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 EBIT, 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.
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 |
Earnings before interest and taxes.