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The cash flow statement classifies cash flows according to operating, investing and financing activities. Cash and cash equivalents in the cash flow statement correspond to total cash and cash equivalents on the balance sheet. Cash and cash equivalents consist of cash on hand, demand deposits and fixed-interest marketable securities with a maturity of three months or less from the date of acquisition.
Flows of funds from the acquisition and sale of consolidated companies are included in cash flows from investing activities. Effects of foreign exchange rate changes are stated separately.
Among other things, cash flows from operating activities include:
- cash flows from interest income of €807 million (previous year: €861 million) and cash flows used for interest expenses of €965 million (previous year: €1,517 million)
- €1,034 million (previous year: €970 million) in taxes on income paid (less income tax refunds)
- cash flows from investments amounting to €397 million (previous year: €372 million), net of the portion stemming from accounting using the equity method Glossary that does not have an effect on cash flows
Cash flows from financing activities include €1,689 million (previous year: €1,968 million) which was paid out to RWE shareholders and €316 million (previous year: €231 million) which was distributed to minority shareholders. New issuance of financial debt totalled €6,641 million (previous year: €5,577 million) and was contrasted by repayments of €8,046 million (previous year: €5,822 million).
Changes in the scope of consolidation resulted in a net change in cash and cash equivalents of €78 million (previous year: -€21 million). Of this, €83 million (previous year: €7 million) in additions was offset against capital expenditure on financial assets. Disposals amounted to €5 million (previous year: €28 million), which was deducted from the proceeds from divestitures.
Exploration activities result in cash flows from operating activities in the amount of -€174 million (previous year: -€150 million) and cash flows from investing activities of - €255 million (previous year: -€221 million).
First-time consolidations and deconsolidations resulted in an increase of €81 million in net financial debt.
There are no restrictions on the disposal of cash and cash equivalents.
|
Net debt of the RWE Group |
Dec 31, 2008 |
Dec 31, 2007 |
|
Cash and cash equivalents |
1,249 |
1,922 |
|
Marketable securities |
7,735 |
10,858 |
|
Non-current marketable securities |
317 |
444 |
|
Collaterals for trading activities |
3,562 |
1,118 |
|
Other financial receivables |
1,270 |
1,007 |
|
Financial assets |
14,133 |
15,349 |
|
Bonds, other notes payable, bank debt, commercial paper Glossary |
11,839 |
12,005 |
|
Collaterals for trading activities |
541 |
404 |
|
Other financial liabilities |
1,103 |
876 |
|
Financial liabilities |
13,483 |
13,285 |
|
Net financial debt from continuing operations |
-650 |
-2,064 |
|
Provisions for pensions and similar obligations |
2,738 |
3,565 |
|
Surplus of plan assets over benefit obligations |
|
-507 |
|
Provisions for nuclear waste management |
9,465 |
9,053 |
|
Provisions for mining damage |
2,866 |
2,822 |
|
Net debt from continuing operations |
14,419 |
12,869 |
|
Net debt from discontinued operations |
4,240 |
3,645 |
|
Net debt of the RWE Group |
18,659 |
16,514 |
Other financial receivables essentially consist of other loans, deferred interest, and financial receivables from non-consolidated subsidiaries and investments. Other financial debt essentially includes financial liabilities to non-consolidated subsidiaries and investments, as well as miscellaneous other financial liabilities. Net financial debt is the difference between financial assets and financial liabilities.
