Statement of Cash Flows
|
Statement of cash flows (million €) | |||||
|---|---|---|---|---|---|
|
|
|
3rd Quarter |
January – September | ||
|
|
|
2015 |
2014 |
2015 |
2014 |
|
Net income |
|
1,209 |
1,014 |
3,648 |
3,737 |
|
Depreciation and amortization of intangible assets, property, plant and equipment and financial assets |
|
984 |
774 |
2,843 |
2,276 |
|
Changes in net working capital |
|
1,623 |
351 |
2,500 |
(900) |
|
Miscellaneous items |
|
(465) |
80 |
(497) |
(181) |
|
Cash provided by operating activities |
|
3,351 |
2,219 |
8,494 |
4,932 |
|
|
|
|
|
|
|
|
Payments related to property, plant and equipment and intangible assets |
|
(1,542) |
(1,386) |
(4,387) |
(3,587) |
|
Acquisitions/divestitures |
|
242 |
– |
227 |
355 |
|
Financial investments and other items |
|
(324) |
(23) |
(795) |
(553) |
|
Cash used in investing activities |
|
(1,624) |
(1,409) |
(4,955) |
(3,785) |
|
|
|
|
|
|
|
|
Capital increases/repayments, other equity transactions |
|
(2) |
– |
45 |
– |
|
Changes in financial liabilities |
|
(2,372) |
(1,120) |
(649) |
1,661 |
|
Dividends |
|
(97) |
(64) |
(2,900) |
(2,656) |
|
Cash used in financing activities |
|
(2,471) |
(1,184) |
(3,504) |
(995) |
|
|
|
|
|
|
|
|
Net changes in cash and cash equivalents |
|
(744) |
(374) |
35 |
152 |
|
Cash and cash equivalents as of beginning of year and other changes |
|
2,494 |
2,354 |
1,715 |
1,828 |
|
Cash and cash equivalents at end of quarter |
|
1,750 |
1,980 |
1,750 |
1,980 |
3rd Quarter 2015
In the third quarter of 2015, cash provided by operating activities rose by €1,132 million to €3,351 million compared with the previous third quarter. The release of funds in net working capital in the third quarter of 2015 was particularly influenced by lower amounts of trade accounts receivable and other operating receivables. The line item “miscellaneous items” primarily contains the transfer of gains from the asset swap with Gazprom into cash used in investing activities.
Cash used in investing activities amounted to €1,624 million, compared with €1,409 million in the third quarter of 2014. At €1,542 million, payments related to property, plant and equipment and intangible assets were higher than in the previous third quarter.
Cash used in financing activities amounted to €2,471 million, compared with €1,184 million in the third quarter of 2014. Cash outflows resulted primarily from scaling back BASF SE’s U.S. dollar commercial paper program by nearly €2 billion.
January to September 2015
In the first three quarters of 2015, cash provided by operating activities rose year-on-year by €3,562 million to €8,494 million. The release of funds in net working capital in the amount of €2.5 billion in the first three quarters of 2015 arose predominantly from a decrease in inventories. Funds were additionally released by a decline in other operating receivables.
Investing activities led to a cash outflow of €4,955 million, compared with €3,785 million in the first three quarters of 2014. At €4,387 million, payments related to property, plant and equipment and intangible assets were higher than in the same period of the previous year. Acquisitions and divestitures resulted in net proceeds of €227 million in the first three quarters of 2015. The corresponding period of the previous year had included proceeds from the sale of shares in non-BASF-operated oil and gas fields in the British North Sea to the Hungarian MOL Group, as well as from the sale of the PolyAd services business to Cleveland, Ohio-based Edgewater Capital Partners, L.P.
Financing activities resulted in a cash outflow of €3,504 million, compared with an outflow of €995 million in the same period of the previous year. Financial liabilities were reduced by €649 million compared with the end of 2014. Dividends of €2,572 million were paid to shareholders of BASF SE, which was €92 million more than in the previous year. Payments of €328 million were made to minority shareholders of Group companies in the form of dividends.