Operating activities in Q2 2013 resulted in a cash inflow of €261 million (Q2 2012: €351 million). The change is mainly due to lower operating income and higher cash outflow from working capital. The movement in other changes related to a non-cash deferred tax gain, that was included in profit from continuing operations.
Net debt decreased from €2,888 million in Q1 2013 to €2,197 million in Q2 2013 as a consequence of the net impact of:
- Cash inflow from discontinued operations of €779 million, mainly proceeds from the divestment of Decorative Paints North America.
- Cash inflow from operating activities of €261 million.
- Capital expenditures of €168 million.
- Dividend payments of €178 million.