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.