Condensed cash flow statement | |||||
€ million |
Q1 |
Q1 |
Change | ||
| |||||
|
|
|
| ||
EBIT |
91 |
60 |
51.2% | ||
Cash flow from operating activities |
-46 |
66 |
<-100% | ||
Cash flow from investing activities |
-28 |
-20 |
-38.1% | ||
Free cash flow |
-74 |
46 |
<-100% | ||
Cash flow from financing activities |
1 |
-41 |
>100% | ||
Currency effects on cash |
1 |
-1 |
>100% | ||
Change in cash and cash equivalents |
-72 |
4 |
<-100% | ||
|
|
|
| ||
Net financial debt1 |
2,741 |
2,600 |
5.4% |
Cash Flow from Operating Activities
Cash flow from operating activities includes all cash generated from operations and also reflects cash paid for taxes. In Q1/2012, the cash flow from operating activities amounted to a net outflow of €46 million, compared to a net inflow of €66 million in Q1/2011. This was driven by the temporary increase in trade working capital as a result of the expanded trading activity. The payment for income taxes rose to €11 million compared to €6 million in Q1/2011 due to positive earnings in Q1/2012.