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Condensed consolidated statement of cash flows


IN € MILLIONS

1ST QUARTER

 

2010

20091

1

Reclassified for comparative presentation.

2

Net of cash.

 

 

 

Cash and cash equivalents opening balance

1,919

1,449

 

 

 

Profit for the period from continuing operations

88

4

Amortization, depreciation and impairments

141

146

Changes in working capital

(289)

(194)

Changes in provisions

(366)

(300)

Other changes

(99)

27

Net cash from operating activities

(525)

(317)

 

 

 

Capital expenditures

(97)

(96)

Acquisitions and divestments2

8

(37)

Other changes

3

11

Net cash from investing activities

(86)

(122)

 

 

 

Changes from borrowings

(25)

773

Dividends

(8)

(2)

Other changes

1

1

Net cash from financing activities

(32)

772

 

 

 

Net cash used for continuing operations

(643)

333

 

 

 

Cash flows from discontinued operations

57

 

 

 

Net change in cash and cash equivalents
of total operations

(643)

390

 

 

 

Effect of exchange rate changes on cash and cash equivalents

72

32

 

 

 

Cash and cash equivalents at March 31

1,348

1,871

Cash and debt management

Operating activities in Q1 resulted in a cash outflow of €525 million (2009: €317 million outflow). The change compared with 2009 is mainly due to:

  • Higher operating results, offset by
  • Payments of €159 million accrued interest, being the first payment under bonds refinanced in late 2008 and early 2009. The normalized annual cash outflow for these bonds is €148 million
  • Seasonal operating working capital outflow
  • Higher top-up payments for pensions of €67 million.
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