Annual Report 2014

Statement of source and application of funds
1 Jan.–31 Dec., € million2014201320142013
Cash flow from operations
Profit/loss on ordinary activities12.711.0-117.4-9.0
Changes in technical provisions670.51,632.5670.51,632.5
Impairments and revaluations on investments390.3309.1368.0254.1
Depreciation according to plan26.227.3109.6158.9
Capital gain and loss-1,764.2-930.3-1,740.6-932.2
Cash flow before change in working capital-664.51,049.6-709.91,104.3
Change in working capital:
Increase (-)/decrease (+) in non-interest-bearing short-term receivables-344.9224.7-605.9211.3
Increase (-)/decrease (+) in non-interest-bearing short-term debts100.3-47.593.2-48.0
Cash flow from operations before taxes-909.11,226.8-1,222.61,267.6
Direct taxes paid-6.8-5.8-6.8-5.8
Cash flow from operations-915.81,221.0-1,229.41,261.8
Cash flow from investments
Net investments and proceeds from asset sales974.1-1,319.81,026.1-1,374.2
Investments and gains on intangible, tangible and other assets-0.41.6-0.41.6
Cash flow from investments973.7-1,318.21,025.6-1,372.7
Cash flow from financing
Interest paid on guarantee capital and other profit distribution-0.7-0.6-0.7-0.6
Cash flow from financing-0.7-0.6-0.7-0.6
Change in financial resources57.2-97.8-204.5-111.5
Financial resources, 1 Jan.620.1717.9606.5717.9
Financial resources, 31 Dec.677.3620.1402.0606.5