In € million

 

 

 

FY 2016

 

FY 2015 pro forma(1)

(1)

The 2015 detailed cash flow statement was not presented on a pro forma basis and was not restated for the discontinuation of Acetow and Vinythai. The free cash flow for 2015 is however presented both on a pro forma and restated basis and therefore can’t be reconciled with the detailed cash flow statement.

Cash flow from operating activities

 

a

 

1,788

 

 

of which cash flow related to acquisition of subsidiaries, excluded from free cash flow

 

b

 

7

 

 

Cash flow from investing activities

 

c

 

(807)

 

 

Acquisition (-) of subsidiaries

 

d

 

(23)

 

 

Acquisition (-) of investments - Other

 

e

 

4

 

 

Loans to associates and non-consolidated companies

 

f

 

(25)

 

 

Sale (+) of subsidiaries and investments

 

g

 

144

 

 

Income taxes paid on sale of investments

 

h

 

 

 

Free cash flow

 

i = a-b+c-d-e-f-g-h

 

876

 

492

Free cash flow from discontinued operations

 

j

 

140

 

98

Free cash flow from continuing operations

 

k = i-j

 

736

 

394

Free cash flow from continuing operations nearly doubled to € 736 m versus € 394 m in 2015. In addition to the € 159 m rise in EBITDA this was the result of lower capex and strict working capital management. Including the free cash flow from discontinued operations, the total free cash flow was € 876 m versus € 492 m in 2015.