In € million

 

 

 

FY 2017

 

FY 2016

Cash flow from operating activities

 

a

 

1,604

 

1,788

of which cash flow related to acquisition of subsidiaries

 

b

 

(23)

 

7

Cash flow from investing activities

 

c

 

70

 

(807)

of which capital expenditures required by share sale agreement

 

d

 

(12)

 

Acquisition (-) of subsidiaries

 

e

 

(44)

 

(23)

Acquisition (-) of investments – Other

 

f

 

(11)

 

4

Loans to associates and non-consolidated companies

 

g

 

(7)

 

(25)

Sale (+) of subsidiaries and investments

 

h

 

891

 

144

Income taxes paid on sale of investments

 

i

 

(14)

 

Recognition of factored receivables

 

j

 

21

 

Free cash flow

 

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

 

871

 

876

Free cash flow from discontinued operations

 

l

 

89

 

218

Free cash flow from continuing operations

 

m = k-l

 

782

 

658

Free cash flow from continuing operations was €782 million, a 19% increase versus 2016. This reflects higher EBITDA and the focus on capital discipline. Including discontinued operations, total free cash flow was €871 million.