Siemens 2015 Annual Report Download - page 20

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Combined Management Report

A.5.2 Cash flows
Fiscal year
(in millions of €) 2015
Cash flows from operating activities
Net income 7,380
Change in operating net working capital (936)
Other reconciling items to cash flows from operating activities – continuing operations 437
Cash flows from operating activities – continuing operations 6,881
Cash flows from operating activities – discontinued operations (270)
Cash flows from operating activities – continuing and discontinued operations 6,612
Cash flows from investing activities
Additions to intangible assets and property, plant and equipment (1,897)
Acquisitions of businesses, net of cash acquired (8,254)
Change in receivables from financing activities of SFS (1,667)
Other purchases of assets (1,467)
Other disposals of assets 4,570
Cash flows from investing activities – continuing operations (8,716)
Cash flows from investing activities – discontinued operations 2,889
Cash flows from investing activities – continuing and discontinued operations (5,827)
Cash flows from financing activities
Purchase of treasury shares (2,700)
Issuance of long-term debt 7,213
Repayment of long-term debt (including current maturities of long-term debt) (354)
Change in short-term debt and other financing activities 351
Interest paid (596)
Dividends paid to shareholders of Siemens AG (2,728)
Other cash flows from financing activities – continuing operations (135)
Cash flows from financing activities – continuing operations 1,051
Cash flows from financing activities – discontinued operations 5
Cash flows from financing activities – continuing and discontinued operations 1,056
The conversion of profit into cash inflows from operating
activities was mainly driven by Healthcare as well as the
Digital Factory and Power and Gas Divisions.
The cash outflows due to the build-up of operating net work-
ing capital were primarily driven by the Mobility Division, due
mainly to an increase in the line item inventories. Significant
cash inflows in the Power and Gas and in Wind Power and
Renewables Divisions related to increases in the line item bill-
ings in excess of costs and estimated earnings on uncompleted
contract and related advances. These cash inflows were offset
in the Power and Gas Division particularly by an increase in the
line item inventories and in the Wind Power and Renewables
Division particularly by an increase in the line item trade and
other receivables.
The cash outflows for acquisitions of businesses, net of cash
acquired, primarily included payments totaling € . billion
related to the acquisition of Dresser- Rand and € . billion re-
lated to the acquisition of Rolls-Royce Energy aero-derivative
gas turbine and compressor business.
The cash outflows for other purchases of assets primarily
included additions of assets eligible as central-bank-collateral
and additional funding to Unify.
The cash inflows from other disposals of assets included
€ . billion from the sale of Siemens’ stake in BSH, disposals
from above-mentioned eligible collateral, proceeds from the
sale of businesses and real estate disposals at SRE.
The cash inflows from investing activities – discontinued
operations – included € . billion from the sale of the hearing
aid business and € . billion from the sale of the hospital infor-
mation business.