|
Condensed cash flow statement | ||||||||
|
€ million |
Q2 |
Q2 |
Change |
Q1-Q2 |
Q1-Q2 |
Change | ||
| ||||||||
|
|
|
|
|
|
|
| ||
|
EBIT |
105 |
98 |
6.6% |
196 |
159 |
23.5% | ||
|
Cash flow from operating activities |
114 |
25 |
>100% |
69 |
91 |
-24.2% | ||
|
Cash flow from investing activities |
-33 |
-50 |
35.2% |
-61 |
-71 |
14.3% | ||
|
Free cash flow |
82 |
-26 |
>100% |
8 |
20 |
-59.6% | ||
|
Cash flow from financing activities |
-203 |
-72 |
<-100% |
-202 |
-113 |
-78.6% | ||
|
Currency effects on cash |
1 |
-0 |
>100% |
2 |
-1 |
>100% | ||
|
Change in cash and cash equivalents |
-120 |
-98 |
-22.3% |
-192 |
-94 |
<-100% | ||
|
|
|
|
|
|
|
| ||
|
Net financial debt1 |
2,735 |
2,688 |
1.8% |
2,735 |
2,688 |
1.8% | ||
Q2/2012
Cash Flow from Operating Activities
Cash flow from operating activities includes all cash generated from operations and also reflects cash paid for taxes. Due to the improved EBIT the cash inflow amounted to €114 million in Q2/2012, compared to a cash inflow of €25 million in Q2/2011. Income tax payments in Q2/2012 amounted to €15 million, up by €6 million compared to €9 million paid in Q2/2011.
Cash Flow from Investing Activities
Our net cash outflow from investing activities amounted to €33 million in Q2/2012, compared to an outflow of €50 million in Q2/2011. Capital expenditures on non-current assets increased by €4 million to €34 million compared to Q2/2011. The higher outflow in Q2/2011 was mainly impacted by the acquisitions of Voltas Material Handling and Linde Sterling.
Free Cash Flow
In Q2/2012, our free cash flow, defined as cash flow from operating activities less cash flow from investing activities, amounted to a cash inflow of €82 million, compared to a cash outflow of €26 million in Q2/2011.
Cash Flow from Financing Activities
Cash flow from financing activities amounted to a total net cash outflow of €203 million in Q2/2012, compared to a net cash outflow of €72 million in Q2/2011. In Q2/2011, we had a cash inflow from financing activities of €500 million from the corporate bond issue in April, which we had used to refinance our SFA loan amounting to €510 million. In Q2/2012, the repayment of borrowings amounted to €166 million due to a €138 million repayment of our Revolving Credit Facility and the half-yearly repayment of €28 million of our Capex Facility. Interest payments amounted to €34 million in Q2/2012 and remained on the same level as in Q2/2011.
Q1-2/2012
Cash Flow from Operating Activities
Cash flow from operating activities includes all cash generated from operations and also reflects cash paid for taxes. In Q1-2/2012, cash inflow from operating activities amounted to €69 million compared to €91 million in Q1-2/2011. Although our EBIT increased by €37 million in Q1-2/2012 the temporary increase in trade working capital in Q1/2012 could not be fully reduced in the first six months of 2012.
Cash Flow from Investing Activities
In Q1-2/2012 our cash outflow from investing activities amounted to €61 million net and decreased by 14% compared to a net outflow of €71 million in Q1-2/2011. Capital expenditures on non-current assets increased to €59 million in Q1-2/2012, compared to €51 million in Q1-2/2011. Cash inflows of €8 million were generated in Q1-2/2012 from the disposal of non-current assets, compared to €2 million in Q1-2/2011. In Q1-2/2012 major cash outflow was related to the acquisition of the remaining shares of Linde Creighton Ltd. in February 2012 amounting to €10 million. In Q1-2/2011 €27 million of cash had been used for the acquisition of Voltas Material Handling Private Ltd. and the full acquisition of Linde Sterling Ltd.
Free Cash Flow
In Q1-2/2012, free cash flow, defined as cash flow from operating activities less cash flow from investing activities, amounted to a cash inflow of €8 million, compared to a cash inflow of €20 million in Q1-2/2011.
Cash Flow from Financing Activities
Cash flow from financing activities amounted to a total net cash outflow of €202 million in Q1-2/2012, compared to a net cash outflow of €113 million in Q1-2/2011. In Q2/2012, the repayment of borrowings amounting to €166 million consisting of a €138 million repayment of our Revolving Credit Facility and the half-yearly repayment of €28 million of our Capex Facility was the main cause for the higher cash outflow in the first six months of 2012. Interest payments amounted to €57 million in Q1-2/2012 compared to €63 million in Q1-2/2011. In addition, we received €8 million as previously unfunded commitments under the Multi-Currency Revolving Credit Facility and proceeds from additional credit lines with local banks amounting to €17 million in Q1-2/2012.