Change

Condensed consolidated cash flow statement

 

 

 

 

 

In € millions

 

2010

 

2011

Cash and cash equivalents opening balance

 

1,919

 

2,683

Profit for the period from continuing operations

 

747

 

533

Amortization, depreciation and impairments

 

640

 

633

Changes in working capital

 

(124)

 

(344)

Changes in provisions

 

(651)

 

(498)

Other changes

 

(93)

 

1

Net cash from operating activities

 

519

 

325

Capital expenditures

 

(534)

 

(708)

Acquisitions and divestments

 

2

 

(138)

Other changes

 

53

 

(2)

Net cash from investing activities

 

(479)

 

(848)

Changes from borrowings

 

(33)

 

(470)

Dividends

 

(403)

 

(362)

Other changes

 

(45)

 

7

Net cash from financing activities

 

(481)

 

(825)

Net cash used from continuing operations

 

(441)

 

(1,348)

Cash flows from discontinued operations

 

1,095

 

11

Net change in cash and cash equivalents of total operations

 

654

 

(1,337)

Effect of exchange rate changes on cash and cash equivalents

 

110

 

(11)

Cash and cash equivalents at December 31

 

2,683

 

1,335

Cash flows

Operating activities in 2011 resulted in a cash inflow of €325 million (2010: €519 million). The change is mainly due to a net effect of:

  • Lower profit from continuing operations
  • Fair value changes and cash settlements for foreign currency hedging activities
  • Lower payments related to provisions
  • Lower payments for tax and interest
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