Change

Condensed cash flow statement


Condensed cash flow statement in € millions

 

 

 

 

 

 

 

20081

 

2009

1

Reclassified for comparative presentation.

2

Net of cash.

3

In 2008 including € 79 million dividends to ICI shareholders.

 

 

 

 

 

Cash and cash equivalents opening balance

 

11,067

 

1,449

Profit/(loss) for the period from continuing operations

(1,044)

 

355

 

Amortization, depreciation and impairments

2,042

 

680

 

Changes in working capital

(356)

 

639

 

Changes in provisions

(560)

 

(497)

 

Other changes

9

 

63

 

Net cash from operating activities

 

91

 

1,240

 

 

 

 

 

Capital expenditures

(534)

 

(534)

 

Acquisition and divestments2

(10,113)

 

(55)

 

Other changes

106

 

40

 

Net cash from investing activities

 

(10,541)

 

(549)

 

 

 

 

 

Changes from borrowings

(433)

 

175

 

Dividends3

(581)

 

(454)

 

Buyback of shares

(1,437)

 

 

Other changes

(42)

 

4

 

Net cash from financing activities

 

(2,493)

 

(275)

 

 

 

 

 

Net cash used for continuing operations

 

(12,943)

 

416

 

 

 

 

 

Cash flows from discontinued operations

 

3,519

 

19

 

 

 

 

 

Net change in cash and cash equivalents of total operations

 

(9,424)

 

435

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(194)

 

35

 

 

 

 

 

Cash and cash equivalents at December 31

 

1,449

 

1,919

Cash and debt management

For the full-year, operating cash resulted in a cash inflow of €1,240 million (2008: €91 million). The main change comes from operating working capital management, which released €533 million cash, while we maintained investment levels during 2008.

During 2009, we refinanced our debt portfolio and extended payment terms.

  • In March 2009, a €750 million bond was issued, maturing in six years, with an interest rate of 7.25 percent
  • In April 2009, a pound sterling bond of £250 million was issued, maturing in seven years, with an interest rate of 8.0 percent
  • In May 2009, bonds totaling €1,000 million matured
  • In June 2009, new private debt of €150 million was issued
  • In December 2009, we redeemed €215 million, due in 2011, and issued new debt of €225 million, maturing in five years, by means of extending our existing bond issued in March 2009.

Operating working capital

Operating working capital decreased €533 million due to working capital management. Expressed as a percentage of revenue, operating working capital was 13.7 (year-end 2008: 16.5 percent).

Operating working capital in € millions
Operating working capital (bar chart)
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