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. The free cash flow fell year-on-year by € 14,908 thousand to € 113,909 thousand. Significant changes resulted from both the cash flow from operating activities and the cash flow from investing activities. The fall in cash flow from operating activities was mainly due to the year-on-year decline in the operating result (EBIT). This was offset by the year-on-year increase in provisions and the reduction in income tax payments. The cash outflow from investing activities was lower than in the previous year. This decline was mainly the result of payments received for short-term deposits (previous year: payouts). The decrease in payments received for the disposal of intangible assets, property, plant and equipment and investment property had an opposing effect.
Change in liabilities from financing activities
The balance of the proceeds from the issuance of bonds and the taking out of (financial) loans, as well as the balance of payments for the redemption of (financial) loans, produces the change in liabilities from financing activities pursuant to IAS 7. In the reporting year, the Group made payments for the redemption of (financial) loans in the amount of € 37,211 thousand (previous year: € 39,733 thousand). The change in the liabilities from financing activities is reflected in the decrease in liabilities to banks in the amount of € 36,687 thousand (previous year: € 37,869 thousand), see also Note 38. The balance of the proceeds from the issuance of bonds and the taking out of (financial) loans, as well as the balance of payments for the redemption of (financial) loans to other lenders, has been recognised as a change in the liabilities from financing activities in the amount of € 603 thousand (previous year: € 1,853 thousand). Exchange rate effects and other effects are insignificant.
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 |
|
31.12.2020 |
|
31.12.2019 |
|---|---|---|---|---|
Cash and cash equivalents with a maturity up to 3 months |
|
5,975 |
|
23,131 |
Short-term deposits with a maturity of 4–12 months |
|
40,000 |
|
45,000 |
Bank balances and cash in hand |
|
80,883 |
|
89,910 |
Cash, cash equivalents and short-term deposits |
|
126,858 |
|
158,041 |
Receivables from HGV |
|
82,000 |
|
95,000 |
Overdrafts |
|
- 11 |
|
- 19 |
Short-term deposits with a maturity of 4–12 months |
|
- 40,000 |
|
- 45,000 |
Financial funds at the end of the period |
|
168,847 |
|
208,022 |
Earnings before interest and taxes.
Payments for investments in property, plant and equipment, investment property and intangible assets.
International accounting standards.