Statement of Cash Flows

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(€ thousands) 2015 2014
Earnings after income taxes 52,170 46,309 1
Depreciation and amortisation expense / Write-ups 75,547 68,357
Increase in non-current provisions 11,027 12,040 1
Gain / loss on disposal of fixed assets 489 – 3,068
Other non-cash expenses / income – 1,728 746
Cash flow 137,505 124,384 1
 
Increase in inventories – 4,192 – 11,334
Increase in trade receivables and other assets – 60,271 – 28,996 1
Increase in current provisions 3,503 2,092 1
Increase / decrease in advances received from customers 20,237 – 2,915
Increase in liabilities (excluding financial liabilities) 21,115 5,351 1
Other non-cash expenses (operating) – 1,260
– 20,868 – 35,802 1
Cash flows from operating activities 116,637 88,582
 
Proceeds from disposal of intangible assets 772 25
Payments to acquire intangible assets – 6,755 – 9,553
Proceeds from disposal of property, plant and equipment 4,533 5,877
Payments to acquire property, plant and equipment – 75,833 – 76,494
Proceeds from disposal of non-current financial assets 257 30
Payments to acquire non-current financial assets – 1,213 – 1,518
Proceeds from the sale of consolidated companies and other business operations (less acquired cash and cash equivalents) 700 2
Payments to acquire consolidated companies and other business operations (less acquired cash and cash equivalents) – 352 178 2
Payments for investments in Group companies that are not fully consolidated – 730 – 576 2
Proceeds from term deposits (maturity of more than 3 and up to 12 months) 154,121 138,246 1, 2
Payments for term deposits (maturity of more than 3 and up to 12 months) – 110,027 – 154,121 1, 2
Cash flows from investing activities – 34,527 – 97,906 1, 2
 
Dividends paid for prior year – Shareholders of KSB AG (Notes No. 8) – 15,111 – 21,240 2
Dividends paid for prior year – Non-controlling interests (Notes No. 8) – 2,349 – 1,604 1, 2
Proceeds from / payments for financial liabilities – 68,740 – 14,062 1
Payments to acquire non-controlling interests – 1,200
Cash flows from financing activities – 87,400 – 36,906 2
 
Changes in cash and cash equivalents – 5,290 – 46,230 1
Effects of exchange rate changes on cash and cash equivalents – 50 10,787
Effects of changes in consolidated Group – 76 803
Cash and cash equivalents at beginning of period 278,552 313,192 1
Cash and cash equivalents at end of period 273,136 278,552 1
1
Adjustment under IAS 8
2
Change in presentation or separate presentation of prior-year items
Cash flows from operating activities include cash flows from interest received amounting to € 7,635 thousand (previous year: € 6,434 thousand) and cash flows from (income) taxes totalling € –36,760 thousand (previous year: € –39,423 thousand). Cash flows from investing activities for the year 2015 do not include any cash flows from dividends received (previous year: € 14 thousand). Cash flows from financing activities include cash flows from interest expense of € – 7,340 thousand (previous year: € – 8,180 thousand).

See also Section VII. Statement of Cash Flows in the Notes to the Consolidated Financial Statements.
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