20 Notes to the Statement of Cash Flows

from operating activities is calculated using the indirect method, which adjusts the relevant changes in statement-of-financial-position items for any exchange-rate effects and effects of changes in the scope of consolidation. This means that changes to the relevant statement-of-financial-position items cannot be reconciled with the corresponding values based on the published consolidated statements of financial position.

Construction-related borrowing costs that have to be capitalized were deducted from the interest payments recognized in cash flow from operating activities. These construction-related borrowing costs increased the capital expenditure included in cash flow from investing activities by €2.2 million (versus €1.3 million in the prior year).

In the case of from investing activities, the actual outflows of funds are reported. It is also not possible to reconcile these figures with the additions to investments in the consolidated statement of financial position. If subsidiaries or business activities are acquired or sold, the effects of these transactions are shown as separate items in the statement of cash flows. Investment in securities falling due in more than three months is reported separately under cash flow from investing activities because, in economic terms, these transactions are considered an element of liquidity.

The Group’s financing is predominantly provided through bank loans granted in the form of loan commitments. Within the defined approval limits for loan commitments, our utilization of credit may be subject to fluctuations both within a given year and over several years. Loans raised and repaid in foreign currencies are converted at the exchange rate prevailing on the transaction date. The following table shows a reconciliation of all cash inflows and outflows as well as other non-cash changes in financial liabilities:

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Cash and Non-Cash Changes in Financial Liabilities

 

 

 

 

 

 

 

 

 

€ million

 

Jan. 1, 2018

 

Cash changes

 

Non-cash changes

 

Dec. 31, 2018

 

 

 

 

 

 

Acqui­sitions / disposals

 

Ex­change rate-related changes

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities to banks

 

633.5

 

49.1

 

 

-7.0

 

-0.6

 

675.0

Lease obligations

 

29.8

 

-4.3

 

 

0.8

 

 

26.3

Other financial liabilities

 

338.3

 

-57.0

 

 

11.4

 

3.2

 

295.9

Financial liabilities

 

1,001.6

 

-12.2

 

 

5.2

 

2.6

 

997.2

Please see Note 10 for more details on the composition of funds comprising cash and cash equivalents.

See Note 10

Cash flow from discontinued operations includes the pro rata cash flow of the Siltronic segment, from both operating and investing activities, until the deconsolidation date.

Cash Flow
Cash flow represents the movement of cash and cash equivalents into or out of a business activity during a finite period. Net cash flow is the sum of cash flow from operating activities (excluding changes in advance payments received) and cash flow from long-term investing activities (before securities), including additions due to finance leases.
Cash Flow
Cash flow represents the movement of cash and cash equivalents into or out of a business activity during a finite period. Net cash flow is the sum of cash flow from operating activities (excluding changes in advance payments received) and cash flow from long-term investing activities (before securities), including additions due to finance leases.

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