[37] Consolidated statement of cash flows

The consolidated statement of cash flows shows the changes in cash and cash equivalents in the KION Group resulting from cash inflows and outflows in the year under review, broken down into cash flow from operating, investing and financing activities. The effects on cash from changes in exchange rates are shown separately. Cash flow from operating activities is presented using the indirect method in which the earnings before interest and taxes for the year is adjusted for non-cash operating items.

The KION Group’s net cash provided by operating activities totalled €615.8 million, which was significantly higher than the prior-year figure (2016: €414.3 million). This increase was attributable to contributions from operating profit and other incoming payments. The effect was amplified because, unlike in the prior year, Dematic made contributions to operations for twelve months in 2017. The higher net working capital, the rise in the volume of rentals and leasing, and higher tax payments were fully offset as a result. Furthermore, expenses of €63.1 million in connection with the Dematic transaction had been recognised and negatively impacted cash flow from operating activities at the end of 2016.

Net cash used for investing activities amounted to €237.6 million (2016: net cash used of €2,264.3 million). The main influence on the prior-year figure was the net cash outflow of €2,091.1 million for the acquisition of Dematic. Smaller acquisitions were carried out in 2017, the total cash payments for which came to €13.3 million net. Cash payments for development (R&D) and for property, plant and equipment amounted to €218.3 million (2016: €166.7 million).

Free cash flow – the sum of cash flow from operating activities and investing activities – improved to €378.3 million in the reporting period (2016: minus €1,850.0 million). The prior-year figure had been influenced by acquisitions.

The net cash used for financing activities was €472.5 million. In 2016, cash flow from financing activities had amounted to a significant positive balance of €2,026.3 million, caused by the refinancing of the acquisition of Dematic. The decline in the reporting year is primarily due to the net repayment of financial debt in an amount of €914.7 million, which outweighed the inflows from the capital increase of €598.6 million. While financial debt taken on during the year came to €2,425.3 million, repayments totalled €3,340.0 million. Net cash of €50.6 million was also used for interest payments (2016: net cash used of €68.3 million). The costs of obtaining financing in the year under review amounted to €7.4 million (2016: €23.2 million). The distribution of a dividend of €0.80 per share (2016: €0.77 per share) resulted in a cash outflow of €86.9 million (2016: €76.0 million), while the acquisition of 60,000 treasury shares required an outflow of €4.3 million. Additional information for 2017 on the changes to liabilities arising from financing activities can be found in > TABLE 100.

Reconciliation of liabilities arising from financing activities


in € million



Non-cash changes



Cash flows

Foreign exchange movement

Other changes


Non-current financial liabilities






Current financial liabilities






Liabilities from accrued interest






Liabilities from procurement leases






Total liabilities financial activities






Partly due to negative currency effects of €12.2 million (2016: positive currency effects of €0.2 million), this resulted overall in a decrease in cash and cash equivalents, which fell from €279.6 million at the end of 2016 to €173.2 million as at 31 December 2017. > TABLE 043