• Balance Sheet
• Income Statement
• Statement of Changes in Equity
• Segmental Reporting
• Cash Flow Statement
• Notes
  • Notes to the Annual Financial Statements
  • Notes on the Balance Sheet
  • Notes on the Income Statement
    • 18 Sales
    • 19 Capitalised own-account services
    • 20 Other operating income
    • 21 Cost of materials
    • 22 Personnel expenses
    • 23 Other operating expenses
    • 24 Income from shareholdings in associated companies
    • 25 Other income from shareholdings
    • 26 Depreciation
    • 27 Amortisation of goodwill
    • 28 Net interest expenses
    • 29 Taxes on income
    • 30 Annual net surplus - earnings per share
    • 31 Segmental reporting
    • 32 Cash flow statement
  • Relationships to related companies, individuals and entities
  • Statement of Compliance pursuant to Section 161 of German Stock Corporation Law (AktG)
  • Information on concessions
  • Events subsequent to the reporting date
• Audit Opinion

32 Cash flow statement

The cash flow statement portrays the flow of funds from operating activities, investment activities and financing activities.

The cash flow based on DVFA/SG rose from Euro 157.8 million in the previous year to 195.2 million. At Euro 222.8 million, the inflow of funds from operating activities was 51% higher than the equivalent figure for the previous year.

The inflow of funds from operating activities includes the following items:

• Interest income of Euro 2.9 million (previous year: Euro 2.9 million) and interest expenses of Euro 56.0 million (previous year: Euro 55.6 million)
• Paid income taxes of Euro 39.4 million (previous year: Euro 33.6 million) and refunded income taxes of Euro 23.0 million (previous year: Euro 3.2 million)
• After deducting the non-cash part from the equity consolidation, the new income from shareholdings amounted to Euro 6.3 million (previous year: Euro 6.6 million).

The outflow of funds for investment activities during the year under report was affected by the investments made in the construction and expansion of supply networks and power plant facilities, as well as those made in shareholdings.

The outflow of funds for financing activities was attributable to the repayment of loans and the dividend payments made.

The cash flow statement for the previous year was marked by the purchase of shares in Stadtwerke Kiel AG. This resulted in an outflow of funds from investment activities, which led in turn to an inflow of funds from financing activities.