condensed Consolidated Cash Flow Statement
(unaudited)

million €
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See note 12 to the unaudited condensed consolidated financial statements.
 
  
 
  
 
 
  
 
  
 
 
  
1st half
ended
March 31, 2006
  
1st half
ended
March 31, 2007
 
  
 
  
 
Net income
  
696
  
905
Adjustments to reconcile net income to operating cash flows:
  
 
  
 
Deferred income taxes (net)
  
301
  
137
Depreciation, amortization and impairment of non-current assets
  
743
  
710
Reversals of impairment losses of non-current assets
  
0
  
(10)
(Earnings)/losses from companies accounted for using the equity method, net of dividends received
 
(10)
  
(25)
(Gain)/loss on disposal of non-current assets
  
(14)
  
(21)
Veränderungen bei Aktiva und Passiva, bereinigt um Effekte aus Konsolidierungskreisveränderungen:
  
 
  
 
- inventories
  
212
  
(1,429)
- trade accounts receivable
  
(432)
  
(796)
- accrued pension and similar obligations
  
5
  
(280)
- other provisions
  
(34)
  
(131)
- trade accounts payable
  
(121)
  
183
- other assets/liabilities not related to investing or financing activities
  
(404)
  
689
Operating cash flows
 
942
  
(68)
 
  
 
  
 
Investing:
  
 
  
 
Purchase of investments accounted for using the equity method and financial assets
  
(12)
  
(45)
Expenditures for acquisitions of consolidated companies
  
(213)
  
(41)
Cash acquired from acquisitions
  
37
  
2
Capital expenditures for property, plant and equipment and investment property
  
(692)
  
(1,248)
Capital expenditures for intangible assets
  
(54)
  
(49)
Proceeds from disposals of investments accounted for using the equity method and financial assets
  
24
  
36
Proceeds from disposals of previously consolidated companies
  
56
  
138
Cash of disposed businesses
  
(25)
  
(19)
Proceeds from disposals of property, plant and equipment and investment property
  
60
  
136
Proceeds from disposals of intangible assets
  
8
  
21
Cash flows from investing activities
  
(811)
  
(1,069)
 
  
 
  
 
Financing:
  
 
  
 
Repayment of bonds
 
(4)
  
0
Proceeds from liabilities to financial institutions
  
400
  
509
Repayments of liabilities to financial institutions
  
(412)
  
(627)
Repayments on notes payable and other loans
 
3
  
1
Increase in bills of exchange
  
6
  
8
Decrease of liabilities due to sales of receivables not derecognized from the balance sheet
  
(115)
  
(15)
Increase in current securities
 
(24)
  
(67)
Proceeds from treasury shares sold
  
268
  
0
Payment of ThyssenKrupp AG dividend
  
(412)
  
(489)
Profit distributions to entities outside the Group
  
(16)
  
(17)
Other financing activities
  
23
  
12
Cash flows from financing activities
  
(283)
  
(685)
Net decrease in cash and cash equivalents
  
(152)
  
(1,822)
 
  
 
  
 
Effect of exchange rate changes on cash and cash equivalents
  
0
  
(9)
 
  
 
  
 
Cash and cash equivalents at beginning of reporting period
  
4,715
  
4,447
Cash and cash equivalents at end of reporting period
  
4,563
  
2,616
[thereof cash and cash equivalents within disposal groups]
  
[0]
  
[0]