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Cash flows 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. The movement in other changes relates to the non-cash impairment, that was included in profit from continuing operations in 2012.

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)
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