Change

Condensed cash flow statement


Condensed consolidated cash flow statement

 

 

 

in € millions

20091

2010

 

 

 

1

Restated to present National Starch as a discontinued operation.

2

Net of cash.

Cash and cash equivalents opening balance

1,449

1,919

Profit for the period from continuing operations

330

747

Amortization, depreciation and impairments

622

640

Changes in working capital

650

(95)

Changes in provisions

(493)

(651)

Other changes

111

(122)

Net cash from operating activities

1,220

519

Capital expenditures

(513)

(534)

Acquisitions and divestments2

(55)

2

Other changes

39

53

Net cash from investing activities

(529)

(479)

Changes from borrowings

175

(33)

Dividends

(454)

(403)

Other changes

4

(45)

Net cash from financing activities

(275)

(481)

Net cash used from continuing operations

416

(441)

Cash flows from discontinued operations

19

1,095

Net change in cash and cash equivalents of total operations

435

654

Effect of exchange rate changes on cash and cash equivalents

35

110

Cash and cash equivalents at December 31

1,919

2,683

Cash flows

Operating activities in 2010 resulted in a cash inflow of €519 million (2009: €1,220 million). The change compared with 2009 is due to €0.4 billion higher operating results offset by the following changes in working capital and changes in provisions:

  • During 2009, we released €0.5 billion cash from operating working capital, whereas during 2010 we invested €0.1 billion in operating working capital to facilitate growth
  • During 2009, we incurred high costs for restructuring, resulting in higher restructuring payments during 2010
  • In 2009, we received €75 million from tax authorities on a contingent basis for ongoing tax litigation, and, in 2010 we paid an additional amount to tax authorities. In addition, in early 2010 we made the first payment of accrued interest of bonds refinanced in 2009.
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