Statement of Cash Flows

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€ thousands 2018 2017
Earnings after income tax 23,917 52,104
Depreciation and amortisation / Write-ups 104,491 71,445
Increase / decrease in non-current provisions – 41,305 9,947
Gain / loss on disposal of fixed assets – 957 – 9,150
Other non-cash expenses / income – 455 29
Cash flow 85,691 124,375
Increase / Decrease in inventories – 50,834 – 15,725
Increase / Decrease in trade receivables and other assets – 7,522 – 21,001
Increase / Decrease in contract assets – 6,606 – 
Increase / Decrease in current provisions 10,320 8,231
Increase / Decrease in advances received from customers 15,536
Increase / Decrease in liabilities (excluding financial liabilities) 35,997 10,535
Increase / Decrease in contract liabilities – 4,433
Other non-cash expenses (operating) – 1,260 – 1,260
– 24,338 – 3,684
Cash flows from operating activities 61,353 120,691
Proceeds from disposal of intangible assets 1,778 4
Payments to acquire intangible assets – 13,932 – 11,941
Proceeds from disposal of property, plant and equipment 2,263 20,224
Payments to acquire property, plant and equipment – 69,203 – 88,526
Proceeds from disposal of non-current financial assets 6 218
Payments to acquire non-current financial assets – 843 – 819
Payments to acquire consolidated companies – 5,650 – 
Proceeds from / Payments for investments in Group companies that are not fully consolidated 681 295
Proceeds from commercial papers 29,979 74,820
Payments for commercial papers – 19,990 – 29,979
Proceeds from term deposits (maturity of more than 3 and up to 12 months) 596 55,825
Payments for term deposits (maturity of more than 3 and up to 12 months) – 16,180 – 28,447
Other non-cash expenses / income 165
Cash flows from investing activities – 90,495 – 8,161
Dividends paid for prior year – Shareholders of KSB SE & Co. KGaA (Notes No. 9) – 13,360 – 9,857
Dividends paid for prior year – Non-controlling interests – 2,506 – 2,491
Payments for loan against borrower’s note – 74,500
Proceeds from financial liabilities 23,702 8,671
Payments for financial liabilities – 15,757 – 27,821
Payments to acquire non-controlling interests – 1,512
Cash flows from financing activities – 9,433 – 105,998
Changes in cash and cash equivalents – 38,575 6,532
Effects of exchange rate changes on cash and cash equivalents 4,585 – 6,828
Effects of changes in consolidated Group - 948
Cash and cash equivalents at beginning of period 289,535 288,883
Cash and cash equivalents at end of period 255,545 289,535
Cash flows from operating activities include cash flows from interest received amounting to € 4,618 thousand (previous year: € 6,139 thousand) and cash flows from income tax totalling € – 23,780 thousand (previous year: € – 40,193 thousand). Cash flows from investing activities for the 2018 financial year include cash flows from dividends ­received of € 1,029 thousand (previous year: € 1,654 thousand). Cash flows from financing activities include cash flows from interest expense of € – 4,888 thousand (previous year: € – 8,649 thousand).
Further information is presented in Section VII. Statement of Cash Flows in the Notes to the consolidated financial statements.
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