cash flow

Result from operating activities

Net income

464,738

523,151

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization of intangible assets and property, plant and equipment

11

352,783

333,741

Depreciation and amortization of assets resulting from company acquisitions

11

128,331

140,143

Employee expenses from employee shareholdings

36

12,427

19,702

Result from associated companies

24

31,730

23,673

Income from the sale of associated companies

9.2, 24

-1,910

0

Distributed profits of associated companies

24, 46

206

229

Other non-cash items from tax adjustments

15

-16,514

-39,607

Other non-cash items

6, 13,14

20,025

-13,241

Operative cash flow

991,816

987,793

Change in assets and liabilities

Change in receivables and other assets

-26,012

-28,480

Change in inventories

-24,068

-11,102

Change in income tax claims

11,613

18,468

Change in deferred expenses

-209,332

-142,526

Change in trade accounts payable

-20,057

46,383

Change in other accrued liabilities

-10,101

1,019

Change in income tax liabilities

-5,708

-56,191

Change in other liabilities

-67,272

121,250

Change in contract liabilities

-3,953

2,587

Cash flow from operating activities

597,516

887,633

Cash flow from investing activities

Capital expenditure for intangible assets and property, plant and equipment

26, 27

-681,378

-289,757

Payments from disposals of intangible assets and property, plant and equipment

4,417

2,936

Payments for company acquisitions less cash received

4.1

0

-20,554

Payments from company disposals less cash sold

46

0

8,789

Purchase of shares in associated companies

4.1, 24

-30,685

-226,295

Payments for loans granted

42

0

-2,423

Payments received from the sale of associated companies

25

3,043

0

Payments received from the repayment of other financial assets

1,058

0

Cash flow from investment activities

-703,545

-527,304

Cash flow from financing activities

Purchase of treasury stock

39

0

-18,721

Taking out of loans

46

700,278

1,020,000

Repayment of loans

46

-367,500

-667,048

Redemption of spectrum liabilities

42, 46

-61,266

-61,266

Redemption of lease liabilities

44, 45

-126,007

-105,630

Dividend payments

17

-93,358

-93,615

Dividend payments to non-controlling interests

40

-1,893

-3,043

Payments to minority interests

4.1, 40

-15,184

-456,775

Cash flow from financing activities

35,069

-386,098

Net increase in cash and cash equivalents

-70,960

-25,770

Cash and cash equivalents at beginning of fiscal year

110,116

131,270

Currency translation adjustments of cash and cash equivalents

1,367

4,615

Cash and cash equivalents at end of fiscal year

18

40,523

110,116