Statement of Cash Flows
Statement of cash flows (million €) |
|||
|---|---|---|---|
|
|
1st Quarter |
|
|
|
2015 |
2014 |
Net income |
|
1,174 |
1,464 |
Depreciation and amortization of intangible assets, property, plant and equipment and financial assets |
|
902 |
730 |
Changes in net working capital |
|
309 |
(277) |
Miscellaneous items |
|
5 |
(170) |
Cash provided by operating activities |
|
2,390 |
1,747 |
|
|
|
|
Payments related to property, plant and equipment and intangible assets |
|
(1,278) |
(976) |
Acquisitions/divestitures |
|
26 |
263 |
Financial investments and other items |
|
(250) |
(97) |
Cash used in investing activities |
|
(1,502) |
(810) |
|
|
|
|
Capital increases/repayments, share repurchases |
|
− |
− |
Changes in financial liabilities |
|
(299) |
413 |
Dividends |
|
(101) |
(24) |
Cash used in / provided by financing activities |
|
(400) |
389 |
|
|
|
|
Net changes in cash and cash equivalents |
|
488 |
1,326 |
Cash and cash equivalents as of beginning of year and other changes |
|
1,829 |
1,796 |
Cash and cash equivalents at end of quarter |
|
2,317 |
3,122 |
Cash provided by operating activities amounted to €2,390 million in the first quarter of 2015, up by €643 million compared with the same quarter of the previous year. The release of funds in net working capital resulted particularly from decreased inventories as well as higher operating provisions, especially for rebates.
Investing activities led to a cash outflow of €1,502 million, compared with €810 million in the same quarter of 2014. At €1,278 million, payments related to property, plant and equipment and intangible assets were higher than in the previous first quarter. Acquisitions and divestitures did not have any material impact in the first quarter of 2015. In the previous first quarter, payments from divestitures had arisen from the sale of shares in non-BASF-operated oil and gas fields in the British North Sea to the MOL Group.
Financing activities led to a cash outflow of €400 million, compared with an inflow of €389 million in the previous first quarter. Cash outflow from the change in financial liabilities amounted to €299 million, particularly through the repayment of other financial liabilities. By contrast, the first quarter of 2014 had included cash inflow from the issue of several bonds. Minority shareholders of Group companies received €101 million in the form of dividends.
Cash and cash equivalents amounted to €2,317 million as of March 31, 2015, compared with €1,718 million at the end of 2014.