Key Figures Comparison
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In order to illustrate the financial position, we have summarized the major items in the cash flow statement (Postbank at equity) below.
|
Selected indicators for financial position (Postbank at equity) |
 | |||
|---|---|---|---|---|
|
€m |
2005 |
2006 | ||
|
|
|
| ||
|
Cash and cash equivalents at December 31 |
1,384 |
1,761 | ||
|
Change in cash and cash equivalents |
–3,397 |
377 | ||
|
Net cash from operating activities |
1,715 |
2,178 | ||
|
Net cash used in investing activities |
–3,860 |
–871 | ||
|
Net cash used in financing activities |
–1,207 |
–876 | ||
Net cash from operating activities increased by €463 million to €2,178 million (previous year: €1,715 million) even though EBIT declined by €407 million. This was primarily the result of a fall in non-cash income from the reversal of provisions, which was partly offset by lower depreciation and amortization of noncurrent assets. The net outflow of working capital increased from €303 million to €657 million. This negative effect reduced the increase in operating cash flow compared with the previous year.
Net cash used in investing activities amounted to €871 million in the year under review. This was mainly due to investments in other noncurrent assets (capital expenditure including other noncurrent financial assets) amounting to €1,813 million. Disposals of other noncurrent assets amounting to €925 million only partially offset this cash outflow. In the previous year, net cash used in investing activities reflected in particular the cash outflow of €3,720 million arising from the acquisition of Exel, as a result of which the 2005 financial statements showed net cash used in investing activities of €3,860 million in total.
Net cash used in financing activities decreased from €1,207 million to €876 million. While, in the previous year, financial liabilities were reduced by €324 million, in the year under review, there was a cash inflow of €272 million from additional financial liabilities. Interest payments of €399 million (previous year: €384 million) and the dividend paid to Deutsche Post AG shareholders of €836 million (previous year: €556 million) resulted in an overall net cash outflow. There was also a cash inflow of €124 million (previous year: €65 million) from the issue of Deutsche Post AG stock under the stock option plan.
As a result of the net cash flows shown above, cash and cash equivalents for the Group excluding Postbank increased by €377 million in fiscal year 2006. As of December 31, 2006, cash and cash equivalents therefore amounted to €1,761 million, compared to €1,384 million as of December 31, 2005.