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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. In 2010 we paid an additional amount to tax authorities. In addition, early 2010, we made the first payment of accrued interest of bonds refinanced in 2009.

Copyright © 2011 Akzo Nobel N.V.