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Cash flows and net debt

Operating activities in 2012 resulted in a cash inflow of €737 million (2011: €396 million). The change is mainly due to a net effect of:

  • Higher cash inflow from working capital, which was mainly realized in Q4.

Partly offset by:

  • Higher payments related to provisions (mainly in relation to pensions).

Net debt increased in 2012 to €2,298 million (2011: €1,895 million) as higher cash flows from operating activities were more than offset by higher capital expenditures.

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