Condensed Statement of Cash Flow

Condensed cash flow statement

€ million

Q1
2012

Q1
2011

Change

1

Before borrowing costs

 

 

 

 

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.

Cash Flow from Investing Activities

Free Cash Flow

Cash Flow from Financing Activities

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