Siemens 2015 Annual Report Download - page 63

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Consolidated Financial Statements 
B. Consolidated Statements of Cash Flows
Fiscal year
(in millions of €) 2015 2014
Cash flows from operating activities
Net income 7,380 5,507
Adjustments to reconcile net income to cash flows from operating activities – continuing operations
Income from discontinued operations, net of income taxes (2,031) (215)
Amortization, depreciation and impairments 2,549 2,387
Income tax expenses 1,869 2,014
Interest (income) expenses, net (442) (294)
(Income) loss related to investing activities (1,603) (1,054)
Other non-cash (income) expenses 366 90
Change in operating net working capital
Inventories (793) 335
Trade and other receivables (811) 201
Trade payables (247) 204
Billings in excess of costs and estimated earnings on uncompleted contracts and related advances 914 (657)
Additions to assets leased to others in operating leases (451) (371)
Change in other assets and liabilities 852 (558)
Income taxes paid (2,306) (1,809)
Dividends received 495 333
Interest received 1,138 977
Cash flows from operating activities – continuing operations 6,881 7,090
Cash flows from operating activities – discontinued operations (270) 9
Cash flows from operating activities – continuing and discontinued operations 6,612 7,100
Cash flows from investing activities
Additions to intangible assets and property, plant and equipment (1,897) (1,813)
Acquisitions of businesses, net of cash acquired (8,254) (23)
Purchase of investments (568) (335)
Purchase of current available-for-sale financial assets (899) (613)
Change in receivables from financing activities (1,667) (2,501)
Disposal of investments, intangibles and property, plant and equipment 3,474 517
Disposal of businesses, net of cash disposed 445 112
Disposal of current available-for-sale financial assets 651 317
Cash flows from investing activities – continuing operations (8,716) (4,340)
Cash flows from investing activities – discontinued operations 2,889 314
Cash flows from investing activities – continuing and discontinued operations (5,827) (4,026)
Cash flows from financing activities
Purchase of treasury shares (2,700) (1,066)
Other transactions with owners 10 (20)
Issuance of long-term debt 7,213 527
Repayment of long-term debt (including current maturities of long-term debt) (354) (1,452)
Change in short-term debt and other financing activities 351 801
Interest paid (596) (617)
Dividends paid to shareholders of Siemens AG (2,728) (2,533)
Dividends attributable to non-controlling interests (145) (125)
Cash flows from financing activities – continuing operations 1,051 (4,485)
Cash flows from financing activities – discontinued operations 5(2)
Cash flows from financing activities – continuing and discontinued operations 1,056 (4,487)
Effect of changes in exchange rates on cash and cash equivalents 83 214
Change in cash and cash equivalents 1,923 (1,199)
Cash and cash equivalents at beginning of period 8,034 9,234
Cash and cash equivalents at end of period 9,958 8,034
Less: Cash and cash equivalents of assets classified as held for disposal and discontinued
operations at end of period −21
Cash and cash equivalents at end of period (Consolidated Statements of Financial Position) 9,957 8,013