Consolidated Financial Statements of the Stadtwerke Leipzig Group ...

2.2 Financial position
Cash flow statement
The following summarised cash flow statement
shows the changes in financial resources and the
movements of funds that caused them:
Financial position
[€ m]
2009 2008
Cash flows from business operations 72 66
Change in the working capital 1 86 –49
Cash flows from operating activities 158 17
Investment –31 –37
Disinvestment/subsidies 15 20
Cash flows from investment activities –16 –17
Increase/reduction in capital – –
Payment to the shareholder –38 –45
Increase in loans received 20 25
Payments relating to the repayment of loans –15 –6
Cash flows from financing activities –33 –26
Net change in financial resources 108 –27
Change in financial resources caused by merger 1 –
Financial resources at beginning of period 2 26 53
Financial resources at end of period 135 26
1
Working capital = Current assets minus securities minus cash-pool credit balance minus cash resources minus short-term borrowed capital plus short-term bank loans
and overdrafts plus cash-pool liabilities
2
Change in reporting in 2009. The figures for 2008 were adjusted to ensure comparability. Financial resources now include cash-pool credit balances and securities in
addition to cash resources (cash at bank and in hand).
Cash flows from operating activities: The Cash
flow statement shows that, compared to the previous
year, Cash flows from operating activities rose
by €141 million to €158 million. This significant
increase was mainly the result of returns on
working capital (€86 million). This offset the high
increase in working capital as per the balance
sheet date in 2008. In particular, the reduction in
Trade debtors made a major contribution here
(€44 million). Cash flows from business operations
without working capital, which represents
operating activities, also improved by €6 million
compared to the previous year. The main source
of this increase was the better income situation.
16 | Annual Financial Statements of Stadtwerke Leipzig GmbH