounts are not adjusted. See Note 1.5 "New accounting pronouncements" to the consolidated financial statements for further details.

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