Notes to the cash flow statement
The cash flow statement reports the cash flows in the Aurubis Group in fiscal year 2014/15 and in the prior-year comparative period. In accordance with IAS 7, a distinction is made between the cash inflow from operating activities, the cash outflow from investing activities and the cash inflow or outflow from financing activities.
Commencing with earnings before taxes, adjustment is made for all non-cash expenses and income, the financial result (consisting of the result from investments measured using the equity method, interest expense, interest income and other financial expenses and income), income taxes paid in and out and changes in working capital to arrive at the cash inflow from operating activities (net cash flow).
The net cash flow amounted to € 365 million due to the very good business result. In contrast, the net cash flow of the previous year (€ 401 million) had also been impacted by an inventory reduction after the large-scale shutdown in Hamburg was concluded.
Investments in fixed assets (including financial fixed assets) amounted to € 112 million in the reporting period (previous year: € 128 million). The investments in Hamburg focused on the lead refinery and the construction of a new employee locker room and health center. In Pirdop (Bulgaria), investments were made in connection with the pending shutdown in 2016 and investments for the improvement and expansion of production capacities continued in the fiscal year reported.
A free cash flow of € 253 million (previous year: € 273 million) results after deducting investments in fixed assets from the net cash flow. The cash outflow from investing activities totaled € 104 million (previous year: € 121 million).
The cash inflow from financing activities was € 4 million compared to a cash outflow of € 126 million in the previous fiscal year. The cash inflow compared to a cash outflow in the previous year was mainly due to the take-up of new bonded loans of € 300 million, less the repayment of bonded loans of € 210 million due to maturity.
Overall, the Group had cash and cash equivalents of € 453 million available as at September 30, 2015 (€ 187 million as at September 30, 2014).