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, which indicates the cash resources available for dividend distribution or the redemption of existing loans. Free cash flow fell year-on-year by € 75,926 thousand to € - 103,017 thousand. Significant changes resulted from both cash flow from operating activities and cash flow from investing activities. Operating cash flow decreased primarily due to a significant year-on-year rise in trade receivables and other assets. This was offset by a higher year-on-year change in provisions and a higher operating result (EBIT), as well as lower income tax payments. The cash outflow from investing activities was higher than in the previous year. This increase was largely due to payments for (previous year: proceeds from) short-term deposits and lower deposits from disposals of fixed assets.

Change in liabilities from financing activities

The balance of the proceeds from the issuance of bonds and the drawdown of (financial) loans, as well as the balance of payments for the repayment 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 repayment of (financial) loans in the amount of € 70,528 thousand (previous year: € 34,210 thousand). The drawdown of (financial) loans produced proceeds of € 309,425 thousand (previous year: € 248,491 thousand). This change in the liabilities from financing activities is reflected in the increase in liabilities to banks in the amount of € 238,455 thousand (previous year: € 204,825 thousand) and the increase in liabilities from other loans in the amount of € 2,583 thousand (previous year: € 21,459 thousand); see also Note 38. Exchange rate effects and other effects are insignificant.

Lease liabilities, see also Note 38 and Note 40, decreased during the reporting year by € 61,933 thousand (previous year: € 12,723 thousand), including the net effects in particular of new non-cash contracts in the amount of € 27,525 thousand (previous year: € 32,725 thousand), contract terminations in the amount of € 35,384 thousand (previous year: € 4,079 thousand) and cash repayments in the amount of € 54,074 thousand (previous year: € 51,185 thousand).

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.