Note 13: Cash and cash flows

In € millions

 

2012

 

2013

Short-term investments

 

301

 

765

Cash on hand and in banks

 

1,451

 

1,333

Included under cash and cash equivalents in the balance sheet

 

1,752

 

2,098

Debt to credit institutions

 

(194)

 

(78)

Total per cash flow statement

 

1,558

 

2,020

Short-term investments almost entirely consist of cash loans, time deposits, marketable private borrowings and marketable securities immediately convertible into cash. For more information on credit risk management, see Note 23.

At December 31, 2013, an amount of €115 million in cash and cash equivalents was restricted (2012: €119 million). Restricted cash is defined as cash that cannot be accessed centrally due to regulatory or contractual restrictions.

Changes in working capital

 

 

 

 

 

In € millions

 

2012

 

2013

Trade and other receivables

 

(18)

 

(181)

Inventories

 

108

 

(7)

Trade and other payables

 

161

 

175

Total

 

251

 

(13)

Changes in provisions

 

 

 

 

 

In € millions

 

2012

 

2013

Post retirement provisions

 

(593)

 

(417)

Restructuring provisions

 

9

 

55

Other provisions

 

(119)

 

(33)

Total

 

(703)

 

(395)

Cash flow and net debt

Operating activities in 2013 resulted in cash inflows of €716 million (2012: €737 million). The change is the net impact of higher operating income (excluding impairment) and lower cash outflow from provisions partly offset by lower inflow from working capital, as 2012 had an exceptional impact.

Net debt decreased from €2,298 million at year-end 2012 to €1,529 million at year-end 2013 as a consequence of the net impact of:

  • Cash inflows from divestments (€313 million) and discontinued operations (€675 million)
  • Cash inflows from operating activities of €716 million
  • Capital expenditures of €666 million
  • Dividend payments of €286 million (€210 million to shareholders and €76 million to non-controlling interests)