Values

80 Group Financial Statements
Cash Flow Statement/Statement of Changes in Equity
Group Cash Flow Statement
in € millions 2009 2008
EBIT (earnings before interest and taxes) 694 777
Taxes paid (230) (231)
Depreciation and write-ups of non-current assets 1,103 1,138
Capital gains/losses (13) 1
Change in provisions for pensions and similar obligations (65) (46)
Change in other provisions 41 22
Other effects (3) 36
Change in net working capital 250 92
Cash fl ow from operating activities 1,777 1,789
– thereof from discontinued operations – 83
Investments in:
– intangible assets (199) (238)
– property, plant and equipment (249) (389)
– fi nancial assets (57) (158)
– purchase prices for consolidated investments (net of acquired cash) (157) (310)
Proceeds from disposal of investments (18) 608
Proceeds from disposal of non-current assets 125 110
Contribution to/withdrawals from pension plans 10 (39)
Cash fl ow from investing activities (545) (416)
– thereof from discontinued operations (22) 581
Proceeds from bonds and promissory notes 806 599
Redemption of bonds and promissory notes (875) (96)
Change in other fi nancial debt (67) (791)
Interest paid (339) (365)
Interest received 62 87
Change in shareholders' equity (2) (14)
Dividends to Bertelsmann shareholders and minorities (270) (288)
Additional payments to minorities in partnerships (IAS 32.18b) (56) (49)
Cash flow from financing activities (741) (917)
– thereof from discontinued operations - (34)
Change in cash and cash equivalents 491 456
Currency effects and other changes in cash and cash equivalents 11 (4)
Cash and cash equivalents at 1/1 1,583 1,131
Cash and cash equivalents at 12/31 2,085 1,583
The previous year’s figures of discontinued operations have been adjusted for the amounts resulting from businesses, which were reclassified as continuing
operations according to IFRS 5.36. Details of the Cash Flow Statement are set out in note 27.
Change in Net Financial Debt
in € millions 2009 2008
Net fi nancial debt at 1/1 (3,445) (4,282)
Cash fl ow from operating activities 1,777 1,789
Cash fl ow from investing activities (545) (416)
Interest, dividends and changes in equity, additional payments (IAS 32.18b) (605) (629)
Currency effects and other changes in net fi nancial debt 25 93
Net fi nancial debt at 12/31 (2,793) (3,445)
Net financial debt is the net of cash and cash equivalents and financial debt.
Bertelsmann Annual Report 2009