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. The free cash flow increased year-on-year by € 38,239 thousand to € 126,740 thousand. Significant changes resulted from both cash flow from operating activities and cash flow from investing activities. The fall in cash flow from operating activities was mainly due to a year-on-year change in provisions, higher income tax payments and a year-on-year decrease in the operating result (EBIT). The cash outflow from investing activities was also lower than the figure for the previous year. This decline was mainly the result of payments received for short-term deposits (previous year: payments made).

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 € 50,022 thousand (previous year: € 24,298 thousand). The drawdown of (financial) loans produced proceeds of € 67,290 thousand (previous year: € 34,041 thousand). This change in the liabilities from financing activities is reflected in the increase in liabilities to banks in the amount of € 20,219 thousand (previous year: € 39,468 thousand) and the decrease in liabilities from other loans in the amount of € 3,851 thousand (previous year: increase of € 4,260 thousand); see also Note 38. Exchange rate effects and other effects are insignificant.

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.