cash flow

Result from operating activities

Net income

362,244

464,738

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

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

11

424,053

352,783

Depreciation and amortization of assets resulting from company acquisitions

11

114,040

128,331

Net effect from employee stock option programs

36

-4,262

12,427

Result from associated companies

24

58,134

31,730

Income from the sale of associated companies

9.2, 24

0

-1,910

Distributed profits of associated companies

24, 46

156

206

Other non-cash items from tax adjustments

15

-40,836

-16,514

non-cash changes in fair value of operational derivatives

6, 13,14

6,339

753

non-cash changes in fair value of non-operational derivatives

5,058

7,365

interest expense arising from the accretion of lease payments

21,347

11,907

Other financing expenses

116,659

49,991

Financial income

-44,899

-31,074

Change in assets and liabilities

Change in receivables and other assets

-94,219

-26,012

Change in inventories

-57,522

-24,068

Change in contract assets

-17,648

-39,409

Change in income tax claims

-13

11,613

Change in deferred expenses

-272,539

-209,332

Change in trade accounts payable

136,765

-20,057

Change in income tax liabilities

35,274

-5,708

Change in other liabilities

39,496

-67,272

Change in contract liabilities

17,946

-3,953

Change in assets and liabilities, total

-189,534

-394,300

Cash flow from operating activities

828,499

616,432

Cash flow from investing activities

Capital expenditure for intangible assets and property, plant and equipment

26, 27

-797,892

-681,378

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

5,775

4,417

Purchase of shares in associated companies

4.1, 24

-2,866

-30,685

Received Interest

1,464

1,981

Payments in connection with company transactions

34.1

-4,416

0

Payments for loans granted

42

-259

0

Payments received from the sale of associated companies

25

0

3,043

Payments received from the repayment of other financial assets

0

1,058

Cash flow from investment activities

-798,194

-701,564

Cash flow from financing activities

Purchase of treasury stock

39

-291,892

0

Taking out of loans

46

1,087,202

696,110

Repayment of loans

46

-782,000

-367,500

Interest paid

-91,037

-30,207

Redemption of spectrum liabilities

42, 46

-61,266

-61,266

Redemption of lease liabilities

44, 45

-121,343

-112,530

Dividend payments

17

-86,408

-93,358

Dividend payments to non-controlling interests

40

-1,893

-1,893

Incoming Payments from / Outgoing Payments to Minority Shareholders

4.2, 38, 46

305,048

-15,184

Cash flow from financing activities

-43,590

14,172

Net increase in cash and cash equivalents

-13,285

-70,960

Cash and cash equivalents at beginning of fiscal year

40,523

110,116

Currency translation adjustments of cash and cash equivalents

451

1,367

Cash and cash equivalents at end of fiscal year

18

27,689

40,523