Annual Report 2016
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Statement of Cash Flows

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(€ thousands) 2016 2015
Earnings after income taxes 47,777 52,170
Depreciation and amortisation expense / Write-ups 72,592 75,547
Increase in non-current provisions 14,952 11,027
Gain / loss on disposal of fixed assets – 208 489
Other non-cash income / expenses 4,714 – 1,728
Cash flow 139,827 137,505
     
Increase in inventories – 11,834 – 4,192
Decrease / increase in trade receivables and other assets 51,091 – 60,271
Decrease / increase in current provisions – 8,475 3,503
Decrease / increase in advances received from customers – 12,161 20,237
Decrease / increase in liabilities (excluding financial liabilities) – 22,690 21,115
Other non-cash expenses (operating) – 1,260 – 1,260
– 5,329 – 20,868
Cash flows from operating activities 134,498 116,637
     
Proceeds from disposal of intangible assets 90 772
Payments to acquire intangible assets – 11,775 – 6,755
Proceeds from disposal of property, plant and equipment 2,956 4,533
Payments to acquire property, plant and equipment – 71,606 – 75,833
Proceeds from disposal of non-current financial assets 91 257
Payments to acquire non-current financial assets – 925 – 1,213
Proceeds from the sale of consolidated companies and other business operations (less acquired cash and cash equivalents) 700
Payments to acquire consolidated companies and other business operations (less acquired cash and cash equivalents) – 352
Payments for investments in Group companies that are not fully consolidated – 12,044 – 730
Payments for commercial papers – 74,944
Proceeds from term deposits (maturity of more than 3 and up to 12 months) 110,027 154,121
Payments for term deposits (maturity of more than 3 and up to 12 months) – 55,824 – 110,027
Cash flows from investing activities – 113,954 – 34,527
     
Dividends paid for prior year – Shareholders of KSB AG (Notes No. 8) – 9,857 – 15,111
Dividends paid for prior year – Non-controlling interests (Notes No. 8) – 2,798 – 2,349
Proceeds from / Payments for financial liabilities 3,044 – 68,740
Payments to acquire non-controlling interests – 1,200
Cash flows from financing activities – 9,611 – 87,400
     
Changes in cash and cash equivalents 10,933 – 5,290
Effects of exchange rate changes on cash and cash equivalents 4,325 – 50
Effects of changes in consolidated Group 489 – 76
Cash and cash equivalents at beginning of period 273,136 278,552
Cash and cash equivalents at end of period 288,883 273,136
Cash flows from operating activities include cash flows from interest received amounting to € 6,357 thousand (previous year: € 7,635 thousand) and cash flows from (income) taxes totalling € – 31,807 thousand (previous year: € – 36,760 thousand). Cash flows from investing activities for the 2016 financial year include cash flows from dividends received of € 147 thousand (previous year: none). Cash flows from financing activities include cash flows from interest expense of € – 7,619 thousand (previous year: € 7,340 thousand).
See also Section VII. Statement of Cash Flows in the Notes to the Consolidated Financial Statements.
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