cash flow

Adjustments to the consolidated result for non-cash effects

Net income (from discontinued operations)

27,924

40,434

Net income (from continued Operations)

366,762

17,861

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

11

607,885

541,192

Depreciation and amortization of assets resulting from business combinations

11

89,182

114,058

Net effect from share-based payment programs

37

–13,893

10,307

Share of the profit or loss of associates accounted for using the equity method

25

–7,151

199,379

Distributed profits of associated companies

25, 47

0

123

Other non-cash items from changes in deferred tax position

15

–11,390

72,307

Non-cash changes in fair value of operational derivatives

9.1, 9.2, 42

43

–2,042

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

13, 14, 42

–3,503

–9,191

Interest expense arising from the accretion of lease payments

13, 46

48,186

35,645

Other financing expenses

125,455

113,134

Financial income

–32,341

–2,815

Other non-cash items

–4,980

–1,500

Change in assets and liabilities

Change in receivables and other assets

44,713

–5,543

Change in inventories

25,831

58,416

Change in contract assets

14,125

64,483

Change in income tax claims

1,890

–58,365

Change in prepaid expenses

74,202

–211,863

Change in trade accounts payable

–124,371

35,171

Change in income tax liabilities

16,231

–39,993

Change in other liabilities

–45,028

–32,780

Change in contract liabilities

3,716

7,951

Change in assets and liabilities, total

44,623

–174,770

Cash flow from operating activities

1,236,804

954,121

Cash flow from investing activities

Cash payments to acquire property, plant and equipment and intangibles

27, 28

–730,785

–774,598

Cash receipts from sales of property, plant and equipment and intangibles

2,243

4,981

Payments from company disposals less cash sold

47

2,405

0

Payments for the acquisition/capital increase of associated companies

4.1, 25

0

–1,030

Interest received

20,748

1,826

Investments in other financial assets

26

–5,487

–463

Subsequent outbound payments related to Business combinations

35.1

–34,000

5,572

Subsequent inbound payments related to Business combinations

43

54,868

0

Payments received from the repayment of other financial assets

164

–1,890

Cash flow from investment activities

–689,844

–765,602

Cash flow from financing activities

Taking out of loans

47

877,181

1,303,475

Repayment of loans

47

–451,000

–946,797

Interest paid

–157,169

–149,455

Redemption of spectrum liabilities

44, 47

–61,266

–61,266

Redemption of lease liabilities

45, 46

–187,641

–137,092

Dividend payments

18

–328,391

–86,408

Dividend payments to non-controlling interests

41

–1,673

–1,893

Payments to Minority shareholders

–303,140

–22,319

Cash flow from financing activities

–613,100

–101,754

Net decrease / increase in cash and cash equivalents

–66,140

86,765

Cash and cash equivalents at beginning of fiscal year

114,857

27,689

Currency translation adjustments of cash and cash equivalents

–703

403

Cash and cash equivalents at end of reporting period*

19

48,014

114,857