43. Notes to the Cash Flow Statement

Free Cash Flow

The balance of the cash inflow from operating activities and the cash outflow from investing activities makes up the free cash flow. This indicates what cash resources are available for dividend distribution or the redemption of existing loans. Free cash flow declined year-on-year from € 118,836 thousand to € 65,127 thousand, primarily as a result of lower , the decrease (previous year: increase) in trade liabilities and other liabilities, as well as a higher cash flow from investing activities.

Financial Funds

Financial funds include cash in hand and bank balances with a remaining term of up to three months and receivables and liabilities relating to HGV. Receivables from HGV are overnight deposits available on demand. They are recognised at nominal value.

Financial Funds

in € thousand

 

31.12.2015

 

31.12.2014

Cash and cash equivalents with a maturity up to 3 months

 

57,965

 

87,612

Short-term deposits with a maturity of 4 - 12 months

 

73,050

 

90,000

Bank balances and cash in hand

 

63,550

 

74,605

Cash, cash equivalents and short-term deposits

 

194,565

 

252,217

Receivables from HGV

 

43,900

 

23,400

Short-term deposits with a maturity of 4 - 12 months

 

- 73,050

 

- 90,000

Financial funds at the end of the period

 

165,415

 

185,617

EBIT

Earnings before interest and taxes.